“Jiehua’s chairman entered the market with a new platform worth 890 million, and *ST Mubang faces new speculation regarding energy storage.”

*ST Mubang (603398.SH) designated Hangzhou Junneng Enterprise Management Co., Ltd as the industrial investor during the pre-reorganization phase on September 8, 2026. Hangzhou Junneng is actually controlled by Zhou Xunwei, the chairman of Jiehua Technology. It plans to invest 890.8 million yuan to subscribe for 170 million shares of the company in order to gain control as the controlling shareholder. The transaction terms are strict, the subscription price reaches the regulatory minimum, and the payment of the investment is closely tied to the approval of the reorganization plan by the court. If the reorganization fails, investors can get their money back. Although Hangzhou Junneng’s involvement solved the problem of no potential buyers, *ST Mubang still faces severe challenges such as negative net assets, new lawsuits, and historical financial fraud. The company’s previous failed attempt at transitioning into the photovoltaic industry led to significant losses and put it at risk of being delisted. Whether this reorganization will succeed depends on whether the procedures can be completed in the next year and whether the historical risks can be effectively eliminated.