Shanshan Corporation (600884.SH) has announced that the fourth creditors’ meeting in the substantive consolidated restructuring case of its controlling shareholder, Shanshan Group, and its wholly-owned subsidiary, Pengze Trading, has concluded its voting period. The employee creditor group, tax creditor group, secured creditor group, ordinary creditor group, and contributor group have all voted in favour of the Restructuring Plan (Draft). The administrator will apply to the court for a ruling of approval in accordance with the law.
If the restructuring is successful, the company’s control will change, with the controlling shareholder becoming Anhui Wanwei Group and the actual controller becoming the Anhui Provincial State-owned Assets Supervision and Administration Commission (Anhui SASAC). As the draft still requires court approval and completion of business concentration filings, the outcome remains uncertain. The company’s production and operations are currently normal, and the matter has not had a material substantive impact on day-to-day operations.
Previously, Ningbo Shanshan Co., Ltd. (the “Company” or “Shanshan Corporation”), its controlling shareholder Shanshan Group Co., Ltd. (“Shanshan Group”) and its wholly-owned subsidiary Ningbo Pengze Trading Co., Ltd. (“Pengze Trading”; together with Shanshan Group, the “Debtors”), the administrator of Shanshan Group (appointed by the People’s Court of Yinzhou District, Ningbo, Zhejiang Province (the “Yinzhou Court”) as the administrator for the consolidated restructuring of Shanshan Group and Pengze Trading, the “Administrator”), together with restructuring investors Anhui Wanwei Group Co., Ltd. (“Wanwei Group”) and Ningbo Financial Asset Management Co., Ltd. (“Ningbo Financial Asset Management”), signed the Restructuring Investment Agreement between Shanshan Group Co., Ltd., Ningbo Pengze Trading Co., Ltd., the Administrator of Shanshan Group Co., Ltd., Anhui Wanwei Group Co., Ltd. and Ningbo Financial Asset Management Co., Ltd. (the “Restructuring Investment Agreement”). If this restructuring is successful, the company’s control will change, with the controlling shareholder becoming Wanwei Group and the actual controller becoming the Anhui SASAC.
Following signature of the Restructuring Investment Agreement, the related Restructuring Plan (Draft) still requires approval by the creditors’ meeting and contributor group, a ruling by the Yinzhou Court, and completion of business concentration filings. The relevant outcome remains uncertain, and whether Shanshan Group and Pengze Trading can successfully complete restructuring remains uncertain.
All parties to this restructuring have complied with the relevant provisions of the Securities Law of the People’s Republic of China, the Administrative Measures for the Acquisition of Listed Companies, and other related laws, regulations, and normative documents. On 20 March 2025, the company’s controlling shareholder Shanshan Group and its wholly-owned subsidiary Pengze Trading were ordered by the Yinzhou Court to undergo substantive consolidated restructuring. On 7 November 2025, the “Announcement of Shanshan Group Co., Ltd. Regarding the Termination of the Restructuring Investment Agreement for the Substantive Consolidated Restructuring Case of the Company and its Wholly-Owned Subsidiary and the Continued Recruitment of Intended Investors” was issued, continuing the recruitment of intended investors in accordance with relevant legal provisions.
The company has received notice from the administrator that, following a selection process, a consortium formed by Wanwei Group, Anhui Conch Group Co., Ltd. (“Conch Group”) and Ningbo Financial Asset Management has been selected; Wanwei Group and Ningbo Financial Asset Management will act as the restructuring investors for Shanshan Group and Pengze Trading. As of the disclosure date of this announcement, Wanwei Group and Conch Group are advancing restructuring matters, following completion of which Conch Group will become the controlling shareholder of Wanwei Group.
Source: Shimo Meng (石墨盟), “杉杉股份:控股股东重整计划草案获表决通过，实控人将变更为安徽省国资委”, WeChat, 15 April 2026.
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