Shanshan controlling shareholder gets extension for restructuring plan

Ningbo Shanshan's controlling shareholder, Shanshan Group, and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd., which are undergoing substantive consolidated reorganization, have been granted an extension to submit their draft restructuring plan. The initial six-month deadline from the March 20, 2025, court order has been extended to December 20, 2025. This extension is due to the complexity of the debtors' assets and diverse creditor demands requiring further negotiation.

This development follows an announcement that 287,012,036 shares of Shanshan Group's holdings in Ningbo Shanshan, previously subject to queued judicial freezing, have been unfrozen as of September 16, 2025. Despite this, Shanshan Group's remaining 320,296,636 shares are still frozen, representing 100% of its current holdings of 320,296,700 shares (14.24% of Ningbo Shanshan's total share capital).

Shanshan Group and Pengze Trading collectively hold 525,561,456 shares, or 23.36% of Ningbo Shanshan’s total share capital. The success of the reorganization remains uncertain, and its implementation could lead to adjustments in shareholder equity and potential changes in company control. Ningbo Shanshan emphasizes its independent operations and lack of non-operating fund occupation or illegal guarantees by its controlling shareholder.