Shanghai Industrial Development: Subsidiary Shanghai Longchuang, a holding company, has been applied for bankruptcy liquidation.

Jinshi data news on October 9th, Shanghai Industrial Development Co., Ltd. announced that its holding subsidiary, Shanghai Shangshi Longchuang Intelligent Technology Co., Ltd., was applied for bankruptcy liquidation by Shanghai Shangshi Entrepreneurship Investment Co., Ltd. to the Shanghai Third Intermediate People’s Court. After receiving the court notice, Shangshi Longchuang needs to raise objections in writing within seven days. As the controlling shareholder of Shangshi Longchuang, the company will actively cooperate with the court’s relevant work. If the court formally accepts the bankruptcy application, Shangshi Longchuang may enter bankruptcy liquidation and be taken over by the administrator, resulting in the company losing control. In addition, Shangshi Longchuang has not returned the shareholder loan balance and an interest of about 462 million yuan to the company. If it enters bankruptcy liquidation, there may be a risk of not being able to fully recover the entire amount. At present, the company and Shangshi Longchuang have not received any ruling from the court regarding this bankruptcy liquidation, and there is uncertainty as to whether it will enter bankruptcy liquidation.