Following the unexpected failure of Shanshan Group's initial restructuring proposal, the selection process for new restructuring investors has quietly commenced. The first publicly announced potential investor is the well-connected "Fangda Group."
On the evening of November 24, Fangda Carbon New Material Co.,Ltd. (600516.SH), under the Fangda Group, announced its agreement to participate as an industrial collaborator in the consolidated restructuring of Shanshan Group and its wholly-owned subsidiary Ningbo Pengze Trading Co., Ltd. The company authorized its management to prepare and submit restructuring investment documents, sign confidentiality agreements for due diligence, conduct investigations, and submit a restructuring investment proposal.
Driven by the news, Fangda Carbon's stock surged to the daily limit on November 25, closing at 6.51 yuan per share. Meanwhile, Ningbo Shanshan Co.,Ltd. (600884.SH), a core subsidiary of Shanshan Group, rose 5.74%.
Sources reveal that Shanshan Group and Ningbo Pengze have initiated a new round of restructuring, following a process involving preliminary selection, final selection, and creditor committee voting. A restructuring insider disclosed that Fangda Carbon was among the potential investors invited to a recent communication meeting in Ningbo, marking its first participation in this round of selection.
Fangda Carbon stated that joining Shanshan Group's restructuring aligns with its strategic goals, leveraging synergies in carbon-based materials, solid-state batteries, and new energy sectors to enhance profitability and competitiveness.
Fangda Carbon specializes in carbon product manufacturing, while Shanshan Group's flagship asset, Ningbo Shanshan, is a global leader in lithium battery anode materials. The two companies share strong industrial synergies.
Notably, the previous restructuring round required bidders to form consortiums, emphasizing industrial collaboration. Fangda Carbon's announcement did not clarify whether it would join as part of a consortium.
Fangda Group, led by 52-year-old billionaire Fang Wei (ranked Liaoning's richest person with a 52.5 billion yuan fortune in the 2025 Hurun Rich List), has a history of high-profile acquisitions, including HNA Group's restructuring in 2021.
However, Fangda Carbon's core business has shown declining performance, with net profits dropping from 840 million yuan in 2022 to 186 million yuan in 2024. In Q3 2025, it reported its first net loss in recent years.
Shanshan Group's new restructuring plan, disclosed on November 7, features extended deadlines for investor applications (18 days vs. 7 previously) and a later submission cutoff for restructuring proposals (December 8). The bidding price of 11.50 yuan per share exceeds both the previous floor price (8.65 yuan) and a competing offer (11.44 yuan) from Jiangsu Xinyangzi Commerce Consortium.
Shanshan Group, which entered bankruptcy restructuring in February 2025, holds key assets including a 23.32% stake in Ningbo Shanshan, shares in Huishang Bank and Jinzhou Yongshan Lithium, and real estate holdings. The controlling stake in Ningbo Shanshan remains the most sought-after asset. On November 7, Ningbo Shanshan's stock closed at 13.29 yuan, still above the 11.50 yuan bidding floor.
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