Core Viewpoint - Tianqiao Liheng, a subsidiary of Tianqiao Crane, has been accepted for bankruptcy reorganization by the court due to its inability to meet debt obligations and ongoing financial losses [2][3] Financial Performance - Tianqiao Liheng reported a net loss of 23.24 million yuan for the fiscal year 2024 and a net loss of 2.82 million yuan for the first half of 2025 [3] - As of December 31, 2024, Tianqiao Liheng had total assets of 68.82 million yuan and total liabilities of 66.75 million yuan, resulting in a net asset value of 2.07 million yuan [2] - By June 30, 2025, the company’s total assets decreased to 66.30 million yuan, with total liabilities of 67.04 million yuan, leading to a negative net asset value of 740,000 yuan [2] Bankruptcy Reorganization - The bankruptcy reorganization was initiated by a creditor, Hunan Shengxi Construction Engineering Co., Ltd., citing Tianqiao Liheng's inability to fulfill due debts and lack of repayment capacity [3] - Hunan Zhonghui Times Bankruptcy Liquidation Co., Ltd. has been appointed as the bankruptcy reorganization manager to oversee Tianqiao Liheng's internal management and restructuring efforts [3] Impact on Parent Company - Tianqiao Crane stated that the financial impact of Tianqiao Liheng's bankruptcy reorganization will be minimal, as the subsidiary represents a low proportion of the consolidated financial statements [3] - The parent company will only bear responsibility up to its investment amount, and Tianqiao Liheng will no longer be included in the consolidated financial statements following the reorganization [3]