On the evening of September 21, ST Xilv announced that the company had signed a Pre-restructuring Investment Agreement with restructuring investors. If the restructuring succeeds, the controlling shareholder may change to Xi'an Sanyuan Jiuhe Enterprise Management Partnership, and the actual controller may change to Yan Jianya, the richest man in Shaanxi. Under the agreement, industrial investor Sanyuan Jiuhe plans to acquire 146 million shares at 3.55 yuan per share, with an investment of 517 million yuan; eight co-investors plan to acquire a total of 150 million shares at 3.90 yuan per share, with an investment of 584 million yuan. Together, the restructuring will bring in about 1.1 billion yuan. ST Xilv was placed under delisting risk warning on April 27 because its net assets attributable to the parent company at the end of the 2025 annual report were negative 54.5359 million yuan. On August 28, creditor Xi'an Qujiang Financial Holdings Asset Operation Management applied to the Xi'an Intermediate People's Court for pre-restructuring and restructuring of the company, and on August 31 the court decided to start the pre-restructuring process. Yan Jianya and his spouse Fan Daidi ranked 191st on the 2025 Hurun Rich List with a fortune of 33 billion yuan. The couple jointly control Triangle Defense and Giant Biogene, and Yan Jianya acquired an 8 percent stake in Sanrenxing in 2026. ST Xilv is expected to become his fourth capital platform. The company also cautioned that the start of the pre-restructuring process does not mean the court has formally accepted the restructuring application. If the restructuring fails, the company faces the risk of being declared bankrupt and having its shares delisted.
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