Hanma Technology Group (600375.SH) voluntarily applies for reorganization to transform and "create space."

Recently, Hanma Technology Group (600375.SH) announced its intention to apply for reorganization and pre-reorganization to the court through self-application, and to initiate the pre-reorganization procedure. According to Hanma Technology Group's performance forecast, it is estimated that the net assets attributable to the shareholders of the listed company at the end of 2023 will be between -927.7 million yuan and -727.7 million yuan. Analysts pointed out that the main reasons for Hanma Technology Group's significant losses in recent years are the cleaning up of historical non-performing assets and the write-off of existing assets due to the transformation into new energy. This application for pre-reorganization makes Hanma Technology Group the first listed company in the past few years to apply for reorganization through self-application. The Shenzhen Stock Exchange has already had three companies, Ji Yao Holding Group, ST ZhongJie, and ST XinLian, which have applied for reorganization through self-application. Among them, ST ZhongJie and ST XinLian have completed the reorganization, while Ji Yao Holding Group is still in the process. According to market research analysts, since 2020, judicial reorganization of listed companies has become one of the main tools to resolve delisting risks for listed companies, and nearly 60 listed companies have used judicial reorganization to resolve delisting risks. In June 2022, Hanma Technology Group fully deployed its new energy transformation strategy and announced that it would focus on new energy and clean energy vehicle businesses such as pure electric, methanol power, hybrid power, and hydrogen fuel cell. According to the production and sales data for 2023 announced by the listed company, the production of heavy trucks in Hanma Technology Group reached 1,009 vehicles in December 2023, a year-on-year increase of 187.46%, with a cumulative annual production of 7,977 vehicles, a year-on-year increase of 55.83%. Among them, the production of electric medium and heavy-duty trucks was 542 vehicles, a year-on-year increase of 84.35%, with a cumulative annual production of 3,386 vehicles, a year-on-year increase of 9.94%; the production of alcohol-hydrogen power systems increased significantly to 654 vehicles, with a year-on-year increase of 403.08%, and the annual production was 4,059 vehicles, with a year-on-year increase of 828.83%. Hanma Technology Group's new energy transformation strategy has achieved remarkable results and needs to further optimize its asset-liability structure, introduce incremental resources, and achieve a lightweight approach. Referring to previous judicial reorganization cases, Hanma Technology Group's practice of resolving risks through judicial reorganization is feasible.