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Reporter of China Business Network: Huang Hai Editor of China Business Network: Dong Xingsheng

The photovoltaic business was barely halfway started, but a key subsidiary was caught in a bankruptcy and restructuring crisis. On the evening of August 14, Bangjie Shares(002634.SZ, share price 3.13 yuan, market value 1.438 billion yuan)Disclosed a cautionary announcement regarding the bankruptcy reorganization application of a subsidiary.

The creditor Jiangsu Puhui Health Checkup Co., Ltd. (hereinafter referred to as "Puhui Health") applied to the People's Court of Yangzhou Economic and Technological Development Zone for bankruptcy reorganization of Yangzhou Bangjie on the grounds that Yangzhou Bangjie New Energy Technology Co., Ltd. (hereinafter referred to as "Yangzhou Bangjie"), a second-level subsidiary of Bangjie Holdings, was unable to repay the applicant's overdue debts and obviously lacked the ability to repay, but had a high reorganization value and feasibility.

Yangzhou Bangjie is an important subsidiary of Bangjie's photovoltaic business segment. The company stated in the announcement that the reorganization application may lead to the risk that the company's photovoltaic business cannot be carried out normally.

On December 8, 2022, Bangjie Co., Ltd. used an announcement to kick off its transformation to photovoltaics. According to the announcement, Bangjie Co., Ltd. will set up a subsidiary, Yangzhou Bangjie, and sign the "High-efficiency Photovoltaic Cell Project Investment Agreement" with the Management Committee of Yangzhou Economic and Technological Development Zone to invest in the construction of a 10GW high-efficiency photovoltaic cell project with an annual output, mainly engaged in the research and development plan of TOPCon cells. The total investment of the project is about 2.6 billion yuan, including 500 million yuan in working capital and 1.6 billion yuan in equipment funds.

On the evening of August 14, a reporter from the Daily Economic News consulted the relevant staff of the Yangzhou Economic Development Zone Management Committee on this matter. The staff was also surprised that Yangzhou Bangjie was filed for bankruptcy reorganization, saying it was "so sudden." After checking the information from various sources, the reporter found that there may have been early signs that Yangzhou Bangjie was facing this crisis, and the relevant person in charge had resigned not long ago.