Zanyu Technology recently issued an announcement disclosing that its wholly-owned subsidiary PT Dua Kuda Indonesia (Dukuda) had previously received a "Notice of Bankruptcy Ruling" from the Central Jakarta Commercial Court, which officially declared Dukuda bankrupt. In response, Zanyu Technology quickly stated that the three parties applying for bankruptcy are not genuine creditors, and has reported the suspected document forgery and perjury to the National Police Criminal Investigation Bureau, and the case has been accepted. The incident originated on November 13, 2025, when Hong Kong Harper Company applied to the Indonesian court to commence debt repayment suspension (PKPU) proceedings, claiming that Dukuda had owed debts to Harper Company, Shuangma Chemical, and Nantong Xinjiu since the end of 2018, with principal and interest totaling approximately RMB 500 million. On December 24 of the same year, the Central Jakarta Commercial Court ruled to approve the PKPU application and finally declared bankruptcy on March 13, 2026.
After verification, Zanyu Technology pointed out that Harper Company, Shuangma Chemical, and Nantong Xinjiu are affiliated enterprises controlled by the same natural person. Shuangma Chemical was formerly the controlling shareholder of Dukuda, and Zanyu Technology acquired its equity stakes in Dukuda in 2016 and 2019 respectively. The company explicitly stated that these three companies are not legitimate creditors of Dukuda and provided three core pieces of evidence proving that the debts had long been settled: First, according to a balance confirmation letter issued by Shuangma Chemical in 2021, the creditor-debtor relationship between Harper Company and Dukuda had been offset and cleared through related parties; second, the RMB 18.0282 million still owed by Shuangma Chemical to Dukuda was settled in 2022 via a transfer from an Indonesian affiliate, with all transactions between the two parties cleared; third, the RMB 440,000 claimed by Nantong Xinjiu was transferred to Shuangma Chemical in July 2020, and there is no longer any debt relationship with Dukuda.
Financial data shows that as of June 30, 2025, Dukuda had total assets of approximately RMB 1.965 billion and net assets of approximately RMB 1.673 billion. In the first half of 2025, revenue was RMB 2.434 billion and net profit was RMB 102 million. The company's financial condition is sound, with no insolvency situation, and its current production and operations are normal, unaffected by the bankruptcy ruling. The supply chain, park cooperation, and employee salaries remain stable. Zanyu Technology has initiated judicial relief procedures, and its appeal was accepted by the Indonesian Supreme Court on March 16, 2026. As the relevant litigation has not yet been heard, the final outcome and impact of this case still need to be determined by the court's effective judgment.
Zanyu Technology recently issued an announcement disclosing that its wholly-owned subsidiary PT Dua Kuda Indonesia (Dukuda) had previously received a "Notice of Bankruptcy Ruling" from the Central Jakarta Commercial Court, which officially declared Dukuda bankrupt. In response, Zanyu Technology quickly stated that the three parties applying for bankruptcy are not genuine creditors, and has reported the suspected document forgery and perjury to the National Police Criminal Investigation Bureau, and the case has been accepted. The incident originated on November 13, 2025, when Hong Kong Harper Company applied to the Indonesian court to commence debt repayment suspension (PKPU) proceedings, claiming that Dukuda had owed debts to Harper Company, Shuangma Chemical, and Nantong Xinjiu since the end of 2018, with principal and interest totaling approximately RMB 500 million. On December 24 of the same year, the Central Jakarta Commercial Court ruled to approve the PKPU application and finally declared bankruptcy on March 13, 2026.
After verification, Zanyu Technology pointed out that Harper Company, Shuangma Chemical, and Nantong Xinjiu are affiliated enterprises controlled by the same natural person. Shuangma Chemical was formerly the controlling shareholder of Dukuda, and Zanyu Technology acquired its equity stakes in Dukuda in 2016 and 2019 respectively. The company explicitly stated that these three companies are not legitimate creditors of Dukuda and provided three core pieces of evidence proving that the debts had long been settled: First, according to a balance confirmation letter issued by Shuangma Chemical in 2021, the creditor-debtor relationship between Harper Company and Dukuda had been offset and cleared through related parties; second, the RMB 18.0282 million still owed by Shuangma Chemical to Dukuda was settled in 2022 via a transfer from an Indonesian affiliate, with all transactions between the two parties cleared; third, the RMB 440,000 claimed by Nantong Xinjiu was transferred to Shuangma Chemical in July 2020, and there is no longer any debt relationship with Dukuda.
Financial data shows that as of June 30, 2025, Dukuda had total assets of approximately RMB 1.965 billion and net assets of approximately RMB 1.673 billion. In the first half of 2025, revenue was RMB 2.434 billion and net profit was RMB 102 million. The company's financial condition is sound, with no insolvency situation, and its current production and operations are normal, unaffected by the bankruptcy ruling. The supply chain, park cooperation, and employee salaries remain stable. Zanyu Technology has initiated judicial relief procedures, and its appeal was accepted by the Indonesian Supreme Court on March 16, 2026. As the relevant litigation has not yet been heard, the final outcome and impact of this case still need to be determined by the court's effective judgment.