According to official website's inquiry, the debtors Tianyi Hydraulic Company and Jiangsu Kawei Automobile Industry Group Co., Ltd. failed to raise enough production and operation funds due to the failure of their strategic investment plans, and failed to submit the reorganization plan within the statutory time limit, which led to the failure of reorganization.
On May 3, 2065438, the administrator filed an application for bankruptcy liquidation of Tianyi Hydraulic Company with the Hedong District People's Court of Linyi City. The People's Court of Hedong District of Linyi City made a civil ruling of (20 16) Lu13 1 2 Minpo 1-4 on May 3, 20/7, and ruled that Tianyi Hydraulic terminated the reorganization procedure and declared bankruptcy.