The bankruptcy liquidation application of Jiangxi Selon Supply Chain Management Company, a wholly-owned subsidiary of Jiangxi Selon Industrial Company, has been accepted by the Leping Municipal People's Court. The company held a board meeting on April 27, 2026, and approved the proposal to file for bankruptcy liquidation of Selon Supply Chain, citing that the subsidiary's asset liquidation value is insufficient to repay its debts and it is insolvent. The civil ruling issued by the court, case number Gan 0281 Po Shen 6, took effect on August 3, 2026. The company stated that Selon Supply Chain remains a wholly-owned subsidiary and will continue to be included in the consolidated financial statements. This matter will not have a material adverse impact on the company's daily operations and overall business development, but the final bankruptcy liquidation plan remains subject to uncertainty.
Jiangxi Selon Industrial Co LtdSubsidiary's bankruptcy liquidation filing accepted, indicating insolvency and potential financial strain.
Bankruptcy liquidation filing accepted due to insufficient assets to repay debts.