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the restructuring work of wuhan contemporary technology industry group co., ltd. ("contemporary technology"), the controlling shareholder of renfu pharmaceutical (600079), has ushered in the latest progress.

on the evening of september 30, renfu pharmaceutical issued an announcement and received the "civil ruling" and "decision letter" forwarded by contemporary technology. it learned that the wuhan intermediate people's court ruled on september 30 to accept the creditor's reorganization application against contemporary technology, and the liquidation team of wuhan contemporary technology industry group co., ltd. is designated as the manager of contemporary technology.

"on september 24, the relevant creditors applied for the company's reorganization at the wuhan intermediate people's court. the reorganization was accepted by the court, marking a critical step in resolving the company's debt risk." a relevant person in charge of contemporary technology told a reporter from the securities times it said that the company will actively cooperate with the court and administrators to carry out reorganization work, actively assume the main responsibility of the debtor, and strive for support from multiple parties in order to achieve the smooth advancement of the reorganization work.

the "civil ruling" shows that wuhan credit company and shengzhao law firm, as creditors of contemporary technology, have the right to apply for the reorganization of contemporary technology. based on the default situation of contemporary technology's bonds and the enforcement of the lawsuit, it can be determined that contemporary technology has lost its solvency and has reasons for reorganization.

"the business of contemporary technology and its subsidiaries covers many fields such as medicine, real estate, education, etc. its controlled company, renfu pharmaceutical, is a leading pharmaceutical company in the manufacturing of seminal narcotics and has high profitability and development prospects. contemporary technology has saving value "the "civil ruling" mentioned that all shareholders of contemporary technology agreed to transfer their capital contributions to support the reorganization, and creditors of contemporary technology's financial institutions also expressed their willingness to actively participate in the reorganization. the reorganization of contemporary technology has certain feasibility.

looking back, in april 2022, a substantial default occurred on the first phase of 2019 medium-term notes issued by contemporary technology, which triggered a series of subsequent cross-defaults. public information shows that in the past year, contemporary technology has been involved in a total of 161 lawsuits and arbitrations due to debt issues, with a total subject amount of approximately 32.3 billion yuan.

after the risk emerged, contemporary group resolved the debt risk, introduced local state-owned assets, successively transferred the equity of tianfeng securities, and transferred the controlling rights of st mingcheng and sante cableway.

analysts who are familiar with the process of resolving the debt risks of contemporary technology said that contemporary technology has been carrying out self-rescue operations for more than two years, during which it has contacted various creditors and investors. judging from the legal time limit of 6 to 9 months for the reorganization procedure, , this time the wuhan intermediate people’s court quickly ruled to accept the reorganization application, indicating that the debt repayment arrangements, investor recruitment, asset revitalization, operating difficulties and other factors involved in the contemporary science and technology reorganization work should have begun to take shape.

“generally speaking, the manager of a reorganization case is an intermediary agency or a liquidation team. in recent years, large-scale corporate reorganization cases have adopted a liquidation team model. members of the liquidation team include relevant government departments, intermediaries, financial institutions, etc., to facilitate more we will vigorously coordinate the resources of all parties to advance the reorganization work." the above-mentioned analysts believe that the wuhan intermediate people's court designated the liquidation team as the manager of contemporary technology's reorganization, which means that all parties have participated in the corporate risk resolution work, and all the work involved in the reorganization will be steadily advanced under the coordination of the liquidation team. .

at present, contemporary technology still holds some equity interests in listed companies, including the controlling stake of renfu pharmaceutical, st mingcheng and part of the equity of sante cableway. as the major shareholder of renfu pharmaceutical, modern technology holds 23.7% of renfu pharmaceutical's shares, all of which have been legally flagged and waiting to be frozen. as the asset reorganization of the major shareholder proceeds, the control of renfu pharmaceutical may change.

in recent years, renfu pharmaceutical has divested non-core assets and subsidiaries and concentrated its resources on core businesses such as anesthesia pipelines. its overall profitability and asset structure have gradually improved. in the first half of this year, renfu pharmaceutical's revenue and profit increased, with revenue reaching 12.861 billion yuan, a year-on-year increase of 3.86%, and non-net profit after deducting 1.089 billion yuan, a year-on-year increase of 1.68%.