昔日影视明星李亚鹏开发的丽江雪山艺术小镇，已被控股股东申请破产。 据天眼查信息，日前，阳光壹佰置业集团有限公司（以下简称"阳光壹佰置业集团"）向丽江古城区法院提 交申请，请求对丽江雪山投资有限责任公司（以下简称"雪山公司"）进行破产处理。目前，该案件正处于 破产审查阶段。 丽江雪山艺术小镇，曾是李亚鹏倾注心血的项目。 2012年，李亚鹏持股的雪山公司以总价1.64亿元拿下丽江市束河街道一宗27.256公顷（约408亩）住宿餐 饮用地，计划开发雪山艺术小镇。项目总建筑面积为19万平方米，计划开工时间为2013年8月，产品包括 别墅、酒店、商业区、公寓等，宣称投资总额达35亿元。 雪山艺术小镇 图片来源：每日经济新闻资料图 图片来源：天眼查 公开资料显示，雪山公司为丽江雪山艺术小镇的项目公司，阳光壹佰置业集团通过直接和间接方式持有 雪山公司51%的股份，是该项目的实际控股股东；李亚鹏为雪山公司第二大股东，持股比例约为27.84%。 破产审查是法院在受理破产申请后，对其是否符合法律规定所进行的全面审核过程，主要目的在于确定 债务人是否真正达到破产条件，以及破产申请是否遵循法定程序等。若审核通过，法院将发布裁定受理 ...

每经记者｜陈利 每经编辑｜金冥羽 魏文艺 昔日影视明星李亚鹏开发的丽江雪山艺术小镇，已被控股股东申请破产。 据天眼查信息，日前，阳光壹佰置业集团有限公司（以下简称"阳光壹佰置业集团"）向丽江古城区法院提交申请，请求对丽江雪山投资有限责任公司（以 下简称"雪山公司"）进行破产处理。目前，该案件正处于破产审查阶段。 图片来源：天眼查 公开资料显示，雪山公司为丽江雪山艺术小镇的项目公司，阳光壹佰置业集团通过直接和间接方式持有雪山公司51%的股份，是该项目的实际控股股东； 李亚鹏为雪山公司第二大股东，持股比例约为27.84%。 破产审查是法院在受理破产申请后，对其是否符合法律规定所进行的全面审核过程，主要目的在于确定债务人是否真正达到破产条件，以及破产申请是否 遵循法定程序等。若审核通过，法院将发布裁定受理公告。 《每日经济新闻》记者（以下简称"每经记者"）注意到，截至目前，法院尚未公布裁决内容，因此尚不清楚阳光壹佰置业集团对雪山公司是申请破产重整 还是破产清算。 11月11日，北京金诉律师事务所主任王玉臣在接受每经记者微信采访时表示，如果雪山公司的资产不足以清偿全部债务，原股东的股权价值将基本归零。 明星光环难掩经 ...

昔日影视明星李亚鹏开发的丽江雪山艺术小镇，已被控股股东申请破产。 据天眼查信息，日前，阳光壹佰置业集团有限公司（以下简称"阳光壹佰置业集团"）向丽江古城区法院提 交申请，请求对丽江雪山投资有限责任公司（以下简称"雪山公司"）进行破产处理。目前，该案件正处于 破产审查阶段。 图片来源：天眼查 尽管雪山艺术小镇炒作声势浩大，但销售状况一直不佳，开盘两年仅卖掉30多栋别墅，这让彼时已无力 继续投资的李亚鹏不得不另寻他法。 天眼查显示，截至目前，李亚鹏仍直接持有丽江雪山27.84%的股份，是项目第二大股东；李亚鹏的亲属 则持有丽江雪山不少于11%的股份。 2015年，李亚鹏与阳光100中国签署协议，阳光100中国旗下两家全资子公司"阳光壹佰置业集团有限公 司"和"无锡苏源置业有限公司"与李亚鹏、北京中书投资控股有限公司以及雪山公司订立了一份股权收购 协议，阳光100中国以1.938亿元的价格收购了丽江雪山51%的股权，并将李亚鹏团队此前规划的别墅都分 割成返租式公寓销售。 公开资料显示，雪山公司为丽江雪山艺术小镇的项目公司，阳光壹佰置业集团通过直接和间接方式持有 雪山公司51%的股份，是该项目的实际控股股东；李亚鹏为 ...

11月10日，全国企业破产重整案件信息网公开的一则关于天津国泰金融租赁有限责任公司（以下简称"国泰金租"）的招募公告，引发行业关注。 的合法权益，实现资产价值最大化。招募期一个月，截止日为12月10日。据《公告》要求，本次招募的意向投资人需提交投资意向书、意向投资人简介、 资信证明、财务审计报告、承诺书等12项材料。 据《天津国泰金融租赁有限责任公司破产投资人招募公告》（以下简称《公告》）信息显示，2023年12月27日，天津市滨海新区人民法院作出《民事裁定 书》，已裁定受理国泰金租破产清算一案，并依法指定某律师事务所为该案管理人。目前，该案管理人公开招募意向投资人，以最大限度保护各方当事人 可以看到，国泰金租2023年10月就已获得监管部门批复，同意其进入破产清算程序。如今，两年还未完成破产清算程序，意向投资人处于招募阶段，让这 家业内首个申请破产的持牌金融租赁公司的最终走向更受瞩目。 事实上，国泰金租存在由破产清算变为破产重整的可能性。《公告》提示："本案目前为破产清算程序，若本次招募成功，管理人将提请人民法院和金融 监管机构将破产清算程序转为重整程序。但本案存在不能转为重整程序的可能。" "在法院与清算 ...

Core Viewpoint - The company is facing significant financial challenges, including negative earnings and potential delisting risks, while attempting to restructure and inject new business assets. Financial Performance - As of November 7, 2025, the company's static P/E ratio is -5.20, rolling P/E ratio is -9.4, and P/B ratio is -5.23, indicating substantial discrepancies compared to the industry averages of 26.27 for static P/E, 23.66 for rolling P/E, and 2.36 for P/B [2][11]. - For the fiscal year 2024, the company reported a revenue of 1,295.95 million and a net loss attributable to shareholders of 1,171.35 million [9]. Restructuring Efforts - The company is undergoing a pre-restructuring process initiated by creditors, with a court decision pending on whether to accept the restructuring application [4][6]. - The success of the restructuring and the potential injection of new business assets depend on compliance with legal regulations and obtaining necessary approvals [11][12]. Risks and Challenges - The company faces risks related to the construction and operational readiness of the He Lin Ge Er Intelligent Computing Center, which has not yet been completed and may require significant future investments [3][12]. - There are concerns regarding the ability to secure new orders due to the company's lack of qualifications and the competitive market environment, which may affect profitability [3][12]. - The company has been issued a delisting risk warning due to negative net assets and consecutive years of losses, with potential termination of stock trading if certain conditions are met [4][13]. Stock Trading Activity - The company's stock experienced abnormal trading fluctuations, with a cumulative price deviation exceeding 12% over three consecutive trading days in early November 2025 [5][6]. - The company has confirmed that there are no undisclosed significant matters that could impact stock trading prices [10].

Core Viewpoint - Tianyi New Materials (688033.SH) has initiated a pre-restructuring process due to financial difficulties, primarily driven by industry-wide challenges in the photovoltaic sector and increased competition in the rail transit market [1][2][3][4] Company Overview - Tianyi New Materials is a leading supplier of powder metallurgy brake pads for high-speed trains, listed on the Sci-Tech Innovation Board since July 22, 2019 [1] - The company has expanded its product innovation and industrial application strategy in green energy materials, including carbon-carbon composites for photovoltaic applications and high-performance carbon-ceramic composites for new energy vehicles [1] Industry Challenges - The global photovoltaic industry has entered a deep cyclical adjustment period starting in 2024, characterized by supply-demand mismatches and significant price declines, with core component prices dropping to one-third of their peak [2] - The carbon-carbon composite and quartz crucible sectors, where Tianyi operates, are experiencing severe impacts from overcapacity and price declines, leading to reduced revenue and gross margin [2] - Increased competition in the rail transit brake pad market, with nearly ten certified suppliers, has pressured Tianyi's margins and revenue despite maintaining a strong market position [2] Financial Strain - Tianyi's financial performance has been under significant pressure, with multiple lawsuits leading to the freezing of most bank accounts, totaling 133.52 million yuan, which is 3.86% of the company's net assets and 74.52% of its cash [3] - As of the third quarter, the company reported total assets of 5.837 billion yuan, with fixed assets of 3.034 billion yuan and accounts receivable of 690 million yuan, while achieving a revenue of 564 million yuan [3] Business Segments and Future Outlook - The company maintains advantages in technology development, customer channels, and manufacturing across its four business segments: rail transit, photovoltaic new energy, automotive, and aerospace [4] - Despite the cyclical downturn in the photovoltaic sector, there is potential for recovery and performance improvement once the industry reaches an inflection point [4] - The restructuring process is viewed as a viable option for companies with recovery potential, allowing them to alleviate financial burdens and regain operational capabilities [4]

Core Viewpoint - Tianyi New Materials (688033.SH) has initiated a pre-restructuring process due to financial difficulties, primarily driven by industry-wide challenges in the photovoltaic sector and increased competition in the rail transit market [1][2][3] Company Overview - Tianyi New Materials is a leading supplier of powder metallurgy brake pads for high-speed trains in China, listed on the Sci-Tech Innovation Board since July 22, 2019 [1] - The company has expanded its product innovation and industrial application strategy in green energy materials, including carbon/carbon composites for photovoltaic new energy, high-performance carbon-ceramic composites for new energy vehicles, and carbon fiber composites for aerospace [1] Industry Challenges - The global photovoltaic industry has entered a deep cyclical adjustment period starting in 2024, characterized by supply-demand mismatches and significant price declines, with core component prices dropping to one-third of their peak [2] - Tianyi New Materials' core products, including photovoltaic carbon/carbon composites and quartz crucibles, are severely impacted due to upstream position in the photovoltaic supply chain [2] - The carbon/carbon composite industry faces overcapacity and price declines, while the quartz crucible sector is experiencing price retraction due to increased volume and reduced prices in photovoltaic products [2] Financial and Operational Impact - Tianyi New Materials has faced significant performance pressure, with multiple lawsuits leading to the freezing of most bank accounts, totaling 133.52 million yuan, which is 3.86% of the company's net assets as of mid-2025 [3] - The company reported total assets of 5.837 billion yuan and a revenue of 564 million yuan for the first three quarters of the year, with a continued reduction in net profit [3] Business Segments and Future Outlook - The company operates in four main business segments: rail transit, photovoltaic new energy, automotive, and aerospace, maintaining advantages in technology development, customer channels, and manufacturing capabilities [4] - The rail transit segment remains a stable foundation for the company, while the photovoltaic new energy segment, despite current challenges, has potential for growth when the industry recovers [4] - The restructuring process is seen as a potential opportunity for the company to alleviate financial burdens and regain operational capabilities, similar to other companies that have successfully navigated through restructuring [4]

Core Viewpoint - Guangdong Xingye International Industrial Co., Ltd. is undergoing bankruptcy reorganization, with the management planning to auction its restructuring investment rights on November 13-14, starting at a price of 1.36 billion yuan [1][3]. Group 1: Company Overview - Guangdong Xingye International Industrial Co., Ltd. was primarily established for the investment in the Guangzhou Round Building project, with a registered capital of 50 million yuan, and is 96% owned by Hongda Xingye Group Co., Ltd. [6]. - The Guangzhou Round Building project, which began construction in 2009 and was completed in 2013, had a total investment of 1 billion yuan and serves as a large-scale plastic storage and logistics center [6][8]. Group 2: Auction Details - The auction includes two land use rights, three real estate properties, and fixed assets, with an assessed value of nearly 1.7 billion yuan and a starting bid set at 1.36 billion yuan [4]. - The Guangzhou Round Building, a prominent landmark in Guangzhou, has been subject to public debate regarding its aesthetic appeal and has previously been listed for auction [8][10]. Group 3: Financial Issues - Hongda Xingye Group faced a debt crisis in 2020, leading to multiple bond defaults and ultimately declaring bankruptcy in April 2024, with total assets of 9.964 billion yuan and total liabilities of 33.845 billion yuan, resulting in a net asset deficit of 23.881 billion yuan [11]. - The confirmed debt amount for Hongda Xingye Group's bankruptcy case is 19.075 billion yuan, indicating significant financial distress [11]. Group 4: Regulatory Actions - Hongda Xingye Group's subsidiary, Hongda Xingye Co., Ltd., faced severe penalties from the Jiangsu Securities Regulatory Bureau for various violations, including unauthorized changes in fundraising purposes and false financial reporting, resulting in fines totaling 18.5 million yuan [12].

Core Viewpoint - The Guangzhou landmark building, Guangzhou Round Tower, is being auctioned due to the bankruptcy restructuring of Guangdong Xingye International Industrial Co., Ltd, with a starting price of 1.36 billion yuan [1][3]. Group 1: Auction Details - The auction for the restructuring investment rights of Guangdong Xingye International will take place on November 13-14, with a starting price set at 1.36 billion yuan [1][3]. - The auctioned assets include two land use rights, three real estate properties, and fixed assets, with an estimated value of nearly 1.7 billion yuan [3]. - The Guangzhou Round Tower, a prominent building in Guangzhou, is included in the auction and has been a subject of public debate regarding its aesthetic appeal [2][4]. Group 2: Company Background - Guangdong Xingye International was established primarily for the investment in the Guangzhou Round Tower project, with a registered capital of 50 million yuan, and is 96% owned by Hongda Xingye Group [5]. - The Guangzhou Round Tower project aimed to create a large plastic storage and logistics center, with a total investment of 1 billion yuan, completed in 2013 [5][7]. - Hongda Xingye Group has faced significant financial difficulties since 2020, leading to multiple bond defaults and ultimately declaring bankruptcy in April 2024, with total assets of 9.964 billion yuan and liabilities of 33.845 billion yuan [10].

Group 1 - The company Jiangsu Suhao Huihong Group Co., Ltd. is involved in a bankruptcy reorganization case concerning its subsidiary Jiangsu Kaiyuan Shipbuilding Co., Ltd. [2] - The subsidiary has won a court ruling against Nanjing Dongze Shipbuilding Co., Ltd. and others, with a total claim amount of 136.49 million yuan plus interest [2] - Nanjing Dongze Shipbuilding entered bankruptcy reorganization in April 2025, with a management team appointed to oversee the process [2][3] Group 2 - The second creditors' meeting approved the reorganization plan, which involves a stock acquisition restructuring method [3] - The estimated repayment for secured debts is 13.86 million yuan, expected to be fully repaid within 15 days after the reorganization plan takes effect [3] - Ordinary debts amounting to 208.42 million yuan are expected to be repaid at a minimum of 4 million yuan, with additional potential repayments from various sources [3] Group 3 - The Nanjing Intermediate People's Court has approved the reorganization plan and terminated the reorganization process for Nanjing Dongze Shipbuilding [4] - As of September 30, 2025, the company has made a provision for impairment losses of 2.73 million yuan related to the debts [5] - If the reorganization plan is successfully implemented, the company may need to recognize additional impairment losses, potentially reducing net profit by up to 36.15 million yuan for the fiscal year 2025 [5][6]