鉴于事件的严重性，河东政府成立了由河东区副区长领导的山东天同清盘工作小组。清盘工作小组成员包括河东政府不同部门的高级官员。清盘工作小组作为破产管理人，积极协调各方利益相关者进行山东天同的破产重组工作，包括制定还款计划，以与并无以Rainbow Lead持有的股份作出资产抵押的普通债权人清偿山东天同的债务。On November 18, Gelonhui announced that on November 15, 2024, Ganlu International Development (06836.HK) received a letter from the Hedong District People's Government of Linyi City (Hedong Government) dated November 11, 2024, expressing serious concerns about the immediate revocation of the company's listing status by the listing committee, and supporting the company's application to review the listing committee's decision. The company's listing status has an impact on the social and economic affairs of Hedong District, Linyi City, Shandong Province.
The company's subsidiary Shandong Tiantong's operation has a significant impact on the stability of Hedong District and the lives of the people in Hedong District. Shandong Tiantong currently has approximately 400 employees, who are the source of income for hundreds of families. As of September 26, 2024, Shandong Tiantong had a total of 234 creditors declaring their claims, with a total amount of about 711 million yuan, many of whom are individual creditors in Linyi City. The immediate revocation of the company's listing status will lead to the termination of Shandong Tiantong's operation and bankruptcy liquidation, creditors will face unresolved claims, and employees and their families will lose their livelihoods. Previous exposure of Shandong Tiantong's financial irregularities earlier this year has led to extreme actions by employees and their families, such as petitioning the Hedong Government and surrounding the Shandong Tiantong factory, significantly affecting local social order.
The Hedong Government has invested a large amount of resources to restore social order. Government departments at all levels in Hedong District have supported the bankruptcy restructuring, business recovery, and restoration of share trading for Shandong Tiantong. With the support of the Hedong Government, Shandong Zhengzhi Holdings Group Co., Ltd. (an associated company of the company's major shareholder) has made substantial expenditures to restore the operation of Shandong Tiantong, and it resumed operations in November 2024.
Due to the seriousness of the situation, the Hedong Government has established a liquidation working group for Shandong Tiantong led by the Deputy District Chief of Hedong District. Members of the liquidation working group include senior officials from different departments of the Hedong Government. As the bankruptcy administrator, the liquidation working group actively coordinates various stakeholders to carry out the bankruptcy restructuring work of Shandong Tiantong, including formulating repayment plans to settle Shandong Tiantong's debts with ordinary creditors who do not have assets mortgaged by Rainbow Lead's holdings.