Shang Gong Group: Participating in the bankruptcy reorganization of ICON does not involve catering to market concepts; there have been other competitors participating in the bidding for this trade.

Breakings ·  Jun 12 19:17
Shang Gong Group (600843) announced on the evening of June 12th, in response to the inquiry letter from the Shanghai Stock Exchange, that the company recently announced its intention to participate in the bankruptcy and reorganization investment of the US company ICON. In April 2024, ICON launched a voluntary bankruptcy procedure under Chapter 11, Volume 11 of the United States Code. The company believes that participating in the competition to bid for its related effective and clean assets under the supervision of the US bankruptcy court is an investment opportunity for the company to implement relevant diversified strategies of the industry that it has been following for many years. Therefore, there is no situation of catering to market concepts or market hype. As of the day when this reply was disclosed, other competitors have participated in the asset bidding of this transaction. The auction will enter the bidding stage, and the risk of the company raising its bid in this transaction and not being determined as the final buyer of the related assets will further increase.

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