*ST Shijing Restarts Pre-Reorg Investor Hunt, Demands Assets Above RMB 4B
*ST Shijing announced on September 3 that its interim manager will restart the search for pre-reorganization investors, after an initial round ended with no takers. The new deadline is September 10, with bidders required to be industrial investors holding at least RMB 4 billion in consolidated assets and RMB 1 billion in net equity, and to keep the company's registration in Suzhou. The company posted a 90.78% revenue drop and a RMB 693 million net loss in H1 2026.
On the evening of September 3, *ST Shijing disclosed that its interim manager had decided to restart the public solicitation for pre-reorganization investors. This follows the unsuccessful first round of recruitment, which ended on June 26, 2026. On June 5, 2026, the Suzhou Intermediate People's Court issued a decision to initiate the pre-reorganization procedure and appointed the company's liquidation group as interim manager. On June 26, the company published a notice inviting and selecting pre-reorganization investors, with a registration deadline of July 16. As of the notice date, no prospective investor had formally submitted a reorganization investment plan, and the first round drew little interest.
The interim manager's renewed recruitment effort sets a registration deadline of September 10. The threshold requires prospective investors to be industrial investors with consolidated total assets of no less than RMB 4 billion and net equity of no less than RMB 1 billion in the most recent fiscal year. In addition, the company's registered address must remain within Suzhou after the reorganization is completed, and the prospective investor or its controlling shareholder must hold a strategic advantage in the physical industry sector, able to provide industrial synergies such as process pollution prevention and control equipment and environmental pollution treatment. The notice specifies that this round of recruitment accepts only industrial investors or industrial consortiums formed by industrial investors, and does not accept natural persons or purely financial investors.
*ST Shijing is a provider of integrated industrial pollution control solutions, covering process pollution prevention, end-of-pipe pollution treatment, managed operations and maintenance, remote online monitoring, and third-party testing services. In the first half of 2026, the company generated operating revenue of RMB 97.4136 million, down 90.78% year on year; net loss attributable to shareholders was RMB 693 million, a year-on-year decline of 476.71%; and non-GAAP net loss was RMB 724 million. The company explained that the sharp revenue decline was mainly due to fewer completed orders in the reporting period compared with the same period in 2025.
The company remains under investigation by the China Securities Regulatory Commission. Its 2025 annual financial report received a qualified opinion with disclaimer of opinion, and its internal control report received an adverse opinion. These matters all have a material impact on the progress of the company's reorganization.