炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：资产洞见 2025年的最后时刻，苏宁电器集团等38家公司实质合并重整草案获得通过，之后将面对法院的审批裁 定，并最终进入执行阶段。 这场"中国商业史上最复杂破产案"的重整草案表决，从2025年10月17日先后延期至11月14日、12月14 日、12月26日，直至12月29日确定通过，充分显现了债权结构的复杂与各方利益的博弈难度。 其中，张近东以个人身家入局换取苏宁未来发展机会，更成为中国企业破产史上罕见案例。 以下我们来简要梳理苏宁重整的关键问题。 苏宁重整后啥样？ 苏宁电器集团等38家公司重整以后啥样？ 归为两类。 1、新苏宁集团 运营管理平台。 运营管理持有苏宁置业集团、苏宁商业生活集团、苏宁股权管理公司100%股权。 2、南京众城公司 苏宁置业集团（地产运营主体），包括南京、无锡、徐州、镇江5个已建成苏宁广场；4个在建综合体； 9项REITs份额。 苏宁商业生活集团（轻资产运营主体），持有银河物管、苏宁商管100%股权，负责商业管理与物业管 理。 苏宁股权管理公司（股权管理平台），持有苏宁易购股票、上海星图金融服务集团有限公 ...

2025年12月底，刚经历破产重整的文投控股（维权）再度卷入巨额合同纠纷。索宝（北京）国际影业投 资有限公司以其享有电影《鼠胆英雄》77%收益权为由，将文投控股及其关联公司诉至法院，索赔1.91 亿元票房收益及违约金。更严峻的是，文投控股部分银行账户已被冻结2.04亿元，占公司最近一期经审 计净资产的18.29%。这场纠纷发生在文投控股净资产刚由负转正、经营初现扭亏的敏感时点，为其艰 难的重整之路蒙上新阴影。 诉讼拉锯战：六年旧账与升级的冻结危机 此次纠纷围绕2019年上映的《鼠胆英雄》展开。索宝公司主张其作为投资方享有77%票房收益权，但发 行方文韵华夏公司未支付保底金。值得注意的是，文投控股强调与索宝公司"无直接合同关系"，并否认 与文韵华夏、文投互娱存在"人格混同"。这场诉讼均经历两次起诉与撤诉波折，直至2025年12月才正式 立案。 真正引发市场担忧的是资金冻结规模的持续扩大。12月下旬以来，文投控股被冻结资金从最初的1.04亿 元升至2.04亿元，冻结比例从净资产的9.31%飙升至18.29%。尽管公司声称冻结账户为"一般户"且"不影 响主营业务"，但巨额资金遭锁定，无疑加剧了其本就脆弱的现金流压力 ...

以下文章来源于风财讯 ，作者W=T=T 风财讯 . 凤凰网旗下7X24H泛财经新闻平台，专注资本市场、新经济、新金融领域。通过深度原创、专家访谈、实地探访，还原事实本真。 | 全国企业破产重整案件信息网 National enterprise bankruptcy information disclosure platform | | | 我是信权人 | 4 我是投资人 ■ 我是管理人 补 设为首页 ★ 收藏 | | | --- | --- | --- | --- | --- | --- | | 债务人信息 | 公开案件 | 公开公告 | 裁判文书 | 新闻动态 典型案例 | 首页 | | 公开时间：2025-10-17 | | --- | | 浏览次数：1565次 | 此次 苏宁系重整涉及3105家债权人，以供应商和上下游企业为主 。重整的核心路径是"把相关权益和资产打包进一个重整信托计划，债权人变为 信托受益人，通过信托收益逐步拿回欠款"。 从债务规模来看，苏宁系无论从总债权规模还是确认债权规模，都高于金科股份(涉及债务1470亿元)、 杉杉集团(涉及债务335.5亿元)，在今年重 整案规模中数一数二。 ...

地方 AMC 参与企业破产重整 的分析与建议 联合资信 金融评级二部 | 梁兰琼 | 陈鸿儒 | 卢芮欣 近年来，在退市常态化与严监管的背景下，国家支持企业通过破产重整化 解债务风险；而地方 AMC 依托属地区域资源，可高效协调区域内司法、 产业及金融机构，加速资产盘活，并能对属地风险企业形成支持，参与企 业破产重整已成为地方 AMC 重要业务方向之一。但破产重整业务风险较 大，参与其中仍需加强专业能力建设和风险把控，并从地区协同、模式创 新、风险锁定等维度探索可持续发展路径。 www.lhratings.com 研究报告 1 近年破产重整案件快速增长，参与机构增多，地方 AMC 参与企业破产重整的业 务也逐渐增多，本文主要分析地方 AMC 参与的破产重整案件的特点、模式、优劣势， 总结其影响并给出建议。 一、 地方 AMC 参与企业破产重整的背景分析 会纪要》（以下简称《纪要》），《上市公司监管指引第 11 号——上市公司破产重整相 关事项》（以下简称"11 号文"）也于同月开始征求意见，这两项重要新规对上市公司 重整提出了更高标准，包括债权调整方案的创新性、清偿结构的合理性等要求，重整 方案需更精细的法律 ...

根据招募公告要求，有意向的受托方应于2025年12月12日17时前向管理人提交报名材料。截至该截止时 间，共有两家意向机构提交了报名材料。管理人据此组建评审委员会，并于2025年12月15日14时，在桐 乡市同仁路988号合众新能源研发大楼一楼会议室召开经营管理受托方遴选评审会议，对两家报名机构 进行现场评审。评审委员会从专业资质与相关经验、经营管理方案可行性、资金安排合理性三个方面对 两家机构进行了当场评分。根据评审结果，遴选了其中一家意向机构作为经营管理受托方。后续，管理 人将依法与受托方签订《经营管理委托协议》，履行监督与协助职责，共同推进委托经营管理工作，确 保本案破产重整程序顺利实施。 编辑 王进雨 新京报贝壳财经讯 哪吒汽车重整有新进展。12月18日，其母公司合众新能源管理人发布《合众新能源 汽车股份有限公司关于经营管理受托方公开招募结果的公告》，一家意向机构成为经营管理受托方。 公告称，嘉兴市中级人民法院于2025年6月12日裁定受理合众新能源汽车股份有限公司（简称"合众新能 源"或"债务人"）重整一案，并指定管理人；2025年6月18日，嘉兴市中级人民法院将该案交由桐乡市人 民法院（以下简称" ...

2025.12.18 据大皖新闻，12月18日，阿里资产平台显示一个名为"（破）杭州张小泉集团有限公司名下车牌号为浙 AE39G6的小型轿车"的标的，将于2025年12月23日10:00-2025年12月24日10:00在阿里资产平台上再次 拍卖。这是继前两次流拍后的第三次拍卖，起拍价也由60万降至48万后，再次下调至38.4万元。 本文字数：1121，阅读时长大约2分钟 据了解，该标的是由富控控股集团有限公司管理人处置的资产，监管单位是杭州市富阳区人民法院。评 估价600,000元，起拍价384,000元，参拍需缴纳保证金76,000元，单次加价幅度3,800元，竞价周期1天， 延时周期5分钟。 富控控股集团有限公司是知名品牌张小泉的间接控股股东。富春控股持有杭州富泉投资有限公司100% 股权，后者持有杭州张小泉集团有限公司99.9981%股权。因债务巨大无力清偿，富控控股集团有限公 司破产重整获法院受理。富春控股主要通过子公司、控股公司或实际控制的下属公司开展具体业务，其 自身主要承担管理职责，名下有少量不动产，基本无业务经营收入，仅富春控股单一主体实施预重整无 法保全富春控股及其关联公司的运营价值，故临 ...

Core Viewpoint - The company, Shanxi Lu'an Chemical Technology Co., Ltd., is facing a bankruptcy reorganization process for its former subsidiary, Yangmei Pingyuan Chemical Co., Ltd., following a court ruling that accepted a bankruptcy liquidation application from a creditor [1][2][4]. Group 1: Bankruptcy Proceedings - On January 8, 2025, Yangmei Pingyuan Chemical received a notification from the Shandong Pingyuan County People's Court regarding a bankruptcy liquidation application [1]. - The court accepted the bankruptcy liquidation application on January 15, 2025, and appointed two law firms as the bankruptcy administrators [2]. - A creditors' meeting was held on March 18, 2025, where various management and distribution plans were approved [2]. Group 2: Reorganization Details - On December 16, 2025, the court ruled to initiate a reorganization process for Yangmei Pingyuan Chemical, citing its asset value and market potential [4]. - The company has completed necessary procedures for hazardous chemical production license cancellation and soil pollution assessment [6]. - The total asset value of Yangmei Pingyuan Chemical is assessed at 835.226 million yuan, while the total debt amounts to 1.519 billion yuan [7][8]. Group 3: Investor Recruitment - The bankruptcy administrator has publicly invited investors to participate in the reorganization process, emphasizing the need for responsible and financially capable entities [3][6]. - Interested investors must meet specific criteria, including having no significant outstanding debts and a good business reputation [9][10]. - A registration fee of 3 million yuan is required from potential investors, which will be converted into reorganization funds upon selection [18].

Core Viewpoint - Shanxi Lu'an Chemical Technology Co., Ltd. announced that its subsidiary, Yangmei Pingyuan Chemical Co., Ltd., has entered bankruptcy reorganization following a court ruling, with efforts to recruit investors for the restructuring process [1][2][3]. Group 1: Bankruptcy and Reorganization Process - On January 8, 2025, Yangmei Pingyuan Chemical received a notice from the court regarding a bankruptcy liquidation application filed by a creditor [1]. - The court accepted the bankruptcy liquidation application on January 15, 2025, and appointed two law firms as the bankruptcy administrators [2]. - A creditors' meeting was held on March 18, 2025, where various management plans were approved [2]. - On December 16, 2025, the court ruled to initiate reorganization for Yangmei Pingyuan Chemical [4]. Group 2: Investor Recruitment for Reorganization - The bankruptcy administrator has publicly invited investors to participate in the reorganization process, aiming to maximize asset value and creditor recovery [3][4]. - The company has a registered capital of 560.2965 million yuan and has completed necessary environmental remediation and employee relocation [5][6]. - The total assessed value of the company's assets is approximately 835.226 million yuan, while the total debt amounts to 1.519 billion yuan [5][6]. Group 3: Investor Requirements and Submission Process - Interested investors must be legally established enterprises with good credit and no significant outstanding debts [7][8]. - Investors are required to submit various documents, including an investment intention letter and proof of financial capability, along with a registration fee of 3 million yuan [10][16]. - The registration period for potential investors is open until December 31, 2025 [11].

Core Viewpoint - The company is undergoing a restructuring process involving its controlling shareholders, Jiangdong Group and Chongqing Dongyin Holdings, which have signed a restructuring investment agreement with Fosun Binhai Fund and other parties to establish a new entity, New Dongyin Group, using shares from Jiangsu Nonghua Smart Agriculture Technology Co., Ltd. [3][10] Group 1: Restructuring Overview - Jiangdong Group and Chongqing Dongyin Holdings, along with fourteen other companies, have signed a restructuring investment agreement to establish New Dongyin Group, contributing 188,111,731 shares of Jiangsu Nonghua, representing 13% of its total equity [3][10] - The restructuring plan requires approval from the court and is subject to uncertainties regarding the completion of the investment and the new ownership structure [4][12] - The restructuring process began when Chongqing Dongyin was unable to repay debts, leading to a bankruptcy restructuring application filed by creditors [5][6] Group 2: Investment Details - The restructuring investment will result in the new investors acquiring 70% of New Dongyin Group, while creditors will hold 30% [10][11] - The investment aims to change the actual control of Jiangsu Nonghua, with New Dongyin Group becoming its controlling shareholder post-investment [11][12] Group 3: Impact on the Company - Jiangdong Group currently holds 25.55% of the company's shares, all of which are pledged or frozen, indicating a significant change in the company's equity structure upon completion of the restructuring [12][14] - The company maintains that there are no non-operational fund usages or guarantees harming its interests by Jiangdong Group or Chongqing Dongyin, ensuring operational independence [14]

Core Viewpoint - China Baoan Group has decided to participate in the bankruptcy reorganization of Shanshan Group, indicating a strategic move to expand its investment portfolio and influence in the high-tech industry [1][5]. Group 1: Company Overview - China Baoan Group, established in 1983, is a major enterprise group in Guangdong and Shenzhen, focusing on high-tech industries, equity investment, biotechnology, and urban operation development [4]. - The company owns multiple A-share listed enterprises and over twenty wholly-owned and controlled subsidiaries [4]. Group 2: Bankruptcy Reorganization Details - On December 12, 2025, China Baoan's board approved a proposal to participate in the substantive merger reorganization of Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd. [5]. - The decision positions China Baoan as the lead investor in a consortium that includes its subsidiary, BTR New Materials Group Co., Ltd., and other potential investors [5]. - Shanshan Group's bankruptcy reorganization was accepted by the Ningbo Court on February 25, 2023, with a further ruling on March 20 for substantive merger reorganization [5]. Group 3: Competitive Landscape - In September 2023, TCL Technology planned to join a consortium to participate in the reorganization of Shanshan Group, but their proposal was not approved by the creditors' meeting in November [5][6]. - Following this, other companies, including Fangda Carbon and Hunan Salt Industry Group, expressed interest in participating as potential restructuring investors, highlighting the competitive interest in Shanshan Group's assets [6].