On December 26, 2025, the Lanzhou Intermediate People's Court (the "Lanzhou Intermediate Court") ruled to approve the reorganization plan and to terminate the reorganization procedures for Gansu Yatai Industrial Development Co., Ltd. ("*ST Yatai", stock code: 000691.SZ).
Acting as an administrator member for *ST Yatai, Han Kun was deeply involved in the entire process of *ST Yatai's pre-reorganization and reorganization. Han Kun provided comprehensive legal services covering the initiation of pre-reorganization, claims registration and review, introducing reorganization investors, formulating and negotiating the pre-reorganization plan, and drafting and reporting of application documents, drafting and solicitation of the reorganization plan. This case highlights Han Kun's expertise in reorganization for listed companies. The case was led by Mr. Wenle Du, with team members including Xun Pan, Yadan Pang, and Xiaoshan Chen.
This case represents one of the first batch of listed company reorganization cases accepted following the issuance of The Minutes of the Symposium on Effectively Adjudicating Bankruptcy Reorganization Cases of Listed Companies and Regulatory Guidelines No. 11 for Listed Companies - Matters Relating to Bankruptcy Reorganization of Listed Companies. It is also the first listed company reorganization case heard by the Lanzhou Intermediate Court. This case demonstrates exceptional efficiency, requiring less than six months from the creditor's application (July 10, 2025) to initiating pre-reorganization through to the court's approval of the reorganization plan. Notably, the formal reorganization period—from acceptance to plan approval—lasted only 31 days, making it one of the fastest listed company reorganization cases in recent years. The administrator efficiently advanced the process while coordinating the resolution of control disputes and mitigating the potential delisting risk. The draft reorganization plan achieved unanimous 100% approval across all creditor groups, demonstrating high recognition of the reorganization's quality and efficiency.
The pre-reorganization and reorganization of *ST Yatai received guidance and support from Party committees and the governments of Gansu Province and Lanzhou Municipality, the courts, and relevant administrative departments. It stands as a typical example of a paradigm of government-judiciary collaborative coordination, providing a practical precedent for the efficient rescue of distressed listed companies.
