Zanyu Technology's Indonesian Subsidiary Dukuda Ruled Bankrupt; Company States Operations Unsubstantially Affected and Files Appeal

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Zanyu Technology Group Co., Ltd. (Stock Code: 002637, Stock Abbreviation: Zanyu Technology) announced on March 16 that its wholly owned subsidiary PT Dua Kuda Indonesia (hereinafter referred to as “Duku Da”) received a “Bankruptcy Ruling Notice” from the Central District Commercial Court of Jakarta, Indonesia on March 13, declaring Duku Da bankrupt. The company stated that Duku Da has entrusted lawyers to file an appeal with the Supreme Court of Indonesia to revoke this bankruptcy ruling and all legal consequences.

The announcement shows that the bankruptcy ruling originated from Harbor Praise Limited (hereinafter “Habor Company”) initiating a debt rescheduling application process (PKPU) against Duku Da. The application was filed with the Central District Commercial Court of Jakarta on November 13, 2025, and on December 24 of the same year, the court approved Habor’s PKPU application.

Habor Company claims that Duku Da owes it and related companies such as Aogang Shuangma Chemical Co., Ltd. (hereinafter “Shuangma Chemical”) and Nantong Xinjui Chemical Co., Ltd. (hereinafter “Nantong Xinjui”) a total principal and interest debt of approximately 502 million RMB. However, Zanyu Technology denies this, pointing out that Habor Company, Shuangma Chemical, and Nantong Xinjui are all related companies controlled by the same individual, and are not the true creditors of Duku Da. The company states that, based on the “Balance Confirmation Letter” issued by Shuangma Chemical on March 4, 2021, and subsequent payment records, the relevant debts have been offset or settled, or transferred through debt transfer agreements. The company believes that Habor Company and Shuangma Chemical did not disclose the facts of subsequent account offsets when applying for the PKPU.

In addition to appealing, Duku Da filed a criminal report with the Indonesian National Police Criminal Investigation Bureau on March 13, accusing Shuangma Chemical, Habor Company, and Nantong Xinjui of forging documents and/or perjury, which has been accepted. Previously, Duku Da also sent a “Dispute and Complaint Letter Regarding the Bankruptcy Suspension of Debt Repayment” to multiple Indonesian judicial authorities on February 27, requesting the revocation of the PKPU ruling.

Zanyu Technology emphasizes that, as of now, Duku Da’s overall operations are normal and have not been materially affected by this bankruptcy ruling. As of June 30, 2025, Duku Da’s total assets were 1,964.9491 billion RMB, net assets were 1,673.1849 billion RMB, revenue for January-June 2025 was 2,434.3233 billion RMB, and net profit was 102.449 billion RMB. There is no insolvency or obvious lack of repayment ability, indicating no bankruptcy risk. The company also points out that this bankruptcy ruling is only a result of the Indonesian local court’s proceedings and does not represent the final decision of the Indonesian Supreme Court. The final judgment is still pending, and the actual impact will depend on the Supreme Court’s ruling.

Additionally, the announcement discloses other undisclosed lawsuits and arbitration cases involving the company and its subsidiaries, with a total amount of 270.2362 million RMB. Among them, Zanyu Technology’s contract dispute with Shuangma Chemical involves 107.81 million RMB, and the case has won the first instance and is currently in the second instance.

The company states it will fulfill its disclosure obligations promptly based on the progress of relevant matters. Investors are advised to be cautious of investment risks.

Timeline of Duku Da Bankruptcy Ruling

Habor Company’s Claimed Debt Details of Duku Da

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