On October 24, 2025, the Intermediate People's Court of Kunming City, Yunnan Province (hereinafter referred to as the "Kunming Intermediate Court") ruled to accept the reorganization application for YCIC Eco-Technology Co.,Ltd. (hereinafter referred to as " YCIC Eco ") (Stock Code: 002200.SZ). On the same day, the Court appointed Llinks (Lead Administrator) and Grandall Law Firm (Kunming) (Assisting Administrator) to jointly serve as the Administrators for YCIC Eco. On November 28, 2025, the Kunming Intermediate Court ruled to approve the Reorganization Plan for YCIC Eco and terminated the reorganization procedure. YCIC Eco has thus officially entered the execution phase of the reorganization plan, aiming to optimize its asset-liability structure and embark on a new track of sustainable, high-quality development through the judicial reorganization process.

YCIC Eco is a listed company on the Shenzhen Stock Exchange, primarily engaged in landscaping, greening, and ecological and environmental protection engineering. As a state-owned listed company under the Yunnan Provincial Government, YCIC Eco is committed to becoming the integrated environmental operator for Yunnan Province. It holds over twenty qualifications, including the Grade I professional contracting qualification for environmental engineering and Grade I professional contracting qualification for architectural decoration engineering, covering consultation, design, and contracting across municipal, construction, environmental, and landscaping projects. In recent years, due to multiple adverse factors such as a sluggish market and delayed collection of historical accounts receivable, YCIC Eco faced significant development challenges.

Llinks precisely identified the core problems facing YCIC Eco through a market-based screening approach and provided effective solutions. As the Provisional Administrator for Pre-reorganization and the official Reorganization Administrator, Llinks undertook a comprehensive series of tasks, including but not limited to: crisis diagnosis, plan design, establishing the provincial government-court linkage working mechanism, promoting the reorganization consultation procedure, communication and reporting with regulators, claim declaration and examination, asset investigation, assisting in recruiting and selecting reorganization investors, communicating and negotiating with major shareholders and creditors, convening investor and creditor meetings, voting on the reorganization plan, and supervising the execution of the reorganization plan.

During the reorganization procedure, the proportion of creditors (by number and claim value) and investors who consented to the draft reorganization plan exceeded 95%, achieving an effective balance and legal protection for all stakeholders' interests. The YCIC Eco reorganization case is the first listed company reorganization project in Yunnan Province in nearly a decade. The successful implementation of this project received guidance and support from relevant government and court departments at all levels in Yunnan Province.

Through the implementation of the judicial reorganization, YCIC Eco has significantly eased its financial burden, its asset-liability structure has been fully optimized, and the risks of delisting and debt have been effectively mitigated. Concurrently, the reorganization investor will utilize its industrial advantages and resource endowments to systematically expand YCIC Eco's industrial layout, promising a fundamental improvement in its sustainable operational capabilities.

Llinks Engagement Team:

Lawrence Liu, Contractual Partner

Amy Ren, Partner

Moyne Sun, Associate