Gelonghui September 15?Announced by 002251.SZDue to the slow recovery of consumption, the transformation of the traditional retail industry, and heavy investment in assets and other reasons, the company has encountered periodic liquidity constraints, debt repayment and operating pressure, and subsidiaries have fallen into debt and operational difficulties to varying degrees. In view of the fact that the company was decided to start the pre-restructuring on July 17, 2023 by the Xiangtan Intermediate people's Court, four wholly-owned subsidiaries, Xiangtan Xintiandi Bubugao Commercial Co., Ltd., Xiangtan Hualong Bubugao Commercial Management Co., Ltd., Sichuan Bubugao Commercial Co., Ltd., and Jiangxi Bubugao Commercial chain Co., Ltd., in order to simultaneously resolve the operating crisis and debt risk, to maximize the operating value of the company. At the same time, fully protect the legitimate rights and interests of all creditors, and intend to submit an application for reorganization to the relevant courts. The board of directors authorizes the management of the company to organize and implement matters related to the restructuring of the above-mentioned wholly-owned subsidiaries within the limits permitted by relevant laws and regulations.