On the evening of September 22, *ST Huapeng (Shandong Huapeng Glass Co., Ltd.) issued a litigation announcement stating that the company and its wholly-owned subsidiary Huapeng Glass (Heze) Co., Ltd. were sued by Shandong Development Investment Holding Group, involving a loan principal of 226 million yuan, along with claims for corresponding interest and rights-protection related expenses. The case has been accepted by the Jinan High-tech Industrial Development Zone People's Court, with a scheduled hearing date of January 7, 2027. This marks another emergence of the company's debt crisis, which, combined with ongoing losses and negative net assets, further increases the delisting pressure on the listed company.
226 Million Yuan Loan Dispute Leads to Lawsuit, Pledged Accounts Receivable Drawn into Controversy
According to the announcement, the loans involved occurred between March and July 2022, when Shandong Development Investment Holding Group provided loans to *ST Huapeng in three tranches, amounting to 27 million yuan, 39 million yuan, and 230 million yuan respectively. Of the third loan, 70 million yuan has been repaid, leaving an outstanding principal totaling 226 million yuan. To secure the fulfillment of the debt obligations, between March 2022 and October 2022, the plaintiff Shandong Development Investment Holding Group Co., Ltd. signed an Accounts Receivable Pledge Contract and a Supplementary Agreement to the Accounts Receivable Pledge Contract with *ST Huapeng's subsidiary Huapeng Glass (Heze) Co., Ltd., agreeing that Huapeng Glass (Heze) Co., Ltd. would pledge its accounts receivable from the Heze Municipal Housing and Urban-Rural Development Bureau as security for the aforementioned Loan Agreement and Supplementary Agreement to the Loan Agreement. After all the aforementioned loans matured, the plaintiff Shandong Development Group sent multiple collection letters to the defendant *ST Huapeng demanding repayment of loan principal and interest, but the defendant still failed to repay. The plaintiff filed a lawsuit with the court to enforce its creditor's rights. The plaintiff's claims consist of three parts: demanding that *ST Huapeng return the principal of 226 million yuan; interest calculated provisionally up to June 30, 2026, amounting to 46.2848 million yuan, with subsequent interest continuing to accrue at an annual rate of 4.9% until full repayment; and that the listed company bear the legal fees, preservation insurance premiums, and other expenses of this case, while also requesting confirmation of priority repayment rights over the pledged accounts receivable. *ST Huapeng noted in the announcement that the case has not yet been heard, the judgment outcome is highly uncertain, and it is temporarily unable to assess the actual impact of this litigation on current and future profits. If the plaintiff prevails, the pledged accounts receivable will face disposal, further squeezing the listed company's available cash flow.
Multiple Debts Concentrated in Default, Lawsuits Erupt One After Another
It is worth noting that this is the latest chapter in *ST Huapeng's debt crisis. The company had previously been placed under delisting risk warning starting May 6, 2026, due to negative net assets at the end of 2025. As of the end of 2025, the company and its subsidiaries had cumulative overdue interest-bearing debt principal of approximately 802 million yuan, with creditors including related parties and other institutions. Prior to this, the listed company had already been involved in multiple large-scale debt lawsuits. In August, *ST Huapeng received a summons for another creditor dispute, involving a principal exceeding 428 million yuan, with the creditor also having filed a lawsuit. With multiple large debts piling up, several of the company's assets have been seized and frozen, with a large number of assets in restricted status. As of the first half of 2026, the book value of restricted assets was 454 million yuan, and liquidity continues to tighten. From a funding perspective, as of the 2026 interim report, the company's monetary funds were only 23.9752 million yuan. Facing hundreds of millions of yuan in maturing debts, its cash coverage capacity is severely insufficient. Multiple overdue debts continue to accrue interest, and high financial expenses continuously erode profits, forming a negative cycle of "debt default — increased interest — expanded losses — net assets continue to turn negative."
Operating Losses Persist, Shell Preservation Difficulty Escalates Sharply
From an operational performance perspective, the company remains in a state of continuous losses. In the first half of 2026, *ST Huapeng achieved operating revenue of 179 million yuan, a year-on-year decrease of 1.10%; net loss attributable to shareholders was 74.7067 million yuan, with the loss expanding by 25.61% year-on-year; net assets attributable to shareholders of the listed company at period-end had fallen to -242 million yuan, further deteriorating from the end of 2025. According to A-share delisting rules, a listed company under delisting risk warning will trigger delisting indicators if its audited net assets at year-end remain negative. *ST Huapeng currently faces limited capacity for its main business to generate cash flow, making it difficult to quickly fill the net asset gap through operations; on the other hand, multiple debt lawsuits are progressing one after another, and if judgments take effect, debt repayment and asset disposal pressures will further impact its financial statements. As of now, the listed company has not disclosed a mature debt resolution plan. The subsequent progress of debt hearings and judgments, the third-quarter report, and year-end audit results will directly determine the shell preservation fate of this glass manufacturing listed company. Public information shows that *ST Huapeng is one of the enterprises in China's daily-use glass industry, with its main business being the research and development, production, and sales of glassware products and glass bottle and jar products, with subsidiaries including Shidao Glass and Anqing Huapeng. Risk warning: This article is for reference only and does not constitute any investment advice.
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