ST Dongshi announced that on July 8, 2025, creditor Beijing Guofeng Construction applied to the court for bankruptcy and restructuring and initiated pre-restructuring procedures on the grounds that the company was unable to pay its maturing debts and clearly lacked solvency but had restructuring value. On July 10, the court decided to start pre-restructuring. Currently, the company is cooperating with the temporary manager to advance the pre-restructuring work. The first pre-restructuring creditors' meeting passed the relevant bill on June 11, and the company and others signed the “Supplementary Agreement to the Reorganization Investment Agreement” on June 12. The “Eastern Time Transfer Bonds” expired on April 8, 2026, and the company was unable to pay principal and interest. It is uncertain whether it will be possible to enter into the formal restructuring process in the future and whether the stock will be subject to a delisting risk warning.

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