SUNSHINE-NEW (00509): Luozhuang District Court to Auction Shandong Subsidiary's Trademarks with Total Reserve Price of Approximately RMB42.925 Million

Stock News

Oct 28

SUNSHINE-NEW (00509) announced that certain creditors of its non-wholly owned subsidiaries, Shandong Hongri Chemical Co., Ltd. and Shandong Hongri Fertilizer Sales Co., Ltd. (collectively referred to as "Shandong Subsidiary"), have applied to the Luozhuang District People's Court of Linyi City, Shandong Province for the enforcement auction of 64 registered trademarks owned by the Shandong Subsidiary. The court will conduct the auction on October 31, 2025, with a total reserve price of approximately RMB42.925 million. Proceeds from the auction will be prioritized for repaying the Shandong Subsidiary's relevant debts.

The company is actively exploring solutions to improve the group's liquidity, including but not limited to divesting non-core businesses or assets. Notably, Shandong Hongri Chemical Co., Ltd. has ceased operations and production due to the local government's "Relocation from Urban Areas to Industrial Parks" initiative, with its factory already dismantled. The Shandong Subsidiary's trademarks have been licensed to other group subsidiaries for use until April 30, 2039.

As of the announcement date, the ownership of these trademarks has not yet been auctioned. If no potential buyers participate, the trademarks may not be successfully sold.

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