Overseas Subsidiary Suddenly Receives "Bankruptcy" Notice! Zanyu Technology: Debts Already Cleared Through Offset, Case Filed and Accepted

Source: Securities Times Network Author: Li Xiaoping

Overseas subsidiary suddenly receives a “bankruptcy” notice. Zanyu Technology: Debts have long been cleared and offset, report filed and accepted.

On the evening of March 16, Zanyu Technology (002637) announced that its wholly owned subsidiary PT Dua Kuda Indonesia (hereinafter: “Duku Da”) received a “Bankruptcy Ruling Notice” from the Central District Commercial Court of Jakarta, Indonesia, on March 13. The notice declared Duku Da bankrupt and imposed corresponding legal consequences.

In response, Zanyu Technology stated that on March 13, Duku Da filed a criminal complaint with the Indonesian National Police Criminal Investigation Bureau against the bankruptcy applicants (Shuangma Chemical, Habo Company, and Nantong Xinjui) for suspected document forgery and/or perjury, and the case has been accepted.

Case background

PKPU procedure, or debt postponement repayment application, is a preventive debt restructuring process stipulated by Indonesia’s Bankruptcy and PKPU Law. It applies to companies with two or more creditors that are unable or expected to be unable to pay due debts. The goal is to suspend debt repayment, buy time to develop debt settlement/restructuring plans, and avoid direct bankruptcy. This procedure features a simplified review focusing only on the formality of debts.

Hong Kong Harbor Praise Limited (hereinafter: “Habo Company”) applied for the Indonesian debt postponement procedure (the “PKPU procedure”) against Duku Da, which was filed on November 13, 2025, at the Central District Commercial Court of Jakarta.

On December 24, 2025, Duku Da received a PKPU ruling notice from the Jakarta Central District Commercial Court, approving Habo Company’s application for the PKPU procedure. On March 13, 2026, Duku Da received a “Bankruptcy Ruling Notice” from the same court, declaring Duku Da bankrupt and imposing legal consequences.

According to the PKPU initiated by Habo Company on November 13, 2025, Duku Da owes three debts:

First: Duku Da has overdue principal and interest owed to Habo Company since December 10, 2018, totaling approximately RMB 304 million (including about RMB 146 million principal, with 12% annual interest);

Second: Duku Da has overdue principal and interest owed to Suema Chemical Co., Ltd. in Aogang City since December 30, 2018, totaling approximately RMB 194 million (including about RMB 106 million principal, with 12% annual interest);

Third: Duku Da has overdue principal and interest owed to Nantong Xinjui Chemical Co., Ltd. (formerly Shanghai Xinjui Chemical Co., Ltd., hereinafter: “Nantong Xinjui”) since December 30, 2018, totaling about RMB 800,000 (including about RMB 440,000 principal, with 12% annual interest).

Company verification: debts have been cleared and offset

After verification, Zanyu Technology confirmed that Habo Company, Suema Chemical, and Nantong Xinjui are all related companies controlled by the same individual. Suema Chemical was originally a controlling shareholder of Duku Da. In 2016, Zanyu Technology acquired 60% of Duku Da’s shares from Suema Chemical, and in 2019, it acquired an additional 30%. However, none of these three companies are the true creditors of Duku Da.

Meanwhile, Zanyu Technology cited three main reasons, stating that the debts claimed by the bankruptcy initiators have already been cleared.

1. According to the “Balance Confirmation Letter” issued by Suema Chemical on March 4, 2021, the debts between Habo Company and Duku Da as of January 31, 2021, had been fully offset through mutual offset with Habo Company and its related company Suema Chemical, and Duku Da had no further dealings with Habo Company thereafter.

2. According to the “Balance Confirmation Letter,” Suema Chemical still owed Duku Da RMB 18.0282 million. In January 2022, Suema Chemical entrusted its Indonesian affiliate PT. SINO ZONE INDUSTRY INDONESIA to transfer payments to Duku Da, clearing the accounts between Suema Chemical and Duku Da. Thereafter, Duku Da had no dealings with Suema Chemical.

3. The debt claimed by Nantong Xinjui for approximately RMB 440,000 principal was actually transferred to Suema Chemical through a debt transfer agreement on July 31, 2020. Duku Da and Nantong Xinjui had no further dealings afterward.

The initiators are suspected of criminal offenses and have reported the case, which has been accepted

Zanyu Technology stated that Habo Company and Suema Chemical submitted unverified “Debt Confirmation Letters,” “Entrusted Collection Agreements,” and debt transfer agreements from 2018 and 2019 to the Jakarta Central District Commercial Court when applying to initiate the PKPU against Duku Da. They did not disclose the fact that Duku Da’s accounts with Suema Chemical and related parties had been offset after December 30, 2018, which led the court to initiate the PKPU process and issue a bankruptcy ruling.

Meanwhile, Duku Da, a wholly owned subsidiary of Zanyu Technology, has responded to this incident. The latest developments include three aspects:

1. Duku Da has authorized lawyers to file an appeal with the Supreme Court of Indonesia on March 16, 2026, requesting to revoke the bankruptcy ruling and all related legal consequences.

2. Duku Da has filed a criminal complaint with the Indonesian National Police Criminal Investigation Bureau on March 13, 2026, against Suema Chemical, Habo Company, and Nantong Xinjui for suspected document forgery and/or perjury, which has been accepted.

3. Duku Da has authorized lawyers to deliver a “Dispute and Complaint Letter Regarding the Bankruptcy Suspension Procedure Ruling” to the Indonesian Ministry of Justice, the Supreme Court of Indonesia, the Supreme Court Supervisory Board, and the Judicial Commission of Indonesia on February 27, 2026, requesting the revocation of the PKPU ruling issued by the Jakarta Central District Commercial Court and asking the court to dismiss all PKPU applications filed by Habo Company and to halt the PKPU procedures against Duku Da.