Recently, the administrator of Nanjing Dongze Shipbuilding Co., Ltd. issued the “Recruitment Announcement for Restructuring Investors of Nanjing Dongze Shipbuilding Co., Ltd.,” officially initiating the bankruptcy restructuring process for the company (hereinafter referred to as “Dongze Company” or “the debtor”).
On March 26, 2025, the Qixia District People’s Court of Nanjing, Jiangsu Province, issued the (2025) Su 0113 Po 37 “Civil Ruling,” accepting the bankruptcy restructuring application filed by Dongze Company and appointing Dentons (Nanjing) Law Firm as the administrator on the same day.
According to the preliminary audit report, as of March 26, 2025 (the date of bankruptcy case acceptance), Dongze Company’s total financial assets amounted to 59,164,415.51 yuan, total liabilities were 633,127,400.39 yuan, and the financial net equity stood at -573,962,984.88 yuan.
The announcement disclosed that Dongze Company was established on March 3, 2005, with a registered capital of 50 million yuan. Its registered address is No. 2 Jiangbian Road, Dapeng Village, Jing’an Subdistrict, Qixia District, Nanjing, with legal representative Wang Changtai. Its business scope includes shipbuilding (under 100,000 tons) and repair; manufacturing of various metal and construction components; trading of general mechanical equipment, metal materials, instruments, electronic components, and hardware tools; general material handling and warehousing; and self-operated or agent-based import and export of goods and technologies (subject to approval for regulated projects). The company’s shareholders are Xiong Chenggen (55% stake), Nanjing Dongpei International Trade Group Co., Ltd. (35% stake), and Yu Dongqin (10% stake).
Dongze Company’s core business was shipbuilding. Later, due to operational reasons, it leased out its factory premises, equipment, docks, land, and related ancillary facilities located at No. 2 Jiangbian Road, Dapeng Village, Longtan Subdistrict, Qixia District, Nanjing. After entering bankruptcy restructuring, the administrator applied for continued operations, which was approved by the Qixia Court on May 16, 2025, under ruling (2025) Su 0113 Po 37-1. On the same day, the court also issued ruling (2025) Su 0113 Po 37-2, permitting the continuation of unfulfilled engineering contracts, service agreements, and relevant lease contracts entered into before the bankruptcy filing.
The primary lease agreement is between Dongze Company and another firm, stipulating an annual rent of 25 million yuan. The contract states that if the lessor unilaterally terminates the lease without cause attributable to the lessee, resulting in non-performance, the lessor must compensate the lessee with a penalty of 50 million yuan.
The announcement revealed that Dongze Company’s existing factory buildings were mainly constructed between 2007 and 2014, including segmented processing workshops, steel processing workshops, painting workshops, and equipment warehouses, mostly single-story with steel or brick-concrete structures. The total floor area is 66,217.39 square meters, with two buildings already demolished (54.48 square meters). Additionally, the factory site includes structures built between 2005 and 2014, such as No. 1 and No. 2 shipyards, a 50,000-ton outfitting dock, and segmented production and storage areas.
As of June 10, 2025, the administrator received claims from 33 creditors. Two were deemed invalid due to lack of supporting documentation or unsigned submissions, leaving 31 valid claims totaling 668,220,336.45 yuan.
The administrator has reviewed and confirmed claims from 19 creditors, amounting to 428,979,471.65 yuan. Claims from 10 creditors (4,619,079.71 yuan) were rejected, while two claims (209,720,174.31 yuan) remain pending confirmation. The final amounts and nature of these claims are subject to the Qixia Court’s ruling.
Furthermore, as of June 10, 2025, the administrator verified employee claims for four individuals, totaling 64,130.09 yuan. These employees have been transitioned from labor contracts to contractual employment.
Notably, Dongze Company holds permits for 900 meters of Yangtze River shoreline and corresponding water areas, making it the only remaining shipyard in Nanjing compliant with urban planning. Shoreline resources are extremely scarce and non-renewable. Additionally, the company’s site still has untapped potential for future development.
