Is Binzhou Fanghua bankrupt?

When the major shareholder goes bankrupt, the controlling stake of Fanghua shares will change hands. After years of delay, Huacheng Investment Management Co., Ltd., once the controlling shareholder of Fanghua, a large central enterprise, still has not escaped the fate of bankruptcy. Fanghua Co., Ltd. announced that Huacheng Assets applied for bankruptcy liquidation because it could not pay off the debts due and the assets were not enough to pay off all the debts. Whether the bankruptcy of major shareholders will bring a new opportunity to reverse the decline of Fanghua is still unknown.