Core Viewpoint - Hebei Hengt Group is facing operational difficulties due to long-term payment delays from local authorities for multiple environmental and livelihood projects, leading to a potential bankruptcy situation [1][4]. Group 1: Company Overview - Hebei Hengt Group operates in the fields of sewage treatment and ecological restoration, with three independent subsidiaries: Hebei Hengt Environmental Engineering Co., Ltd., Qinhuangdao Jishui Water Conservancy Construction Engineering Co., Ltd., and Hebei Puyun Environmental Governance Co., Ltd. [1] - The company has signed nine contracts with the Water Affairs Bureau of Haigang District, Qinhuangdao City, and has completed all contractual obligations, passing acceptance and settlement audits [1][3]. Group 2: Contractual Issues - The total settlement price for the "Qinhuangdao Haigang District Rainwater Discharge River to Sea Water Quality Improvement Comprehensive Treatment Project (Phase I)" is 39.76 million yuan, with the project passing inspection on August 18, 2023 [3]. - Despite the completion and acceptance of the project, the Water Affairs Bureau has failed to pay the contracted amounts, leading to a cash flow crisis for Hebei Hengt [3][4]. Group 3: Payment Delays and Agreements - As of March 18, 2024, the Water Affairs Bureau owed Hebei Hengt a total of 19.54 million yuan, and a payment deferral agreement was signed, stipulating that payments would be made over one year [4]. - The Water Affairs Bureau has acknowledged a total of 69.63 million yuan in overdue payments across 15 projects, with plans to repay in five annual installments by the end of 2029 [6].