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

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(Source: Securities Daily Voice)

On the evening of March 16, Zan Yu Technology Group Co., Ltd. (hereinafter referred to as “Zan Yu Technology”) announced that its wholly owned subsidiary PT Dua Kuda Indonesia (hereinafter referred to as “Duku Da”) received a “Bankruptcy Decision 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 reversal of the bankruptcy judgment and all legal consequences.

That evening, a relevant person from Zan Yu Technology’s Securities Department told Securities Daily that this incident was triggered by historical creditor claims, disputes with original shareholders’ related parties, and overseas special judicial procedures. The ruling has serious procedural flaws and factual errors. Our company believes it is malicious litigation and that there has been no fundamental change in the operation of our overseas core subsidiary. As of now, Duku Da’s overall operations are normal.

Company responds to parties suspected of malicious litigation

The announcement shows that this matter originated from Harbor Praise Limited (hereinafter “Habor Company”) in Hong Kong applying for debt postponement procedures (hereinafter “PKPU procedures”) against Duku Da in the Central District Commercial Court of Jakarta, Indonesia. Habor claims that Duku Da owes debts and interest to Habor, Ru Ge City Shuang Ma Chemical Co., Ltd. (hereinafter “Shuang Ma Chemical”), and Nantong Xin Jiu Chemical Co., Ltd. (hereinafter “Nantong Xin Jiu”).

It is noteworthy that the PKPU procedure involved here is not ordinary debt recovery but a preventive debt restructuring process under Indonesia’s Bankruptcy and PKPU Law. The purpose is to suspend debt repayment, buy time to formulate debt settlement/restructuring plans, and avoid direct bankruptcy of the enterprise.

Regarding the dispute, Zan Yu Technology’s announcement states that after verification, Habor Company, Shuang Ma Chemical, and Nantong Xin Jiu are all related companies controlled by the same individual. Shuang Ma Chemical was originally a controlling shareholder of Duku Da. In 2016, Zan Yu Technology acquired 60% of Duku Da’s shares from Shuang Ma 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 Habor Company and Shuang Ma Chemical applied for PKPU against Duku Da in Jakarta’s Central District Commercial Court, they only submitted unverified documents from 2018 and 2019—namely, debt confirmation letters, entrusted collection agreements, and debt transfer agreements—without disclosing the fact that Duku Da’s accounts with Shuang Ma Chemical and related parties had been offset after December 30, 2018. This omission led the court to initiate the PKPU process and issue the bankruptcy ruling.

The core dispute centers on whether the creditor claims asserted by the applicant are genuine, complete, and ongoing. A relevant person from Zan Yu Technology’s Securities Department told Securities Daily that the company believes the creditor claims are highly disputed. According to the materials in our possession, the debt certificates submitted by the plaintiff contain false statements, inaccuracies, misrepresentations, or even forgery, lack financial supporting documents, 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 falsity of these claims.

Multiple legal actions have been initiated to protect rights

It is reported that after receiving the unfavorable foreign ruling, Zan Yu Technology and Duku Da quickly launched multiple rights protection measures, including appeals, reporting to authorities, and procedural objections.

The announcement states that, besides appealing to Indonesia’s Supreme Court, Duku Da filed a criminal complaint on March 13, 2026, with the Criminal Investigation Bureau of the Indonesian National Police against Shuang Ma Chemical, Habor Company, and Nantong Xin Jiu for suspected forgery and perjury, which has been accepted. Meanwhile, a lawyer was commissioned on February 27, 2026, to deliver a “Dispute and Complaint Letter Regarding the Bankruptcy Suspension and Debt Repayment Decision” to the Indonesian Ministry of Justice, the Supreme Court, the Supreme Court Oversight Committee, and the Judicial Council, requesting the revocation of the PKPU ruling made by Jakarta’s Central District Commercial Court and asking the court to dismiss all PKPU applications filed by Habor Company and to halt the PKPU process against Duku Da.

“The ruling involved in this PKPU application has procedural flaws and factual errors. The application is essentially malicious litigation. The plaintiff is using a nonexistent debt relationship and misrepresenting facts to initiate the PKPU process against Duku Da. Its core purpose is to influence Zan Yu Technology’s legal proceedings and unfair commercial interference in China,” a company representative told reporters. “Our company will not accept this unjust ruling and will take all legal measures to defend our rights.”

In addition, 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. Zan Yu Technology clearly states that Duku Da does not face insolvency or obvious lack of repayment ability and that its overall operations are normal.

Regarding this, a relevant person from Zan Yu Technology’s Securities Department further told Securities Daily: “Currently, Duku Da’s production and operation are normal, with procurement, production, sales, and logistics all proceeding as planned. The recent ruling has not affected these processes, and capacity and delivery capabilities remain stable. Daily operations such as cooperation in bonded zones and employee salary payments are normal. Zan Yu Technology will continue to support Duku Da to ensure its ongoing and stable operation.”

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