Beijing Tianyishangjia High-tech Material Corp., (688033.SH) has been applied for bankruptcy and pre-reorganization by creditors.

Beijing Tianyishangjia High-tech Material Corp., (688033.SH) announced that on November 7, 2025, the Beijing First Intermediate People's Court issued a "Decision" [2025]011445. The company's creditor, Tianjin Shengyu Automobile Parts Co., Ltd. (referred to as "Tianjin Shengyu"), applied to the Beijing First Intermediate People's Court for reorganization (pre-reorganization) of the company on the grounds that the company is unable to repay the due debts, its assets are insufficient to pay off all debts, and it clearly lacks the ability to pay off debts. The company agreed to the above-mentioned application and voluntarily undertook the relevant obligations during the pre-reorganization period. In order to effectively identify the reorganization value and feasibility, and increase the success rate of reorganization, the Beijing First Intermediate People's Court decided to initiate the pre-reorganization proceedings for the company. The decision of the Beijing First Intermediate People's Court to initiate pre-reorganization for the company does not mean that the court will ultimately accept Tianjin Shengyu's reorganization application for the company. There is still uncertainty as to whether the company will enter the reorganization process in the future. If the court subsequently decides to accept the company's reorganization application, the company will cooperate with the court and the administrator to carry out the relevant reorganization work in accordance with the law, and fulfill the obligations of a debtor under the law. According to the relevant provisions of the Rules for Listing of Stocks on the Science and Technology Innovation Board of the Shanghai Stock Exchange (revised in April 2025), if the court subsequently decides to accept the company's reorganization application, the Shanghai Stock Exchange will implement a delisting risk warning for the company's stock.