On December 13, the Shanghai Stock Exchange released the "Announcement of the Manager of Ziguang Group Co., Ltd. on the Second Creditors' Meeting of the Merged Reorganization Case of Ziguang Group and Seven Other Enterprises." The announcement states that the Beijing First Intermediate People's Court has received the reorganization plan draft for the substantive merger reorganization case of Ziguang Group Co., Ltd., Beijing Ziguang Communication Technology Group Co., Ltd., Beijing Ziguang Capital Management Co., Ltd., Tibet Ziguang Daqi Investment Co., Ltd., Tibet Ziguang Zhuoyuan Equity Investment Co., Ltd., Tibet Ziguang Communication Investment Co., Ltd., and Tibet Ziguang Chunhua Investment Co., Ltd.
According to the provisions of the "Enterprise Bankruptcy Law of the People's Republic of China," the Beijing First Intermediate People's Court has scheduled a second creditors' meeting and an equity holders' group meeting for the merged reorganization case of Ziguang Group Co., Ltd., Beijing Ziguang Communication Technology Group Co., Ltd., Beijing Ziguang Capital Management Co., Ltd., Tibet Ziguang Daqi Investment Co., Ltd., Tibet Ziguang Zhuoyuan Equity Investment Co., Ltd., Tibet Ziguang Communication Investment Co., Ltd., and Tibet Ziguang Chunhua Investment Co., Ltd. to be held through the National Enterprise Bankruptcy Reorganization Case Information Network at 9:30 am on December 29, 2021. Legally declared creditors and equity holders of the debtor have the right to attend this meeting.
Tao Su, Executive Director of the Bankruptcy and Non-Performing Assets Legal Affairs Department of Beijing Yingke Law Firm, who spoke to the reporter from China Electronics News, said that according to Article 85 of the "Enterprise Bankruptcy Law," given that the investor has already been determined and the reorganization plan (draft) has been submitted to the court, this creditors' meeting should only focus on the agenda related to the voting on the reorganization plan (draft) by the equity holders' group.
Tao Su noted that the reorganization process is still ongoing, and it is necessary for other creditors' groups to approve the reorganization plan (draft). After the reorganization plan (draft) is approved, the reorganization plan execution stage will commence. Currently, the judicial procedures for bankruptcy reorganization have not been completed, and the relevant investment agreements need to be executed only after the court approves the reorganization plan (draft).

Regarding the issue of Zhi Lu Jian Guang's participation in the strategic management decision-making power of Ziguang Group, Tao Su believes that the joint investment by Zhi Lu Jian Guang should secure a controlling stake in Ziguang Group and the seven other companies. Based on the position of controlling shareholder, the Zhi Lu Jian Guang consortium would have a significant influence on strategic management matters related to Ziguang Group.
There are many discussions in the industry about the business strategy that Zhi Lu Jian Guang would pursue after becoming the strategic investor in the merger and reorganization of Ziguang Group and the seven other companies.
Bai Ran, the head of the Integrated Circuit Center at CCID Consulting, told the China Electronics News that during the strategic reorganization of Ziguang Group by Zhi Lu Jian Guang, it is likely that the internal operations of Ziguang Group will be vertically integrated, consolidating businesses that focus on the same or similar fields under the Ziguang umbrella. This is not only because resource integration helps businesses grow rapidly and become stronger, but also because in mature market sectors, breakthroughs in China can only be achieved through "group operations."
Bu Rixin, the general manager of CREATEACCESS Investment Consulting, told the China Electronics News that based on Zhi Lu Jian Guang's strategic layout in the semiconductor investment and merger and acquisition sector, this investment seems to be focused on Ziguang Group's semiconductor industry resources. Therefore, the restructuring will likely involve divesting some peripheral assets, especially the non-core assets left behind by Ziguang Group's previous blind expansion. The restructuring will center around the semiconductor, chip, and big information industries, aiming to form a coordinated supply chain across upstream and downstream segments.