Core Viewpoint - Jiangsu Nantong Sanjian Group Co., Ltd. (referred to as "Nantong Sanjian") is facing severe financial difficulties and has been publicly listed by the court for asset tracing due to failure to fulfill a civil judgment amounting to approximately 254 million yuan [5][8][9]. Group 1: Legal and Financial Issues - Nantong Sanjian has been ordered by the Qingdao Intermediate People's Court to trace assets due to non-compliance with a civil judgment, with a reward of up to 25.4 million yuan for information leading to asset recovery [5][9][11]. - This is not the first time Nantong Sanjian has faced such legal actions; earlier in January, a reward of up to 650,000 yuan was announced by the Shenzhen Futian District People's Court for similar reasons [11]. - The company reported accounts receivable of 6.726 billion yuan, with a provision for bad debts of 3.738 billion yuan, primarily due to debts owed by Evergrande Group [17][18]. Group 2: Impact of Evergrande Crisis - The financial troubles of Nantong Sanjian are closely linked to the collapse of Evergrande, with significant amounts of receivables and contracts tied to the latter [14][22]. - As of mid-2025, Nantong Sanjian's equity attributable to shareholders was negative 284.7 million yuan, indicating insolvency [14]. - The company has seen a drastic reduction in cash reserves, with total cash dropping by 20.03% to 63.3 million yuan, while short-term loans reached 2.538 billion yuan, all of which are overdue [15]. Group 3: Corporate Leadership and Future Prospects - Huang Yuhui, the chairman of Nantong Sanjian, has been personally affected by the company's decline, being listed multiple times as a dishonest executor due to the company's debts [6][22]. - Despite the challenges, the company is actively seeking government support and partnerships with state-owned enterprises to stabilize its operations and clear debts [24]. - Nantong Sanjian aims to pivot towards the new energy construction sector, positioning itself as a leader in this emerging market [24].