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Update date: 2025-02-24. Ningxia Guanneng New Materials Technology Co., Ltd. (hereinafter referred to as Guanneng New Materials) applied to the People’s Court of Pingluo County for bankruptcy reorganization due to its inability to repay its overdue debts. On December 24, 2024, the People’s Court of Pingluo County issued a civil ruling under case number (2024) Ning 0221 Po Shen 2, approving the acceptance of the bankruptcy reorganization proceedings for Guanneng New Materials. On December 31, 2024, Ningxia Ningren Law Firm was appointed as the administrator in this case. Guanneng New Materials was registered and established in March 2022; its legal representative is Chang Long. The company is located at No. 2, Datang Fine Chemical South Road, Industrial Park, Hongyazi Township, Pingluo County, Shizuishan City, Ningxia Hui Autonomous Region. The business scope of Guaneng New Materials includes: General projects: Promotion services for new material technologies ； Research and development of new material technologies ； Production of chemical products (excluding chemical products that require a license) ； Sale of chemical products (excluding chemical products that require a license) ； Plastic product manufacturing ； Plastic products sales ； Synthetic material manufacturing (excluding hazardous chemicals) ； Synthetic materials sales ； Manufacture of engineering plastics and synthetic resins ； Engineering and technical research and experimental development ； Battery manufacturing ； Battery sales ； Battery rental ； Energy storage technology services ； Production of new membrane materials ； Research and development of new energy technologies (except for licensed services, it is possible to operate independently those projects that are not prohibited or restricted by laws and regulations). The registered capital of Guanneng New Materials is RMB 666.88 million. Guanneng New Materials specializes in the production of polymer materials such as NMP, PBT/PBAT, and PTMEG, as well as biodegradable materials; it also engages in the development of upstream supply chain projects. It is a key investment project at the level of the Ningxia Hui Autonomous Region for the year 2023. Project progress: According to Document Ning Fa Gai Ping Du No. 54, the Guanneng New Materials project is planned such that, after the completion of phases one and two, it will have an annual production capacity of 272,000 tons of BDO, 360,000 tons of methanol, and 28,000 tons of hydrogen ； Upon the completion of the construction in phases 3 and 4, the annual production capacity will be 240,000 tons of PTMEG, 240,000 tons of spandex, and 120,000 tons of PBT/PBAT. Guanneng New Materials has currently obtained 20 invention patents and 10 utility model patents. It boasts ample resources for production, as well as advantages in terms of advanced equipment technology and industrial integration. Once the production lines are put into operation, it is expected that costs can be reduced by 10%-15% compared to those of similar products in the same industry. The first and second phases of the project, for which construction has already begun, are planned to require a total investment of 2.86 billion yuan. Construction started in July 2022, and as of April 2024, 75% of the construction work had been completed. All civil engineering and auxiliary facility construction has been completed; the main equipment has arrived and 80% of its installation has been finished. 2.2 billion yuan has already been invested, and it is expected that construction and commissioning can be completed within half a year once the remaining funds are available.