"Top Executive" of Injected Assets Takes Chair as Chairman, Nanjing Chemical Fiber with 7 Consecutive Years of Non-GAAP Net Loss Losses Presses Fast-Forward on Restructuring

Ask AI · Can Nanjing Chemical Fiber Avoid Delisting After Restructuring?

Our reporter: Cai Ding Edited by: Wei Guanhong

Nanjing Chemical Fiber (SH600889, stock price 15.99 yuan, market value 8.923 billion yuan) announced on the evening of March 18 that the company held the 27th meeting of the 11th Board of Directors through on-site voting. The board approved the proposal for the election of the chairman, agreeing to elect Wang Aiqing as chairman of the 11th Board of Directors, with a term from the date of approval by the board until the end of the 11th Board’s term.

The announcement states that, according to relevant regulations, the chairman is the legal representative of the company, so the company’s legal representative has been changed to Wang Aiqing. The company will handle the registration of changes to corporate information as soon as possible.

Image source: Nanjing Chemical Fiber Announcement

A Key Step in the Restructuring Implementation

According to Nanjing Chemical Fiber’s announcement, the new chairman Wang Aiqing was born in October 1964, holds a master’s degree, and is a researcher-level senior engineer enjoying special national allowances. Wang Aiqing has served as chief engineer and deputy factory director at Nanjing Process Equipment Manufacturing Plant, vice general manager, general manager, chief engineer, and chairman of Nanjing Process Equipment Manufacturing Co., Ltd.; currently, he is chairman and chief engineer of Nanjing Process Equipment Manufacturing Co., Ltd.

Our reporter (hereinafter referred to as “the reporter”) noticed that Nanjing Chemical Fiber’s announcement briefly announced Wang Aiqing’s appointment, but behind it lies a major asset restructuring involving a “change of cage and bird” that concerns the company’s fate. The appointment of the new chairman Wang Aiqing is a crucial step in the implementation of this restructuring.

In fact, the newly elected chairman Wang Aiqing is not from Nanjing Chemical Fiber’s original team but is the core leader of the asset introduced in this major restructuring—Nanjing Process Equipment Manufacturing Co., Ltd. (hereinafter “Nanjing Process”).

It is clear that Wang Aiqing’s appointment marks the official transfer of actual management rights of Nanjing Chemical Fiber to the core team of its new main business (high-end equipment manufacturing) after the restructuring.

Earlier this month, Nanjing Chemical Fiber announced that due to major asset restructuring and business changes, including work adjustments, nine directors and senior managers, including then-chairman Chen Jianjun, general manager Shen Congming, and financial officer, collectively applied to resign from their positions.

Company’s Performance Has Been Under Continuous Pressure in Recent Years

From the timeline over the past month, it is evident that Nanjing Chemical Fiber’s major asset restructuring has been carried out at a very tight pace, with asset transfer and management changes happening seamlessly.

On February 13, the restructuring plan was officially approved by the China Securities Regulatory Commission. Notably, this was the first project approved by the M&A Reorganization Committee of the Shanghai, Shenzhen, and Beijing exchanges in 2026.

On March 2, Nanjing Chemical Fiber announced that the core asset transfer was completed. 100% of Nanjing Process’s shares were officially transferred to the listed company, becoming its wholly owned subsidiary; simultaneously, the traditional chemical fiber business assets and liabilities of Nanjing Chemical Fiber were taken over by the controlling shareholder, Xin Gong Group.

Image source: Nanjing Chemical Fiber Announcement

On March 18, Wang Aiqing was officially elected chairman, marking the formal completion of the governance and management handover of this 1.6 billion yuan-level asset restructuring.

The reporter also noted that Nanjing Chemical Fiber’s performance has been under continuous pressure in recent years. Data from Wind Financial Terminal shows that from 2021 to 2024, the company’s net profit attributable to the parent has been negative for four consecutive years. It is also worth noting that from 2018 to 2024, the company’s non-recurring net profit has been negative for seven consecutive years.

Image source: Wind

According to Nanjing Chemical Fiber’s 2025 performance forecast, the company expects to achieve a net profit attributable to the parent of -110 million to -74 million yuan in 2025, and a non-recurring net profit of -200 million to -158 million yuan. The company expects revenue of 270 million to 330 million yuan in 2025, with revenue excluding non-core and non-substantive income ranging from 240 million to 290 million yuan, below 300 million yuan.

Under the current strict delisting regulations, if a main board company reports a profit loss and its revenue after deducting non-core income is below 300 million yuan, it will trigger a delisting risk warning. It is clear that completely divesting the loss-making viscose short fiber business and introducing more profitable high-end equipment manufacturing assets is the company’s way to “save the shell” and avoid delisting.

Daily Economic News