*ST Xinyuan announced that the deadline for submitting the restructuring plan draft of its wholly-owned subsidiary, Beijing Wanxiang Xinyuan Technology Co., Ltd., has been extended by the court to December 5, 2026. Beijing Wanxiang Xinyuan was petitioned by creditors for bankruptcy liquidation due to its failure to repay matured debts, and was later converted to bankruptcy restructuring in March 2026. Under the Enterprise Bankruptcy Law, the debtor should submit a restructuring plan draft within six months after the restructuring ruling, and may apply for a three-month extension. The court deemed the extension application reasonable and granted it. The company cautioned that there is uncertainty over whether the subsidiary's restructuring can succeed. If the restructuring fails and it enters bankruptcy liquidation, the company will lose control over the subsidiary, which could have a material adverse impact on overall assets and operating performance.
Beijing New Universal Science and Technology Co LtdCourt extended the restructuring plan deadline for its subsidiary Beijing Wanxiang Xinyuan, with the company warning of material adverse impact if restructuring fails and it loses control of the subsidiary.
