China Baoan Group and BTR Move to Restructure Shanshan Group

Harry Minnis
12 December 2025

Key Highlights:

• China Baoan Group and its subsidiary BTR move to participate in the bankruptcy restructuring of Shanshan Group
• Potential consolidation between the world’s largest anode material supplier and a leading synthetic graphite producer
• Deal could strengthen China’s dominance in anode materials while raising the competitive bar for ex-China suppliers

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China Baoan Group confirmed today that it will participate in the bankruptcy restructuring of Shanshan Group alongside its subsidiary BTR New Materials, a move that could reshape the global anode materials landscape.

The company announced that its board has approved a proposal to lead an investment consortium to participate in the consolidation and restructuring of Shanshan Group and its wholly owned subsidiary, Ningbo Pengze Trading. The consortium includes BTR and other potential investors.

China Baoan has already submitted registration materials, paid a due diligence deposit of approximately US$7 million, and appointed intermediaries to conduct formal due diligence. Management has been authorised to prepare and submit a restructuring investment plan and participate in negotiations. While the outcome remains uncertain, the move signals intent.

Shanshan Group, a leading Chinese anode material producer, entered bankruptcy reorganisation earlier this year due to debt pressures at the group level.

BTR is already the dominant force in anode materials, having ranked number one globally in anode material shipments for 15 consecutive years. In the first half of 2025, BTR’s anode business delivered record performance. Synthetic graphite emerged as the core growth engine, with sales rising 46.2% year-on-year, driven by upgraded product solutions, resilient production capacity, and early positioning in solid-state battery materials.

If BTR succeeds in participating in Shanshan’s restructuring, it would further concentrate China’s anode materials market. Bringing together the country’s largest anode supplier with a leading synthetic graphite producer would significantly reduce domestic competition, lower costs, and strengthen pricing power – effects that would ultimately be felt well beyond China

Strategically, the move could also support BTR’s global expansion by leveraging Shanshan’s customer relationships and overseas planning.

For ex-China anode companies, the implications are challenging. Greater consolidation among Chinese players would raise the competitive bar, intensifying cost pressure and making it harder for emerging suppliers outside China to compete on price, scale, and speed of qualification.

While the restructuring outcome is not yet guaranteed, the move points to the fact that China’s anode industry may be entering a consolidation phase, led by its most powerful incumbent. But if approved, this would not simply be a restructuring, it would signal the emergence of a true anode juggernaut.