JunHe Advises on m88 sport betting app Successful Reorganization of Guangdong Rongtai

On December 25, 2023, m88 sport betting app reorganization plan of Guangdong Rongtai Industry Co., Ltd. (stock short name: *st榕泰, stock code: 600589, hereinafter referred to as “Guangdong Rongtai”) was approved by m88 sport betting app Intermediate People’s Court of Jieyang City of Guangdong Province (m88 sport betting app “Jieyang Intermediate Court”). On December 29, 2023, m88 sport betting app Jieyang Intermediate Court ruled that m88 sport betting app implementation of m88 sport betting app reorganization plan had been completed and m88 sport betting app reorganization proceedings were closed. JunHe was one of m88 sport betting app joint administrators, and JunHe partner Yang Li acted as m88 sport betting app head of m88 sport betting app administrators.

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Guangdong Rongtai is a listed company with significant influence in Jieyang. Its successful reorganization not only eliminated m88 sport betting app delisting risk, but has great significance for judicial practice. It was m88 sport betting app first case of a transition from prepackaged reorganization to m88 sport betting app reorganization of a listed company in Jieyang and it has enriched m88 sport betting app judicial practice of m88 sport betting app prepackaged reorganization system. A large proportion of m88 sport betting app debts were repaid in cash (i.e. for each ordinary claim, m88 sport betting app part below RMB 1 million was discharged in full, and 38% of m88 sport betting app part above RMB 1 million was discharged in cash), which protected m88 sport betting app interests of creditors in accordance with m88 sport betting app law. Furm88 sport betting apprmore, a settlement was reached with 160 employees during m88 sport betting app reorganization process, and m88 sport betting app longstanding employment problem was completely solved.

Upon completion of m88 sport betting app implementation of m88 sport betting app reorganization plan, m88 sport betting app financial condition of Guangdong Rongtai will be improved and its ability to continue as a going concern will be fundamentally enhanced. While protecting m88 sport betting app legitimate rights and interests of creditors to m88 sport betting app greatest extent, m88 sport betting app successful reorganization of Guangdong Rongtai will increase m88 sport betting app real value of m88 sport betting app stocks held by all of its shareholders. Guangdong Rongtai will focus on its primary business of data centers and develop its computing power business according to a national strategy of channeling computing resources from m88 sport betting app east to m88 sport betting app west, so as to provide an important base for m88 sport betting app development of m88 sport betting app AI industry.

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