Tsinghua Tongfang Co.,Ltd. (600100.SH) announced that its wholly-owned subsidiary, Beijing Tongfang Jizhao Technology Co., Ltd. ("Tongfang Jizhao"), supplied broadcasting equipment such as transmitters, antenna feeders, and monitoring systems to China Broadcasting Communication Group Co., Ltd. ("China Broadcasting"). However, Tongfang Jizhao has yet to recover RMB 117.6444 million in outstanding receivables.
Tongfang Jizhao filed three enforcement applications with the court in January 2021, August 2022, and August 2023, but the proceedings were terminated due to China Broadcasting's lack of executable assets. As China Broadcasting is insolvent and unable to meet its obligations, it plans to resolve its debt through judicial restructuring. On September 9, 2025, the Beijing First Intermediate Court accepted the restructuring case. Tongfang Jizhao declared a claim of RMB 218.1941 million (including the principal of RMB 117.6444 million and overdue interest of RMB 100.5497 million, preliminarily confirmed by the administrator).
Tongfang Jizhao intends to participate in the creditors' meeting and support the "Substantive Merger Restructuring Plan Draft of China Broadcasting Communication Group Co., Ltd. and China Broadcasting Hotspot Cloud Technology Co., Ltd." ("Restructuring Draft") while safeguarding its fair repayment rights. Under the draft, creditors with claims up to RMB 1 million will receive 50% cash repayment, while claims exceeding RMB 1 million will be settled with 5% cash and approximately 40% equity in China Broadcasting, with the remaining balance waived.
Tongfang Jizhao is expected to recover RMB 98.2373 million, comprising RMB 11.3597 million in cash and RMB 86.8776 million in equity (representing about 4.57% of the restructured China Broadcasting, subject to final registration). If the transaction concludes before year-end 2025, the company anticipates recognizing a debt restructuring gain of RMB 94.3919 million in its 2025 financial results.
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