On December 29, 2023, Taizhou Intermediate People's Court ruled to confirm the completion of implementation of the reorganization plan of Zoje Resources Investment Co., Ltd. (hereinafter referred to as "ZJR", stock code: 002021.SZ) and formally terminated the procedure for its reorganization, marking the culmination of the judicial reorganization that ultimately led to the rebirth of this leading company in the Chinese sewing machine industry.
ZJR is a company listed on the Shenzhen Stock Exchange main board, primarily engaged in the R&D, production and sale of medium to high-end industrial sewing machinery. As the very first listed company in Yuhuan, a county-level city in Taizhou, ZJR was the first privately-owned enterprise in the Chinese sewing machine industry to go public and a significant member of the sewing equipment industry in Taizhou, one of the seven local "Hundred-Billion-Yuan Industries". The company came to a debt crisis due to the impact of an illegal guarantee litigation case.
To prudently resolve ZJR's debt risk, Llinks Law Offices, acting as its legal advisor, actively assisted ZJR in self-rescue through pre-packaged reorganization and judicial reorganization procedures, providing comprehensive legal services throughout the entire process, including debt crisis diagnosis, preparation for reorganization applications, facilitation of approval procedure, design of reorganization plan, negotiation with creditors, involvement in reorganization plan voting procedure and its implementation. Llinks lawyers substantially participated in and effectively drove the entire reorganization process. It is worthy of being noted that this case represents the first instance among listed company reorganization cases in China where additional shares were fully allotted to small and medium-sized investors and sufficiently guaranteed their interests, holding significant representativeness and typical significance. Our outstanding legal services have earned high praise and recognition from the client.
The partner in charge for this project is Amy Ren. The team members include Lawrence Liu, Shawn Xu, and Luna Lu. Moyne Sun also made contributions in this case.
