July 9, 2020, the Intermediate People's Court of Changsha, Hu’nan, decided to accept the case of bankruptcy and liquidation of Hunan South Boyun New Material Co., Ltd. (“South Boyun”). July 24, 2020, the court made the Decision (2020) Xiang 01 B No. 16, appointing ZhongYin Law Firm as the liquidation manager of South Boyun. The team led by lawyer Guo Lijun and layer Liu Zhenyu was responsible for the case.

South Boyun was established in July 2006 with a registered capital of RMB 81 million. Its controlling shareholder is South Industry Assets Management Co., Ltd., a wholly-owned subsidiary of China South Industries Group Corporation, a Fortune 500 company whose actual controller is the State-owned Assets Supervision and Administration Commission of the State Council.

The team led by lawyer Guo Lijun and lawyer Liu Zhenyu, with its extensive experience, participated in or represented on many bankruptcy and liquidation cases, representing Hongye Group and other 28 companies in bankruptcy and liquidation, representing AVIC Shixin Energy Saving Technology (Beijing) Co., Ltd., Beijing Huairou Qiananling Iron Mine Co., Ltd., BeiJing Pacific Dunlop Textiles Limited, Beijing Beijiao Chemical Plant and other major enterprises in such practicing filed.