Core Viewpoint - Ningxia Zhongke Biotechnology Co., Ltd. is currently undergoing a restructuring plan, which may lead to a significant downward adjustment in its stock price due to potential capital reserve increases and other factors [2][3]. Group 1: Stock Price Risks - The company has indicated that its stock price may experience a downward adjustment of approximately 30% following the implementation of the restructuring plan, based on the closing price on December 3, 2025 [2][3]. - The adjustment in stock price will depend on the relationship between the closing price on the capital reserve increase registration date and the average price of the newly issued shares [3]. Group 2: Restructuring Uncertainties - The company has been ruled by the court to terminate the restructuring process and enter the execution phase of the restructuring plan, which carries the risk of being declared bankrupt if the plan is not executed [4]. - If the company is declared bankrupt, it will undergo liquidation, and its stock may face delisting according to the Shanghai Stock Exchange listing rules [4]. Group 3: Additional Risks - There are risks associated with the pre-restructuring investment agreements that have been signed, which may be terminated or become unenforceable [5]. - Other companies under the same group, such as Ningxia Zhongke New Materials Co., Ltd. and Ningxia Xinhai Hengli International Trade Co., Ltd., are also facing similar restructuring challenges and potential bankruptcy risks [6].

证券代码：002822 证券简称：*ST中装 公告编号：2025-147 债券代码：127033 债券简称：中装转2 深圳市中装建设集团股份有限公司关于与重整财务投资人签署《重整投资协议》的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或者重大遗漏。 特别提示： 1、深圳市中装建设集团股份有限公司（以下简称"中装建设"或"公司"）与重整财务投资人国民信托有 限公司、深圳市投控东海投资有限公司、成都吉瑞泽雅企业管理合伙企业（有限合伙）、上海伯川管理 咨询合伙企业（有限合伙）、炬信灿图（深圳）投资合伙企业（有限合伙）、陈建忠、张国锋签署了 《重整投资协议》（以下简称"本次协议"）。 2、重整投资协议的履约风险 关于本次重整投资协议，可能存在因重整投资人筹措资金不到位等无法按照协议约定履行投资义务的风 险。虽然《重整投资协议》已经签署，但仍可能存在协议被终止、解除、撤销、认定为未生效、无效或 不能履行等风险。 3、公司股票被实施退市风险警示 法院已裁定公司进入重整程序。根据《深圳证券交易所股票上市规则》（2025 年修订）第9.4.1条相关 规定，深圳证券交易所已对公司股票交易实 ...

Core Viewpoint - Zhangjiajie Tourism Group Co., Ltd. (*ST Zhang) has selected Mango Excellent Media Co., Ltd. and Hunan Electric Broad Media Co., Ltd. as restructuring investors to participate in its restructuring process, with a formal investment agreement signed on November 13, 2025 [1] Group 1 - The joint venture "Zhangjiajie Mango Cultural Tourism Co., Ltd." is to be established with a registered capital of 180 million yuan, with each of the three parties contributing 60 million yuan, representing one-third of the total capital [1] - The joint venture will not be consolidated into *ST Zhang's financial statements and will be responsible for the quality improvement and actual operation of the Dayong Ancient City project [1] - The restructuring application for *ST Zhang was accepted by the Zhangjiajie Intermediate People's Court on November 3, aiming to protect the legal rights of creditors, debtors, and employees through a market-oriented and lawful process [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、股票交易异常波动的情况介绍 6、公司于2025年11月4日收到中国证券登记结算有限公司短信通知，获悉公司持股5%以上股东太华投 资将其持有的公司9,000,000股股份办理了证券质押，质权人为广州万顺技术有限公司。具体内容详见公 司2025年11月5日披露于巨潮资讯网（www.cninfo.com.cn）的《关于持股5%以上股东部分股份质押的公 告》（公告编号：2025-105）。 7、2025年11月13日，公司收到持股5%以上股东太华投资出具的《关于股份减持计划的告知函》，知悉 太华投资计划自2025年11月14日起15个交易日后的3个月内，以大宗交易方式减持其持有的公司股份不 超过6,400,000股（占公司总股本比例1.9798%）。具体内容详见公司2025年11月14日披露于巨潮资讯网 （www.cninfo.com.cn）的《关于持股5%以上股东减持股份的预披露公告》（公告编号：2025-109）。 甘肃亚太实业发展股份有限公司（以下简称"公司"） ...

Core Viewpoint - The restructuring of *ST Meigu (000615.SZ) is a focal point for the market, with the company announcing the reappointment of Zhongshang Zhonghuan Accounting Firm as its auditor for the 2025 fiscal year, pending approval from a temporary shareholders' meeting [2] Restructuring Plan - *ST Meigu has revealed details of its restructuring plan, identifying Hubei Jiuzhou Industrial Park Operation Management Co., Ltd. and Tianjin Xinmeitongcheng Equity Investment Partnership as key investors, along with six financial investors [4] - The restructuring plan involves a capital increase of approximately 1.024 billion shares, raising the total share capital to 1.787 billion shares, based on a ratio of 13.4278 shares for every 10 shares held [4] - The newly issued shares will be used primarily for three purposes: resolving related guarantee issues, compensating creditors with shares, and attracting restructuring investors [4] Financial Investment - Approximately 860 million shares will be allocated to attract restructuring investors, with a total investment amount of 1.536 billion yuan, where Hubei Jiuzhou will contribute 706 million yuan, accounting for nearly 46% of the total [4][5] Business Strategy Post-Reconstruction - After the restructuring, *ST Meigu plans to leverage the funds and resources from industrial investors to strengthen its existing beauty and health services while expanding into related businesses and enhancing its health industry chain [6] - The company aims to acquire quality assets related to its main business through retained funds and share issuance post-restructuring [7] Medical Aesthetics Focus - *ST Meigu's core asset remains in the medical aesthetics sector, having entered this market in 2021 with a significant acquisition of a 55% stake in Zhejiang Liantianmei for 697 million yuan [7] - The company has established strategic partnerships with various entities in the medical aesthetics field, although it faced challenges due to the downturn in the real estate sector, leading to continuous losses and financial distress [7][8] Potential Control Change - If the restructuring is successful, Jiuzhou Tong may become the controlling shareholder of *ST Meigu, as it has been actively investing in the medical aesthetics sector since 2016 [8] - Jiuzhou Tong's medical aesthetics business has shown significant growth, with sales revenue reaching 851 million yuan in 2024, a 120.47% increase year-on-year, and 904 million yuan in the first three quarters of the current year, up 45.84% [8][9]

ST聆达公告，公司重整计划（草案）之出资人权益调整方案获法院裁定批准。根据重整计划，以每10 股转增15股实施资本公积转增，共计可转增3.98亿股股票。重整投资人支付转增股票受让对价合计10.59 亿元。重整投资人支付的股票受让对价将用于根据重整计划的规定清偿债务、支付破产费用及补充公司 流动资金。重整投资人承诺遵守相关规定，产业投资人自取得转增股票之日起36个月内不转让或者委托 他人管理其直接和间接持有的上市公司股份，财务投资人自取得转增股票之日起12个月内不转让或者委 托他人管理其直接和间接持有的上市公司股份。 ...

*ST交投表示，昆明中院裁定批准《重整计划》后，公司将进入重整计划执行阶段，公司负责执行重整 计划，管理人负责监督重整计划的执行。若公司顺利执行完毕重整计划，将有利于改善公司资产负债结 构及经营状况，提升公司持续经营和盈利能力，推动公司回归健康、可持续发展轨道，将会对公司2025 年度相关财务指标产生重大影响，具体以经审计的年度财务数据为准。 11月21日，*ST交投召开出资人组会议，表决通过了《云南交投生态科技股份有限公司重整计划(草案) 之出资人权益调整方案》。11月24日，公司召开重整阶段第一次债权人会议，表决通过《云南交投生态 科技股份有限公司重整计划(草案)》。 本报讯(记者李如是)11月29日，云南交投生态科技股份有限公司(以下简称"*ST交投（002200）")发布公 告显示，云南省昆明市中级人民法院(以下简称"昆明中院")裁定批准《云南交投生态科技股份有限公司 重整计划》(以下简称《重整计划》)并终止公司重整程序。昆明中院裁定批准公司重整计划后，公司将 进入重整计划执行阶段。 ...

Core Viewpoint - The company, Xin Yan Co., has announced a significant equity adjustment due to severe insolvency issues, aiming to avoid delisting and bankruptcy liquidation [1] Summary by Categories Equity Adjustment - The company plans to increase its total share capital from 1.496 billion shares to 3.290 billion shares by a stock conversion of 12 shares for every 10 shares held, resulting in a total increase of 1.795 billion shares [1] Investor Participation - Industrial investors will acquire 500 million shares at a price of 1.30 yuan per share, totaling 650 million yuan [1] - Financial investors will obtain 935 million shares at a price of 1.70 yuan per share, amounting to 1.589 billion yuan [1] - A total of 360 million shares will be allocated for debt repayment [1] Shareholding Restrictions - Industrial and financial investors have committed to not transferring their shares for 36 months and 12 months, respectively [1] Future Adjustments - The company will adjust the calculation formula for the ex-rights reference price in the future [1]

Core Points - The company,炼石航空科技股份有限公司, will resume trading on November 28, 2025, after a capital reserve increase in share capital [2][4] - The total share capital has increased from 873,100,876 shares to 1,396,088,300 shares due to the transfer of 522,987,424 shares [3][12] - The average price for the capital reserve increase is set at 7.26 yuan per share, with the opening reference price adjusted to 8.05 yuan per share on the first trading day post-adjustment [4][21] Capital Reserve Increase Implementation Progress - The transfer of 522,987,424 shares has been completed, consisting of 379,290,774 restricted shares and 143,696,650 freely tradable shares [3] - The transferred shares are registered in a special account for the bankruptcy asset disposal of the company [3] - The shares will be allocated to restructuring investors and creditors as per the restructuring plan [3] Stock Resumption and Price Adjustment - The stock will be suspended on November 27, 2025, for the capital reserve increase, with the last closing price before suspension being 8.52 yuan per share [2][4] - The adjusted opening reference price for November 28, 2025, is calculated based on the adjusted ex-rights price formula [4][21] - The adjustment is necessary as the last closing price exceeds the average price of the capital reserve increase [4][21] Restructuring Plan Approval - The restructuring plan was approved by the Chengdu Intermediate People's Court on October 12, 2025, allowing the company to enter the execution phase of the plan [10][11] - The restructuring plan includes provisions for the allocation of shares to creditors and the introduction of restructuring investors [12][13] Share Allocation Details - Of the 522,987,424 shares, 200,000,000 shares are allocated to introduce restructuring investors, while 322,987,424 shares are designated for debt repayment [13][14] - The total cash consideration for the restructuring investment is 1,238 million yuan [13][20]

Core Viewpoint - The company *ST Asia Pacific has experienced significant stock price volatility, with a cumulative increase of over 12% in closing prices over three consecutive trading days, indicating abnormal fluctuations [1] Group 1: Company Restructuring - On November 26, 2025, the court accepted the company's restructuring application and appointed a liquidation team, with Jin Fang as the responsible person [1] - Creditors are required to declare their claims by December 25 [1] - A restructuring investor will donate 73 million yuan to support the process [1] Group 2: Financial Status and Risks - The company has reported a negative net asset value by the end of 2024, which has led to a delisting risk warning being implemented [1] - There is a risk of failure in the restructuring process, which could result in bankruptcy declaration and potential termination of the company's stock listing [1] - Taihua Investment plans to reduce its holdings by no more than 6.4 million shares [1]