On November 13, 2025, the Shizuishan Intermediate People's Court of Ningxia Hui Autonomous Region (hereinafter referred to as the "Shizuishan Intermediate Court") ruled to approve the reorganization plans for Ningxia Zhongke Biotechnology Co., Ltd. (hereinafter referred to as "Ningke Biotechnology," Stock Code: 600165.SH) and its subsidiaries, Ningxia Zhongke Biological New Material Co., Ltd. and Ningxia Xinri Hengli International Trade Co., Ltd., and ruled to terminate the reorganization proceedings. This marks the entry of the listed company's judicial reorganization into the execution phase, ultimately ushering in a new landscape for its development.

Ningke Biotechnology is a company listed on the Shanghai Stock Exchange, with its main business involving the fields of biotechnology and new materials. The smooth approval of the reorganization plan means the company is expected to optimize its asset-liability structure, enhance its continuous operation and profitability, and will see changes in its equity structure, controlling shareholder, and ultimate controller upon the completion of the reorganization execution.

To resolve Ningke Biotechnology's debt crisis and facilitate its successful reorganization, the Llinks Bankruptcy and Reorganization Team, acting as legal counsel for the industrial investor, actively assisted the client in advancing the implementation of the reorganization procedures for the company and its subsidiaries. The Llinks team provided comprehensive legal services, including but not limited to due diligence, drafting reorganization investment agreements, coordinating negotiations for the reorganization plan, and facilitating voting at the creditors' meeting and the investors' group meeting, providing strong support for the smooth passage of the reorganization plan.

The Llinks Bankruptcy and Reorganization Team, with its professional and efficient legal services and extensive project experience in the field of bankruptcy and reorganization, has earned high praise and recognition from the client.

Llinks Engagement Team：

Amy Ren, Partner

Shawn Xu, Partner