The People's Court of Ningbo High-tech Industrial Development Zone (hereinafter referred to as "High-tech Court") ruled on March 3, 2021 to accept Zhejiang Weihai Holding Group Co., Ltd., Zhejiang Weihai Clean Energy Investment Co., Ltd., Ningbo Gary Trading Co., Ltd., Zhejiang Weihai Holding Group Co., Ltd., Zhejiang Weihai Clean Energy Investment Co., Ltd. Weihai Trading Co., Ltd., Zhejiang Weihai Investment Co., Ltd., Zhejiang Junguan New Materials Co., Ltd., Ningbo High-tech Zone Gaoan Trading Co., Ltd., Ningbo Longzuo Trading Co., Ltd. (hereinafter referred to as "Weihai Holding and other eight companies") merged and reorganized Apply and designate Beijing Zhonglun (Shanghai) Law Firm, Zhejiang Boning Law Firm, and Zhonghui Accounting Firm (special general partnership) as bankruptcy administrators. As one of the administrators appointed by the court, the firm gave full play to the advantages of the local office in the right place and the right place, and dispatched more than 20 professional lawyers to participate in this project. , faithfully perform their duties.

On December 31, 2021, the administrator submitted the "Zhejiang Weihai Holding Group Co., Ltd. and other eight companies merger and reorganization plan (draft)" to the creditors' meeting for voting, March 25, 2022 "merger and reorganization plan (draft)" by The meeting of creditors voted through. On April 8, 2022, the High-tech Court issued a civil ruling of (2020) Zhe 0291 Po No. 1, ruling to approve the "merger and reorganization plan" of the eight companies including Weihai Holdings, and terminate the reorganization procedures of the eight companies including Weihai Holdings. June 16, 2022. The manager assisted the High-tech Court in handling stock transfer procedures for the three joint reorganization investors. On June 17, 2022, China Securities Depository and Clearing Co., Ltd. issued the "Securities Transfer Registration Confirmation", confirming that 462677204 shares of *ST Weihai have been transferred to the name of the reorganization investor.

In view of the smooth progress of the above-mentioned "Merger and Reorganization Plan" related matters, the administrator arranged for team staff to release relevant funds for the employees of the eight companies including Weihai Holdings, the creditor's rights of each ordinary creditor below 500,000, and the stock pledgee on June 24. .

As of June 27, 2022, the manager has issued more than 20 employee claims totaling approximately RMB 8 million to eight companies including Weihai Holdings, and issued ordinary claims of less than RMB 500,000 to more than 80 ordinary creditors, with an amount of approximately RMB 500,000. More than 36 million yuan, and 947 million yuan of senior debt was issued to the stock pledgee. After receiving the payment, many creditors affirmed the smooth progress of the reorganization plan. In addition, for creditors whose accounts have not been confirmed, the administrator will confirm and release funds in the near future.

With the strong support and guidance of the Ningbo Municipal Government, the High-tech Zone Management Committee, and the Ningbo Intermediate People's Court and the High-tech Court, the three joint managers cooperated efficiently and made joint efforts. It solved the problem of illegal guarantee of capital occupation of listed companies, and in the process of controlling shareholders' reorganization, assisted in solving the out-of-control matters of listed companies' subsidiaries, stabilized the operation of listed companies, and safeguarded the legitimate rights and interests of creditors. The follow-up administrator will actively promote the implementation of other relevant matters of the "Merger and Reorganization Plan", and after the realization of other non-reserved assets, redistribute the creditors in a timely manner, and complete the implementation of the "Merger and Reorganization Plan" as soon as possible.