On December 31, 2025, the Nantong Intermediate People's Court of Jiangsu Province (the "Nantong Intermediate Court") ruled to accept the application for the reorganization of Jintongling Technology Group Co., Ltd. (hereinafter referred to as "Jintongling"; Stock Code: 300091.SZ) and, on the same day, designated the Liquidation Group of Jintongling as the Administrator. On February 13, 2026, the Nantong Intermediate Court ruled to terminate the reorganization proceedings as the reorganization plan had been fully executed. This marks the ultimate resolution of the company's debt crisis, setting Jintongling on a new track of sustainable and high-quality development.
Jintongling is a company listed on the ChiNext Market of the Shenzhen Stock Exchange. It is a technology-intensive, modern high-end equipment manufacturing and service enterprise integrating R&D and manufacturing. Due to factors such as market demand, industry competition, and investment failures, the company's operating performance has declined significantly in recent years, leading to severe liquidity shortages and immense difficulties. Notably, due to financial fraud by its former controlling shareholder, Jintongling faced comprehensive administrative, civil, and criminal accountability. The securities misrepresentation liability dispute involving Jintongling became the third special representative litigation case in China and the first of its kind on the Shenzhen Stock Exchange. Following a judgment by the Nanjing Intermediate People's Court, Jintongling was held liable for a massive compensation of approximately RMB 775 million, facing a severe risk of delisting.
Llinks served as the on-site execution agency of the Liquidation Group of Jintongling Technology Group Co., Ltd. During the pre-reorganization and reorganization periods, Llinks carried out a series of critical tasks, including but not limited to: crisis diagnosis, scheme design, promotion of reorganization consultation procedures, regulatory communication and reporting, collaborative advancement of litigation procedures, claim filing and review, asset investigation, assistance in recruiting and selecting reorganization investors, communication and negotiation with major shareholders and creditors, voting on the reorganization plan, and supervision of the plan's execution.
The Jintongling reorganization case established several "firsts":
A Landmark Precedent: The first bankruptcy reorganization case of a listed company in Nantong, Jiangsu Province; and the first case nationwide since the implementation of the new reorganization regulations to facilitate the settlement of special representative litigation through judicial reorganization.
Accountability-Driven Recovery: The first case in recent years to directly adjust the shares held by the "principal wrongdoer" for debt repayment.
Innovative Investor Recruitment: The first reorganization case of a listed company in recent years to adopt a "decoupled" recruitment method for industrial and financial investors.
Unprecedented Efficiency: It took only 10 days from the court's approval to the disbursement of compensation to over 40,000 investors, achieving an exemplary payout effect for special representative litigation.
Under the guidance and support of relevant authorities in Jiangsu Province and Nantong City, the Jintongling reorganization has become a benchmark for utilizing rule-of-law thinking and market-oriented means to effectively resolve complex corporate dilemmas. It provides a replicable "Jintongling Model" for the resolution of future special representative litigation.
The project was led by partners Ms. Amy Ren and Mr. Shawn Xu.
