On October 17, 2007, Zhong Lun’s Shenzhen office attended the bidding for acting as the administrator in bankruptcy of the Han Tang Securities Co. Ltd (“Han Tang”) upon an invitation letter from the intermediate court of Shenzhen (“Shenzhen Court”). Eight days later on October 25, 2007 our Shenzhen office was appointed by the Shenzhen Court as the administrator in bankruptcy of the Han Tang out of more than twenty candidates. Our Shenzhen office is well experienced in handling bankruptcy and liquidation processes, and will be in this case again in charge of liquidation of Han Tang in bankruptcy proceedings.
Han Tang is among the first group of enterprises that have been ruled in bankruptcy proceedings after the implementation of the Enterprise Bankruptcy Law. Han Tang was established through consolidation of Guizhou Securities Co. Ltd. and Zhanjiang Securities Co. Ltd and approved by the China Securities Regulatory Commission in 2001, with the registered capital in RMB901,207,400 yuan. Han Tang has 22 business branches and 47 affiliated shells. By May 31, 2007, Han Tang has total assets of RMB 7,454,111,248.08 yuan, total liabilities of RMB 7,592,255,511.65 yuan, and net assets RMB – 138,144,263.57. Due to the magnitude of Han Tang’s indebtedness, the Han Tang’s bankruptcy has drawn public attentions in China.
After the bankruptcy of Shenzhen Da Peng Securities Co. Ltd, our Shenzhen office takes on this assignment (which is more complicated) by the team, where Xu Ling acts as the general coordinator and Xu Sheng-feng takes lead along with Qian Bo-ming, Ding Xi-chao, and Zhuang Jia-zi. The team members include associates He Zhen-hua, Li Cheng-wen, Li Qiu-xia, and Wan Hai-long, and other supporting staff of more than 20 people.
The key that secures our success in competition against other firms in the bankruptcy service market is the well proved professional capability and experience of our Shenzhen office in the area, which is well displayed and delivered with the firm-wide support. Now the liquidation of Han Tang is in smooth process directed by Xu Ling and Xu Shen-feng.