Dacheng was appointed as the auxiliary agency for the first pre-reorganization case in Handan, Hebei Province, to assist SOEs to focus on their main businesses and optimize layout

For a long time, Dacheng Law Offices have, based on national strategies, actively approached the new needs of legal services associated with the decisions and arrangements of the CPC Central Committee and the State Council for the reform and development of the main businesses of SOEs at the new development stage.

As a centrally administered enterprise under the supervision of the State-owned Assets Supervision and Administration Commission of the State Council, Xinxing Jihua Group, ranked among the world's top 500 enterprises, has actively practiced the development philosophy of "for the people in peacetime, to protect the army in wartime, and to rescue the needy in emergency", and honed a number of enterprises with the spirit of military supplies that can particularly endure hardship, fight, endure and contribute and a bold work style. Among them, Xinxing Energy Equipment Co., Ltd. located in Handan City, Hebei Province (hereinafter referred to as "Xinxing Equipment") is a clean energy non-pipe network equipment manufacturing enterprise, masters China's core technology for long tube trailers upgraded from forging to spinning with independent intellectual property rights, can produce the seamless compressed gas cylinders with the largest single volume in the world, integrates the research, development, manufacturing and service of natural gas and hydrogen energy storage and transportation equipment, and masters core technologies such as spinning of large-volume seamless gas cylinders, heat treatment and tempering, and vacuum insulation.

In accordance with the requirements of the State-owned Assets Supervision and Administration Commission of the State Council to divest and clear up "two non-businesses" and "two state-owned enterprises" in the three-year action for the reform of state-owned enterprises, Xinxing Equipment is listed as the two non-businesses (non-core business, non-advantage) section of Xinxing Jihua Group. At the same time, due to the adverse transformation of enterprises and the repeated impact of COVID-19, Xinxing Equipment has been in financial difficulties, but there is a value for reorganization. In order to improve the rescue mechanism for market players and optimize the business environment of Handan, the Handan Municipal Party Committee and People's Government of Handan ordered the Handan Municipal Leading Office for Enterprise Reform and Development and the Intermediate People's Court to actively carry out joint coordination and give full play to the rescue function of pre-reorganization. For the protection and rescue of the "two non-businesses" and troubled Xinxing Equipment with market value, Dacheng Law Offices and a local law firm in Handan were recommended to jointly serve as the auxiliary agency for pre-reorganization, and were approved by the court.

As the person in charge of the project team, Ms. Yin Xiuchao, a senior partner of the Dacheng Law Offices, organized Ms. Hu Zhiping and other project team members to carry out pre-reorganization work.

In the future, Dacheng will continue to focus on specialties, implement new development concepts, assist SOEs in gathering their main businesses, optimizing layout, restructuring, and providing services and contributing to optimizing the business environment in the cities where they are located.