000826.CS▼
ST Qihuan wholly-owned subsidiary Hejia New Energy ruled to enter bankruptcy restructuring, involving final enforcement target amount of 487 million yuan
Tus Environmental Science and Technology Development Co., Ltd. (000826.SZ, stock abbreviation: *ST Qihuan) announced on September 10 that its wholly-owned subsidiary Tus Hejia New Energy Vehicle Co., Ltd. received a Civil Ruling from the Xianning Intermediate People's Court of Hubei Province, in which the court ruled to accept the bankruptcy restructuring applications filed by Anshan Boiler Plant Co., Ltd. and Jiangsu Huaxing Dongfang Electric Power Environmental Protection Technology Co., Ltd. against Hejia New Energy. Upon investigation, Hejia New Energy failed to repay 7.24 million yuan owed to Anshan Boiler Plant for goods and 2.4896 million yuan owed to Jiangsu Huaxing under a contract, and was still unable to repay after court enforcement. There are 48 final enforcement records involving a target amount of 487.0797 million yuan, and the court determined that it meets the bankruptcy restructuring conditions of being unable to pay due debts and clearly lacking solvency. The parent company Tus Environmental entered pre-restructuring proceedings in September 2025 and signed a Restructuring Investment Agreement with the selected industrial investor in July 2026, but the court held that the parent company's pre-restructuring cannot prevent the bankruptcy restructuring of Hejia New Energy. As of the end of 2025, Hejia New Energy had total assets of 999.7565 million yuan and net assets of 206.4885 million yuan, with a 2025 net loss of 94.8087 million yuan. The company stated that the final impact of the restructuring matters remains uncertain and that corresponding accounting treatment will be carried out based on the restructuring results.
000826.CS▼
*ST Qihuan reports net loss of 368 million yuan in 2026 interim report, narrowing year-on-year
*ST Qihuan released its 2026 interim report. As of June 30, net profit attributable to the parent company was negative 368 million yuan, an improvement of 156 million yuan compared with the same period last year, with the loss narrowing. Total operating revenue was 1.938 billion yuan, net operating cash inflow was 279 million yuan, the asset-liability ratio was as high as 101.65 percent, and gross margin was 25.92 percent, up 2.30 percentage points year-on-year. Diluted earnings per share were negative 0.30 yuan, an increase of 0.11 yuan from the same period last year. The number of shareholders was 49,300, and the top ten shareholders held 22.82 percent of total share capital.
000826.CS▼
ST Qihuan's Associate Subsidiary Soundon New Energy Declared Bankrupt by Court
ST Qihuan announced that its associate subsidiary Soundon New Energy Technology Company was recently ruled by the Xiangtan Intermediate People's Court in Hunan Province to terminate its restructuring process and be declared bankrupt. The company holds a 22.7673 percent stake in Soundon New Energy, and this associate company is not included in the consolidated financial statements. The company stated that this bankruptcy matter does not have a material impact on its production, operations, or business, and will not significantly affect its ability to continue as a going concern. As of the announcement date, the company's remaining guarantee balance for Soundon New Energy is 271.6654 million yuan, and this guarantee has not yet been released.
000826.CS▲
ST Qihuan Signs Restructuring Investment Agreement, Yichang State-Owned Assets to Take Control
ST Qihuan has signed a restructuring investment agreement with an industrial investor. After the restructuring is completed, the Yichang State-owned Assets Supervision and Administration Commission will become the company's actual controller. The industrial investor is composed of Three Gorges Zhixi Company, which was established by Yichang Urban Development Holding, Yichang Chuangyuan State-owned Capital Holding, and Qidi Future Company with shareholding ratios of 60 percent, 30 percent, and 10 percent respectively. It will acquire 652 million shares from the company's capital reserve capitalization at a price of 1.20 yuan per share, with a total consideration of 782.4 million yuan. After the restructuring, Three Gorges Zhixi Company will hold approximately 18.30 percent of the shares and become the controlling shareholder. The company stated that the signing of this agreement is a necessary step in the pre-restructuring and restructuring process, which will help improve the financial structure, resolve the debt crisis, and inject incremental funds. On the same day, the company disclosed that the third auction of 50.714 million shares, representing 3.56 percent of total share capital, held by shareholder Sound Group and its concert parties with a stake of over 5 percent, failed to sell.
000826.CS
Second judicial auction of 50.7138 million shares held by Sound Group, a shareholder with over 5% stake in TUS Environmental, fails
TUS Environmental Technology Development Co., Ltd. announced that the second judicial auction of a combined 50,713,780 shares held by shareholder Sound Group Co., Ltd., which owns more than 5% of the company, and its concert party Sound Investment Holdings Co., Ltd. has failed. The auction ended at 10 a.m. on July 10, 2026, with the JD Asset Trading Platform showing no bids. The company stated that this auction will not have a material adverse impact on its operations and management, nor will it lead to a change in the controlling shareholder or actual controller. Whether there will be another auction remains uncertain.
China