Huayang New Materials sued over one-yuan subsidiary transfer, plaintiff alleges debt evasion

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Huayang New Materials is facing a revocation lawsuit filed by creditor Shanxi Yunzhuo Construction Group after it transferred its 100% stake in wholly-owned subsidiary Shanxi Huayang Biodegradable New Materials to its controlling shareholder Taihua Group for one yuan. Yunzhuo Construction claims it is still owed 15.1964 million yuan for two projects completed for the biodegradable materials subsidiary, and argues the transfer was an attempt to evade debts and harm creditor interests. It is asking the court to revoke the equity transfer agreement and restore the shares to Huayang New Materials. Huayang New Materials stated that the equity transfer was approved by its shareholders' meeting, the transaction price has been fully paid, and the industrial and commercial registration change was completed on July 16, 2026. The case has not yet been heard, and the company cannot yet assess the specific impact on its performance. The company has suffered persistent losses in its main business in recent years, with net profit attributable to the parent company in the red for five consecutive years from 2021 to 2025, and its recurring net profit has been negative for seventeen straight years since 2009. In the first half of this year, it expects net profit attributable to the parent company of between 2 million and 3 million yuan, a sharp year-on-year decline.

Impact on assets 1

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Off-coverage companies 3

太原化学工业集团有限公司i
Private± MixedRegulationrelevance

Controlling shareholder involved in transfer, but impact unclear.

山西华阳生物降解新材料有限责任公司i
Private▼ NegativeRegulationrelevance

Subsidiary transfer subject to lawsuit, potential revocation.

山西云卓建设集团有限公司i
Private± Mixedrelevance