There are only two months left in 2026, and the bankruptcy and restructuring of A-share companies has entered the year-end sprint. A number of troubled companies have repeatedly postponed pre-restructuring and failed to reach the formal restructuring threshold: Zhongji Health disclosed the 5th pre-restructuring extension on October 27, which was extended until January 28, 2027; *ST Kaiyuan announced that the 8th pre-restructuring extension expired on October 23, and it has taken more than two years since starting in September 2024; Tianbang Foods announced on September 21 to re-recruit investors. Industry insiders believe that the increase in pre-restructuring time is ostensibly an “efficiency issue”; in essence, the regulatory logic is shifting from “sheltering” to “saving the business,” and all parties in the market are re-searching for a balance between pricing and compliance in the game.

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