Core Points - *ST Asia Pacific (sz000691) reached the daily limit up on November 27, 2025, with a price of 9.47 yuan, a rise of 4.99%, and a total market capitalization of 3.061 billion yuan [1] Group 1 - The reason for the stock surge includes the confirmation of Beijing Xingjian Changkong as the restructuring investor, with 9 interested parties indicating high market attention [2] - The controlling shareholder, Guangzhou Wanshun, increased its stake by 1.87%, amounting to over 30 million yuan, reflecting confidence in the company [2] - The company has made progress in its pre-restructuring work, with 12 interested investors registering and 9 submitting proposals, indicating an orderly advancement of the restructuring process [2] Group 2 - The company received a cash donation of 73 million yuan, which directly enhances its cash flow and improves its financial condition [2] - The involvement of local government-backed Lanzhou Financial Holdings as a strategic investor demonstrates support from local authorities [2] - The number of shareholders has decreased by 4.78% as of November 20, 2025, leading to an increase in the average circulating A-shares per person to 19,900, indicating a trend towards concentration of shares [2] Group 3 - A new management team has been appointed, including a vice chairman, general manager, and securities affairs representative, which may bring new development ideas and vitality to the company [2] - The stock's limit up may have attracted market funds, with some investors willing to speculate on the company's future despite existing risks [2] - Further technical analysis is needed to assess the stock's performance comprehensively, including K-line and indicators [2]

Core Viewpoint - The company, Jiangxi Mubang High-tech Co., Ltd., is undergoing a pre-restructuring process initiated by creditors due to its inability to repay debts and lack of repayment capacity, which raises significant uncertainties regarding its future restructuring and financial stability [3][12]. Group 1: Restructuring and Legal Proceedings - The company has been applied for restructuring by creditors, with the Nanchang Intermediate People's Court starting a pre-restructuring process to assess the company's restructuring value and feasibility [3]. - As of the announcement date, the company has not received any legal documents from the court regarding the acceptance of the restructuring application, indicating major uncertainties about entering the formal restructuring process [12]. - The company is expected to be unable to enter the restructuring process by December 31, 2025, which adds to the uncertainties surrounding its financial recovery [12]. Group 2: Financial Performance and Risks - The company’s stock has been under delisting risk since May 6, 2025, due to its 2024 annual revenue being below 300 million yuan and negative net profit [14]. - For the first nine months of 2025, the company reported revenue of 226.82 million yuan and a net loss of 355.72 million yuan [14]. - If the company’s 2025 annual revenue remains below 300 million yuan and meets other negative financial criteria, its stock may be delisted after the annual report disclosure [14]. Group 3: Investigations and Compliance - The company and its actual controller are currently under investigation for alleged financial data misrepresentation in annual reports [3][16]. - The company received a notice from the China Securities Regulatory Commission (CSRC) regarding the investigation, but has not yet received a conclusive opinion or decision from the CSRC [5][16]. - The company has identified significant deficiencies in its internal controls, which were highlighted in a negative audit report for 2024, particularly concerning revenue recognition and related party transactions [6][14]. Group 4: Related Party Transactions - The company has provided significant non-operating funds to its controlling shareholder and other related parties, with outstanding balances reported as of mid-2025 [8][9]. - As of the announcement date, the controlling shareholder's non-operating fund occupation balance is reported as zero, indicating some resolution of previous financial issues [9]. Group 5: Future Commitments and Obligations - The company acknowledges the existence of unfulfilled commitments by itself and its controlling shareholders, emphasizing the need for strict oversight to protect shareholder interests [11]. - The company is committed to cooperating with ongoing investigations and adhering to regulatory requirements for information disclosure [5][16].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000691 证券简称：*ST亚太 公告编号：2025-113 甘肃亚太实业发展股份有限公司 第九届董事会第十九次会议决议公告 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、董事会会议召开情况 甘肃亚太实业发展股份有限公司（以下简称"公司"）因实际情况需要，需尽快召开董事会。因此，经全 体董事一致同意，公司于2025年11月25日以电话及电子邮件的方式发出会议通知，并于2025年11月26日 以通讯表决的方式紧急召开第九届董事会第十九次会议。本次会议应出席董事9名，实际出席董事9名， 由董事长陈志健先生主持。本次会议的召开符合《中华人民共和国公司法》、《中华人民共和国证券 法》、《深圳证券交易所股票上市规则》和《公司章程》的有关规定。 二、董事会会议审议情况 审议通过了《关于接受重整投资人现金捐赠暨关联交易的议案》 根据公司、临时管理人与各重整投资人于2025年9月11日签订的《重整投资协议》，截至2025年11月15 日，公司未收到法院关于裁定受理公司重整申请的相关法律文书，已触发上述现金捐赠 ...

Core Viewpoint - The article discusses the recent developments regarding Fangda Carbon and its potential acquisition of Shanshan Co., highlighting the challenges faced in the restructuring process and the impact of leadership changes within Shanshan Co. [2][4][6] Group 1: Company Background - Fangda Carbon primarily engages in the production and sale of carbon products, while Shanshan Co. is a leading global supplier of lithium battery anode materials, indicating a significant synergy in the carbon-based materials sector [2]. - Fangda Carbon's controlling shareholder, Liaoning Fangda Group, has been actively expanding its presence in the capital market since 2002, including notable acquisitions and restructuring efforts [2]. Group 2: Recent Developments - On November 3, Shanshan Co. announced that its restructuring plan was rejected by the creditors' meeting, preventing "private shipping king" Ren Yuanlin from taking control [4]. - The restructuring plan failed to pass due to opposition from several creditor groups, including the general creditor group and the investor group [4]. Group 3: Leadership Changes - The fate of Shanshan Co. shifted dramatically following the sudden death of its founder, Zheng Yonggang, in 2023, leading to a power struggle over the company's control [6]. - Zheng Yonggang's son, Zheng Ju, was elected as chairman shortly after his father's death, but faced opposition from his stepmother, Zhou Ting, who claimed to be the actual controller of Shanshan Co. [6]. - Frequent management changes have impacted the company's operations, culminating in the freezing of shares held by the controlling shareholder and the initiation of restructuring proceedings for Shanshan Group in early 2025 [6].

格隆汇11月26日丨*ST亚太(000691.SZ)公布，公司召开第九届董事会第十九次会议，会议审议通过了 《关于接受重整投资人现金捐赠暨关联交易的议案》。本次重整投资人对公司的7,300万元现金捐赠属 于无偿、无条件且不可撤销地捐赠。本事项虽构成关联交易，但属于"上市公司单方面获得利益且不支 付对价、不附任何义务的交易"的情形，根据《深圳证券交易所股票上市规则》第6.3.10条相关规定，公 司已向深圳证券交易所申请豁免提交股东会审议，因此，本事项无需提交股东会审议。 ...

Core Viewpoint - The restructuring plan for Shanshan Co., Ltd. has faced obstacles, leading to the selection of a new investor, Fang Wei, the richest man in Liaoning, to participate in the restructuring process [1][5]. Group 1: Restructuring Developments - The restructuring plan initially proposed by "China's private shipping king" Ren Yuanlin was rejected, as it did not receive approval from the creditors' meeting [7]. - Fang Dacarbons, under the Fang Group, has agreed to participate as a substantial investor in the restructuring of Shanshan Group and its subsidiary Ningbo Pengze Trading Co., Ltd. [3][4]. - The restructuring investment agreement previously involved Ren Yuanlin's consortium aiming to acquire 23.36% of Shanshan Co.'s shares for a total price of 3.284 billion yuan [5][7]. Group 2: Company Background and Management Changes - Shanshan Group, founded by Zheng Yonggang in 1989, has evolved from a clothing business to a leading supplier of lithium battery anode materials [9]. - Following Zheng Yonggang's sudden death in 2023, a power struggle over share inheritance emerged between his son Zheng Ju and his widow Zhou Ting, leading to significant management instability [9]. - Frequent changes in management have impacted the company's operations, culminating in the freezing of shares held by the controlling shareholder and the subsequent application for restructuring [9].

*ST中装晚间公告，重整计划草案中，以截至2025年9月19日公司总股本9.6亿股（不含942,200股库存 股）为基数，按照每10股转增约10.31股的比例实施资本公积金转增股本，共计转增9.9亿股股票。转增 完成后，公司总股本增至19.5亿股（不含942,200股库存股）。其中，7.4亿股用于引入重整投资人，2.5 亿股用于清偿公司债务。重整投资人支付的现金对价将用于清偿各类债务及支付破产费用等全部现金支 出、补充重整后公司流动资金。 ...

Core Viewpoint - The company, Lianstone Aviation Technology Co., Ltd., has entered the execution phase of its restructuring plan approved by the Chengdu Intermediate People's Court, which poses a risk of downward adjustment in its stock price due to capital reserve conversion [2][16]. Group 1: Restructuring Plan and Stock Adjustment - The company has a total share capital of 873,100,876 shares, and it plans to increase this by 522,987,424 shares at a ratio of 5.99 shares for every 10 shares held, resulting in a new total of 1,396,088,300 shares [3][17]. - The newly issued shares will not be distributed to existing shareholders but will be allocated by the administrator as per the restructuring plan, with 200,000,000 shares for attracting restructuring investors and 322,987,424 shares for debt repayment [3][18]. - The company anticipates a downward adjustment in its stock price following the implementation of the restructuring plan, with specific details to be provided in future announcements [4][10]. Group 2: Financial Contributions from Investors - As of November 20, 2025, the company has received a total of 1,238,000,000 yuan from all restructuring investors as per the pre-restructuring investment agreement [9][10]. - The contributions from various investors include amounts such as 282,500,000 yuan from one investor and 336,500,000 yuan from another, among others [9]. Group 3: Adjustments to Stock Price Calculation - The average price for the capital reserve conversion is calculated to be 7.26 yuan per share, based on the total amounts for debt repayment and investor contributions [20]. - The adjustment formula for the stock price will be modified to reflect the actual financial situation post-restructuring, ensuring that the stock price accurately represents the company's improved fundamentals [25][26].

Core Points - Hunan Jingfeng Pharmaceutical Co., Ltd. has received a court ruling accepting the reorganization application filed by creditors, which includes Peng Dongju and Shanghai Xinchuo Investment Management Co., Ltd. [1][10] - The court has appointed Beijing Zhonglun Law Firm as the administrator for the company's reorganization process [1][10] - The first creditors' meeting is scheduled for December 3, 2025, at 9 AM, where creditors must declare their claims by November 23, 2025 [2][12] Meeting Details - The creditors' meeting will be held at the Changde Intermediate People's Court [2] - Creditors attending the meeting must provide necessary documentation, including business licenses and identification [3] - A network meeting will also be available through the e破通 platform, allowing creditors to participate remotely [5][6] Agenda of the Meeting - The agenda includes reports from the administrator on reorganization progress, claims declaration, and the debtor's asset status [7][11] - Representatives from auditing and evaluation institutions will also present their findings [7] - The meeting will conclude with a Q&A session for creditors [7] Voting Procedures - Creditors can submit votes either in person at the meeting or through the online platform by 3 PM on December 3, 2025 [9] - Written voting opinions submitted by mail must be clearly marked to ensure proper processing [9] Reorganization Progress - The company is actively cooperating with the court and the administrator to advance the reorganization process [13] - The court has allowed the company to continue its operations during the reorganization period [13]

Group 1 - The company,炼石航空科技股份有限公司, has entered the restructuring phase after the Chengdu Intermediate People's Court approved its restructuring plan on November 12, 2025 [3][25]. - The restructuring plan includes a capital reserve increase to share capital, where the total share capital will increase from 873,100,876 shares to 1,396,088,300 shares, with a ratio of 5.99 shares for every 10 shares [4][27]. - The newly issued shares will not be distributed to existing shareholders but will be allocated by the management according to the restructuring plan [5][27]. Group 2 - Of the newly issued shares, 200,000,000 shares will be used to attract restructuring investors, who will pay a total of 1,238,000,000.00 yuan for these shares [5][20]. - The remaining 322,987,424 shares will be allocated to creditors as part of the debt repayment process [6][27]. - The average price for the capital reserve increase is calculated to be 7.26 yuan per share, based on the total amount of debt repayment and the cash paid by restructuring investors [7][28]. Group 3 - The company has adjusted the ex-rights price calculation formula to reflect the specific circumstances of the restructuring, which differs from typical capital reserve increases [9][15]. - The adjustment is necessary to ensure that the stock price accurately reflects the company's improved fundamentals post-restructuring [12][15]. - The company has received all restructuring investment funds from investors as per the pre-restructuring investment agreement, totaling 1,238,000,000.00 yuan [21][20].