Ganlu International Development (06836): Hedong government supports the company's application for a review of the decision of the Listing Committee.

Ganlu International Development (06836) announced on November 15, 2024, that the company received a letter from the Hedong District People's Government of Linyi City (Hedong Government) dated November 11, 2024, expressing serious concerns about the Stock Exchange Committee's immediate decision to delist the company and supporting the company's application for a review of the Stock Exchange Committee's decision. The company's listing status has an impact on the social and economic affairs of the Hedong District in Linyi City, Shandong Province. The company's operating subsidiary, Shandong Tiantong, has a significant impact on the stability of the Hedong District and the lives of the people in the Hedong District. Shandong Tiantong currently has about 400 employees, who are a source of income for hundreds of families. As of September 26, 2024, Shandong Tiantong has a total of 234 creditors claiming debts totaling approximately RMB 711 million, with many creditors being individual creditors from Linyi City. The immediate delisting of the company will lead to the cessation of operations and bankruptcy liquidation of Shandong Tiantong, leaving creditors with unresolved claims and employees and their families without a livelihood. Financial irregularities previously exposed at Shandong Tiantong have led to extreme actions by employees and their families, such as petitioning the Hedong Government and surrounding the Shandong Tiantong factory. The local social order has been significantly affected. The Hedong Government has committed extensive resources to restore social order. Various levels of government departments in the Hedong District have provided support for the bankruptcy restructuring, operation recovery, and resumption of stock trading of Shandong Tiantong. With the support of the Hedong Government, Shandong Zhengzhi Holding Group Limited (an affiliated company of the company's major shareholder) has made significant investments in the recovery of Shandong Tiantong's operations, and it resumed operations in November 2024. Due to the seriousness of the situation, the Hedong Government has established a Shandong Tiantong liquidation working group led by the Deputy District Mayor of the Hedong District. The members of the liquidation working group include senior officials from various departments of the Hedong Government. The liquidation working group, acting as the bankruptcy administrator, actively coordinates various stakeholders to carry out the bankruptcy restructuring of Shandong Tiantong, including formulating repayment plans to repay debts of Shandong Tiantong to ordinary creditors with asset mortgages held by Rainbow Lead.