Liquidation of Guangzhou Cangfu Plastics Co., Ltd. and withdrawal from its business
Guangzhou Cangfu Plastics Co., Ltd. (a subsidiary of the filing company)
No. 2, Gongye 1st Road, Zhongyuan Village, Ningxi Subdistrict, Zengcheng District, Guangzhou, Guangdong Province, People's Republic of China; flexible polyurethane products for automotive interior materials
The company became unable to anticipate improvements in earnings or sustainable growth going forward due to intensifying competition and declining business profitability resulting from rapid changes in the Chinese automotive market in recent years.
Related procedures
Company dissolution and liquidation proceedings
Company response
Withdrawal from the manufacturing, processing and sale of flexible polyurethane products for automotive interior materials
Guangzhou Cangfu will be dissolved on 31 October 2026, after which liquidation proceedings will be conducted in accordance with local laws and regulations, with completion of the liquidation scheduled for around February 2027.
| Item | Details |
|---|---|
| Event name | Liquidation of Guangzhou Cangfu Plastics Co., Ltd. and withdrawal from its business |
| Date of occurrence | 31 October 2026 (the dissolution date of Guangzhou Cangfu) |
| Subject Entity | Guangzhou Cangfu Plastics Co., Ltd. (a subsidiary of the filing company) |
| Target Locations / Products | No. 2, Gongye 1st Road, Zhongyuan Village, Ningxi Subdistrict, Zengcheng District, Guangzhou, Guangdong Province, People's Republic of China; flexible polyurethane products for automotive interior materials |
| Cause | The company became unable to anticipate improvements in earnings or sustainable growth going forward due to intensifying competition and declining business profitability resulting from rapid changes in the Chinese automotive market in recent years. |
| Type of litigation or proceeding | Company dissolution and liquidation proceedings |
| Suspended operations | Withdrawal from the manufacturing, processing and sale of flexible polyurethane products for automotive interior materials |
| Outlook | Guangzhou Cangfu will be dissolved on 31 October 2026, after which liquidation proceedings will be conducted in accordance with local laws and regulations, with completion of the liquidation scheduled for around February 2027. |
Items this document does not state (17)
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Intensifying competition and declining business profitability resulting from rapid changes in the Chinese automotive market have made it difficult to improve earnings and achieve sustainable growth going forward. The company also cited the effective use of management resources and improving the profitability of the group as a whole.