Creditors Block Shanshan Group’s $463 Million Restructuring Plan

A proposed 3.3 billion yuan ($463 million) restructuring plan for debt-laden Shanshan Group Co. Ltd. has collapsed after key creditor and shareholder groups voted it down, derailing the recovery effort of the once-prominent private enterprise.

The Ningbo-based firm, now focused on battery materials and polarizers, has been under court-supervised restructuring since February 2025, following the death of founder Zheng Yonggang and a subsequent family dispute. Creditors have filed claims totaling more than 44.2 billion yuan.