"A Zhongzhi Group company applies for a second substantive merger bankruptcy liquidation."

On February 6, the Beijing First Intermediate People's Court announced that on January 5, 2024, the court ruled to accept the bankruptcy liquidation case of China National Chemical Corporation, and on January 26 of the same year, designated the Beijing Dacheng Law Firm as the administrator of China National Chemical Corporation. On June 28, 2024, the administrator of China National Chemical Corporation applied to the court to proceed with the substantive consolidation bankruptcy liquidation of China National Chemical Corporation and 248 other enterprises. In response to this application, the court has organized a hearing involving relevant stakeholders. On February 6, 2026, the administrator of China National Chemical Corporation once again submitted an application to the court, stating that after further investigation and audit verification, there is a high degree of association and legal personality commingling between Chongqing Haohai Investment Co., Ltd. and 68 other enterprises, and the costs of distinguishing the assets of the enterprises are too high. The separate bankruptcy liquidation would seriously harm the fair interests of all creditors, therefore, they are also applying to the court to proceed with the substantive consolidation bankruptcy liquidation of the aforementioned 316 related enterprises. If any related stakeholders have objections to this application, they must submit them before February 13, 2026.