Ningbo Shanshan to see new investors take control in restructuring

Ningbo Shanshan Co., Ltd. announced its controlling shareholder, Shanshan Group Co., Ltd., and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd., have signed a restructuring investment agreement. An investor consortium will collectively acquire control of 23.36% of Ningbo Shanshan's shares.

The consortium includes Jiangsu New Yangzi Commercial Co., Ltd., Jiangsu New Yangzi Shipping Investment Co., Ltd., Xiamen TCL Technology Industry Investment Partnership (Limited Partnership), and China Orient Asset Management Co., Ltd. Shenzhen Branch. The acquisition will be through direct acquisition, acquisition via a partnership established with a service trust, and the entrustment of voting rights for remaining retained shares. Upon successful restructuring, control of Ningbo Shanshan will shift to an investor holding platform, with Ren Yuanlin becoming the actual controller.

The total consideration for 287,012,100 shares is 3,283,823,398.07 yuan. The agreement is contingent on creditor committee approval, completion of business concentration filings, and court approval. The company cautions investors that there are uncertainties regarding these approvals and the ability of investors to fulfill their obligations, which could lead to termination of the agreement.