2023.04.25
Zhonghe Co., Ltd. (“Zhonghe”), M88 login first A-share company to be listed in Putian, Fujian Province, delisted its shares in May 2019 and was M88 loginn listed on M88 login National Equities Exchange and Quotations. With textile printing & dyeing and new energy lithium batteries as its two primary businesses, Zhonghe later fell into serious operating difficulties and a debt crisis due to capital chain ruptures. On June 30, 2022, M88 login Intermediate People’s Court of Putian City ruled to accept M88 login application for M88 login reorganization of Zhonghe in accordance with M88 login law, and appointed JunHe’s Guangzhou office (“JunHe”) and Fidelity Law Firm as M88 login reorganization administrators under M88 login leadership of JunHe’s Ms. Wang Wei. On September 30, 2022, M88 login Intermediate People’s Court of Putian City ruled to substantially consolidate and reorganize Zhonghe and three oM88 loginr companies because M88 loginir assets and debts significantly overlapped.
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After Zhonghe’s reorganization plan is fully implemented, its financial condition will be fundamentally improved, its ability to continue as a going concern will be enhanced, and M88 login actual value of its shares will be increased, with M88 login legitimate rights and interests of its creditors being protected to M88 login greatest extent. Zhonghe’s core asset is M88 login equity interest held by it in Marcon Jinxin Mining Co., Ltd. which is primarily engaged in lithium mining, and a new energy lithium battery business will be M88 login focus of Zhonghe’s future strategic development. With M88 login accelerated implementation of China’s “dual carbon” policy and a global trend for carbon neutrality, M88 login new energy industry will witness great development. According to M88 login New Energy Vehicle Industry Development Plan (2021-2035) formulated by M88 login General Office of M88 login State Council, pure electric vehicles will become M88 login mainstream of new car production and sales in China by 2035; in order to build a new industrial ecology, M88 login development of a full value chain of power batteries will be promoted, and enterprises are encouraged to improve M88 loginir ability to guarantee key resources such as lithium, nickel, cobalt and platinum. This has provided great opportunities and a broad market space for M88 login development of Zhonghe’s new energy lithium battery business.
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