TCL Technology's Shanshan Group reorganization plan rejected by creditors

TCL Technology Group Corp. announced that the reorganization plan for Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd., was not approved by the third creditor's meeting on October 21, 2025. This affects TCL Technology's previously disclosed participation in the restructuring as a joint investor, aiming to acquire a partial stake in Ningbo Shanshan Co., Ltd.

TCL Technology, through Xiamen TCL Technology Industrial Investment Partnership, had formed a joint investment group with Jiangsu Xinyangzi Commercial Trading Co., Ltd., Jiangsu Xinyangzi Ship Investment Co., Ltd., and China Orient Asset Management Co., Ltd. Shenzhen Branch. This consortium signed a "Reorganization Investment Agreement" with the reorganization administrator, Shanshan Group, and Ningbo Pengze on September 29, 2025.

The company cautioned that the "Reorganization Plan (Draft)" faces uncertainty regarding final approval by the creditor's meeting and subsequent court ruling. There is also a risk that the investment could terminate if conditions within the "Reorganization Investment Agreement" are not met. TCL Technology will continue to monitor the situation and provide updates.