On November 3, Ningbo Shanshan Co.,Ltd. (600884.SH) announced that its controlling shareholder's bankruptcy restructuring proposal failed to pass creditor voting. The draft restructuring plan for Shanshan Group and its wholly-owned subsidiary Ningbo Pengze Trading was rejected by secured creditor, ordinary creditor, and shareholder groups during the October 21 online voting session, despite approval from employee and tax creditor groups.
Under the proposed investment agreement, a consortium led by Ren Yuanlin's Xin Yangzi Commerce—alongside Xin Yang Ship, TCL Industrial Investment, and Orient Asset Management's Shenzhen branch—would have gained control of 23.36% of Shanshan's shares for ¥3.284 billion. Xin Yangzi Commerce planned to establish an investment partnership to acquire 9.93% stake, with Ren potentially becoming the new actual controller.
However, the restructuring faced turbulence when former consortium member Saimike Advanced Materials unexpectedly petitioned the court on October 15 to delay the creditors' meeting, claiming it was unaware of being replaced by TCL in the final agreement. Though voting proceeded, the rejection by major creditor groups suggests low likelihood of court-mandated approval.
Industry sources reveal Xin Yangzi initially joined the bid at the request of a mysterious organizer who later withdrew due to qualification issues. Some speculate Saimike's challenge relates to unmet demands by this shadow figure, though no direct corporate links exist between them.
Shanshan's governance crisis traces back to founder Zheng Yonggang's sudden 2023 death, which triggered a succession battle between his son Zheng Ju and widow Zhou Ting. The prolonged control dispute culminated in Zhou becoming chairwoman in 2024 after Zheng Ju's resignation, followed by share freezes and the March 2025 restructuring filing.
Despite operational disruptions, Shanshan reported robust Q3 results with ¥14.8 billion revenue (up 11.48% YoY) and net profit soaring 1,121.72% to ¥284 million, fueling a 70% stock surge this year. The company cautioned that restructuring outcomes remain uncertain and may affect control rights.
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