Jiangsu Zhongli reports improved finances post-restructuring

** Jiangsu Zhongli Group (SZSE:002309) announced it has successfully emerged from financial restructuring with its net assets turning positive and the auditor issuing an unqualified opinion. The company's report for FY2024 highlights a dramatic financial turnaround, largely due to a CNY1726 million debt restructuring gain. While revenue decreased by 41.80% to CNY2358 million, strategic asset disposals and a renewed focus on its core "solar + cable" businesses contributed to the stabilization. As part of the restructuring, key changes included new ownership with a new majority shareholder, China Orient Asset Management Co., Ltd., waiving its right for about CNY 9.3 billion related-debt and related disputes and previous major shareholders non-operating fund occupation had been rectified, with these fund already been used to for the payment of various costs