ST Xulan (000040.SZ) announced that the company's creditors claimed that the company was unable to pay its maturing debts and clearly lacked payment...
Zhitong Finance App News, ST Xulan (000040.SZ) announced that the company's creditors applied to the Shenzhen Intermediate People's Court to restructure the company and applied to commence pre-restructuring procedures on the grounds that the company was unable to pay its maturing debts and clearly lacked solvency, but had restructuring value. As of the disclosure date of this announcement, the company has not received documents from the court to initiate pre-restructuring or accept the application for reorganization. The fact that the company has been applied for reorganization and pre-restructuring by creditors does not mean that the court has agreed to accept the restructuring and pre-restructuring. Due to the company's non-operating capital expenditure of 7.796 billion yuan that has not been repaid, and no clear repayment plan has been proposed, there is significant uncertainty about whether the applicant's application for restructuring and pre-restructuring will be accepted by the court, and whether the company will subsequently enter into pre-restructuring or restructuring procedures.
On July 5, 2024, the company received the “Decision on Ordering Corrective Measures against Dongxu Blue Sky New Energy Co., Ltd. and Dongxu Group Co., Ltd.” ([2024] No. 154) from the Shenzhen Regulatory Bureau of the China Securities Regulatory Commission, which ordered that 7.796 billion yuan of the company's non-operating capital should be returned within six months from the date of receipt of the decision. Up to now, the amount occupied by the company's non-operating capital of 7.796 billion yuan has not been repaid, and no clear repayment plan has been proposed. According to the relevant provisions of the “Shenzhen Stock Exchange Stock Listing Rules”, if the company fails to clear 7.796 billion yuan of non-operating capital within six months in accordance with the correction order, the Shenzhen Stock Exchange will suspend trading of the company's shares. If the rectification is not completed within two months after the suspension, the Shenzhen Stock Exchange will issue a delisting risk warning for the company's stock trading. If the rectification has not been completed within the next two months, the Shenzhen Stock Exchange will decide to terminate the company's stock listing transaction. Investors are reminded to pay full attention to the company's delisting risk.
