Special Reminder:
- The restructuring investment agreement may involve risks such as the inability of the restructuring financial investors to fulfill their investment obligations due to insufficient funding. Although the "Restructuring Investment Agreement" has been signed, there remains a risk of termination, cancellation, invalidation, or non-fulfillment of the agreement.
- The Wuxi Intermediate People's Court's registration of the company's pre-restructuring does not represent formal acceptance of the company's restructuring. The pre-restructuring process aims to identify the company's restructuring value and potential, improving the efficiency of subsequent restructuring efforts. As of the date of this announcement, there is uncertainty regarding whether the court will accept the company's restructuring and whether it will enter the restructuring process.
- If the court rules to accept the company's restructuring, the company will cooperate with the court and the administrator to carry out relevant restructuring work and fulfill its legal obligations as a debtor. According to the relevant provisions of the Shenzhen Stock Exchange's GEM Listing Rules, if the court rules to accept the company's restructuring, the Shenzhen Stock Exchange will implement a delisting risk warning for the company's stock.
- If the court formally accepts the company's restructuring and it is successfully implemented, it will help resolve the company's debt risks, optimize its asset-liability structure, and enhance its ongoing operations and profitability. If the restructuring fails, the company may face bankruptcy risks. If the company is declared bankrupt, according to the relevant provisions of the Shenzhen Stock Exchange's GEM Listing Rules, the company's stock will face the risk of being delisted. Investors are advised to pay attention to investment risks.
I. Overview of the Company's Pre-restructuring
The company and all members of the board guarantee that the information disclosed is true, accurate, and complete, with no false records, misleading statements, or significant omissions.
On November 19, 2025, the company disclosed a "Notice on the Company's Pre-restructuring Application by Creditors," regarding the application by creditor Jiangsu Xinniu Cable Co., Ltd. to the Wuxi Intermediate People's Court for pre-restructuring. On January 14, 2026, the company disclosed a "Notice on the Court's Registration of the Pre-restructuring Application and Designation of Guiding Persons." The Wuxi Intermediate People's Court agreed to register the company's pre-restructuring and appointed Jiangsu Liansheng (Wuxi) Law Firm and Beijing Jindu Law Firm as joint guiding persons to assist in the relevant pre-restructuring work. On January 16, 2026, the company disclosed a "Notice on Creditor Claims During the Pre-restructuring Period." On January 23, 2026, the company disclosed a "Notice on Public Recruitment of Restructuring Investors." On March 21, 2026, the company disclosed a "Notice on Signing the 'Restructuring Investment Agreement' with Pre-restructuring Investors and Resumption of Trading of Company Stock." As of the date of this announcement, the relevant agreements are being performed as agreed.
On March 31, 2026, the company and the guiding persons jointly signed the "Restructuring Investment Agreement" with the following entities: Wuxi Guolian Industrial Investment Center (Limited Partnership), Wuxi City Susong Special Asset Investment Fund (Limited Partnership), Wuxi City Listed Company High-Quality Development Fund (Limited Partnership), Shanghai Huadan Investment Partnership (Limited Partnership), Changsha Pengqiang Enterprise Management Partnership (Limited Partnership), Wuxi Dingqi Mountain Water Investment Partnership (Limited Partnership), and Changzhou Financial Investment Group Co., Ltd.