On 30 September 2017, Quanzhou Intermediate People’s Court selected the reorganization administrators of Chaoyue Fashion Co., Ltd. and Quanzhou Qixing Machine Co., Ltd. through public lottery. Guantao, member of advisory council of Quanzhou enterprise M&A and reorganization and bankruptcy disposal leading committee, became the reorganization administrator of Quanzhou Qixing Machine Co., Ltd.
Qixing Machine lies in Jincheng District, Quanzhou. The registered capital is RMB 45 million. Its business is focused on mechanical parts, auto parts and engineering machine. It has both total assets and liabilities of RMB 400 million and lack of ability to repay debts, while it runs normally.