Zanyu Technology's Indonesian Subsidiary: Bankruptcy Ruling is a Malicious Lawsuit, Appeal Filed!

Reporter Wu Yixuan

On the evening of March 16, Zanyu Technology Group Co., Ltd. (hereinafter referred to as “Zanyu Technology”) announced that its wholly owned subsidiary PT Dua Kuda Indonesia (hereinafter referred to as “Duku Da”) received a “Bankruptcy Notice” from the Central District Commercial Court of Jakarta, Indonesia. In response, Duku Da has entrusted lawyers to appeal this bankruptcy ruling to the Supreme Court of Indonesia, requesting the revocation of the bankruptcy judgment and all legal consequences.

That evening, a relevant person from Zanyu Technology’s Securities Department told Securities Daily that this incident was triggered by historical creditor disputes, related-party conflicts with former shareholders, and overseas special judicial procedures. The ruling has serious procedural flaws and factual errors. The company believes it is a malicious lawsuit and not due to fundamental changes in the core operations of its overseas subsidiaries. As of now, Duku Da’s overall operations are normal.

Company Responds to Allegations of Malicious Litigation

The announcement states that this matter originated from Harbor Praise Limited (hereinafter “Harbor Company”) in Hong Kong applying for debt deferral proceedings (hereinafter “PKPU process”) against Duku Da in Indonesia. Harbor Company claimed that Duku Da owed debts and interest to Harbor, Ruiguo Shuangma Chemical Co., Ltd. (hereinafter “Shuangma Chemical”), and Nantong Xinjui Chemical Co., Ltd. (hereinafter “Nantong Xinjui”).

It is noteworthy that the PKPU process involved is not a standard debt recovery procedure but a preventive debt restructuring process under Indonesia’s Bankruptcy and PKPU Law. Its purpose is to suspend debt repayment, buy time to formulate debt settlement or restructuring plans, and prevent the company from going directly bankrupt.

Regarding the dispute, Zanyu Technology’s announcement shows that after verification, Harbor Company, Shuangma Chemical, and Nantong Xinjui are all related companies controlled by the same individual. Shuangma Chemical was originally a controlling shareholder of Duku Da. In 2016, Zanyu Technology acquired 60% of Duku Da from Shuangma Chemical, and in 2019, it acquired an additional 30%. However, these three companies are not the true creditors of Duku Da. The related debts and obligations have been settled through offsetting, transfers, or debt transfer agreements in subsequent business dealings.

The announcement further discloses that when Harbor Company and Shuangma Chemical applied to the Jakarta Central District Commercial Court to initiate the PKPU process against Duku Da, they only submitted unverified documents from 2018 and 2019, including “Debt Confirmation Letters,” “Power of Attorney for Collection,” and debt transfer agreements. They did not disclose to the court the fact that Duku Da had offset accounts with Shuangma Chemical and its related parties after December 30, 2018, which led the court to initiate the PKPU process and issue a bankruptcy ruling.

The core dispute centers on whether the creditor’s claims are genuine, complete, and ongoing. A relevant person from Zanyu Technology’s Securities Department told Securities Daily that the company believes the creditor’s claims are highly disputed. According to the materials the company has, the debt certificates submitted by the plaintiff contain false statements, inaccuracies, misrepresentations, or even forgery, lack financial documentation, or maliciously present debt relations at a specific point in time. In reality, these debts have been fully settled, and the company has retained all evidence to prove the claims are false.

Legal Actions Have Been Initiated to Protect Rights

It is reported that after receiving the unfavorable overseas ruling, Zanyu Technology and Duku Da quickly launched multiple legal actions, including appeals, reporting to authorities, and procedural objections.

The announcement states that, besides appealing to the Supreme Court of Indonesia, Duku Da filed a criminal complaint on March 13, 2026, with the Criminal Investigation Bureau of the Indonesian National Police against Shuangma Chemical, Harbor Company, and Nantong Xinjui for suspected forgery and perjury, which has been accepted. Additionally, lawyers have been commissioned to send a “Objection and Complaint Letter Regarding the Bankruptcy Suspension Ruling” on February 27, 2026, to the Indonesian Ministry of Justice, the Supreme Court, the Supreme Court Supervisory Board, and the Judicial Commission, requesting the revocation of the PKPU ruling made by the Jakarta Central District Commercial Court and asking the court to dismiss all PKPU applications filed by Harbor Company and to halt the PKPU process against Duku Da.

“The ruling involved in this PKPU process has procedural flaws and factual errors. The application is essentially a malicious lawsuit. The plaintiff is using a debt relationship that no longer exists, misrepresenting facts to initiate the PKPU process against Duku Da. The core purpose is to influence Zanyu Technology’s legal proceedings domestically and to conduct improper commercial interference,” a company representative told reporters. “We will not accept this unjust ruling and will take all legal measures to defend our rights.”

From an operational perspective, the announcement shows that as of June 30, 2025, Duku Da’s total assets were 1.965 billion yuan, with net assets of 1.673 billion yuan; in the first half of 2025, it achieved operating revenue of 2.434 billion yuan and a net profit of 102 million yuan. Zanyu Technology clearly states that Duku Da does not face insolvency or obvious repayment incapacity risks, and its overall operations are normal.

Regarding this, a relevant person from Zanyu Technology’s Securities Department further told Securities Daily: “Currently, Duku Da’s production and operations are normal. Procurement, production, sales, logistics, and other processes are proceeding as planned, unaffected by this ruling. Capacity and delivery capabilities remain stable; daily operations such as bonded zone cooperation and employee salary payments are normal. Zanyu Technology will continue to support Duku Da to ensure its ongoing and stable operation.”