Core Points - The restructuring case of Singshan Group is approaching the final creditor voting stage, but complications have arisen regarding the restructuring investors [1][2] - A dispute has emerged involving the exclusion of a key investor, Saimaike Advanced Materials Co., Ltd., from the restructuring agreement, which has led to a request for a delay in the creditor voting [2][10] Group 1: Restructuring Process - The restructuring investors were selected through a competitive process, with Saimaike being part of a consortium that was initially successful in the bidding [10] - However, Saimaike discovered that its qualification as a restructuring investor was changed without its knowledge, leading to TCL's investment fund being included instead [2][11] - Saimaike claims that the management's actions violated the agreed-upon restructuring investment plan and harmed its rights to participate and benefit from the investment [3][4] Group 2: Financial Implications - The stock price of Singshan shares has surged, reaching a peak of 15.65 yuan per share in September 2025, significantly higher than the bidding price of 11 yuan per share, indicating potential substantial profits for the restructuring investors [3][16] - The restructuring plan allows investors to acquire 23.36% of Singshan's voting rights through a combination of direct purchases and partnerships, with a total transaction value of approximately 30.55 billion yuan [16] - The restructuring investors are expected to gain a market value increase of approximately 5.453 billion yuan from the shares acquired, excluding any additional purchases that may be determined later [16] Group 3: Creditor Concerns - The total secured debts involved in the restructuring amount to 53.24 billion yuan, while ordinary debts reach 281.19 billion yuan, raising concerns about the low repayment rates for ordinary creditors [17] - There is dissatisfaction among creditors regarding the proposed repayment plan, which is perceived as inadequate compared to earlier offers from other potential investors that were excluded due to industry collaboration requirements [17][18] - The restructuring process has faced criticism for its lack of transparency and fairness, with allegations of "dark box operations" affecting the evaluation and selection of investors [13][14]

Core Viewpoint - The restructuring case of SANSAN Group is facing complications as the investor qualification of one of the bidding consortium members, Saimaike Advanced Materials Co., Ltd., was unexpectedly changed by the management law firm Zhonglun to a TCL subsidiary fund, leading to a request for a delay in the creditor voting process [1][7][8]. Group 1: Restructuring Process - The creditor voting for the restructuring plan is set to take place soon, but Saimaike has raised concerns about being excluded from the investment agreement without consent [1][4]. - Saimaike claims that the management and New Yangzi Trading acted against the agreed terms of the bidding consortium by unilaterally adjusting the restructuring investment plan [2][8]. - The stock price of SANSAN has surged, reaching a peak of 15.65 yuan per share in September 2025, significantly higher than the bidding price of 11 yuan per share, indicating potential substantial profits for the restructuring investors [2][3]. Group 2: Legal Actions and Complaints - Saimaike has filed a lawsuit requesting the court to confirm the invalidity of the restructuring investment agreement, citing violations of the consortium's agreement and the exclusion of a qualified industry investor [8][10]. - The lawsuit outlines that the management's actions not only harmed Saimaike's interests but also those of other potential investors, undermining the principles of fairness and transparency in the selection process [8][10]. - Saimaike emphasizes that the consortium's selection criteria included industry compatibility, and the exclusion of Saimaike, the only suitable industry investor, is deemed invalid [8][12]. Group 3: Financial Implications - The restructuring plan involves a combination of direct acquisitions and partnerships, with the restructuring investors set to acquire 23.36% of SANSAN's voting rights through various means [12]. - The restructuring investors are expected to gain significant market value from their shares, with an estimated unrealized gain of 5.453 billion yuan based on current stock prices [12][13]. - The total secured debt involved in the restructuring amounts to 53.24 billion yuan, while ordinary debts reach 281.19 billion yuan, indicating a low recovery rate for ordinary creditors [13].