The three subsidiaries of Shuang Qiang's tire rubber, Dafu Rubber and rubber industry were insolvent due to serious insolvency and were unable to repay their due debts.

Shuangqian shares and Double Money B shares announced on October 27 that the company's subsidiaries, Shanghai Tire & Rubber Machinery Mold Co., Ltd., Shanghai Dafu Rubber Co., Ltd. and Shanghai Rubber Industry Supply and Marketing Co., filed for bankruptcy.

According to the announcement, the registered capital of Shanghai Dafu Rubber Co., Ltd. is RMB 36.67 million, the asset-liability ratio is 12179.14%, the company holds 90% of the shares; the registered capital of Shanghai Rubber Industry Co., Ltd. is RMB 105.16 million, and the asset-liability ratio is 10474.14%, which is the company's wholly-owned capital. Subsidiary; Shanghai Tire & Rubber Machinery Mould Company has a registered capital of 18 million yuan and a debt ratio of 469.90%. The company holds 43.68% shares.

The company stated that the above three subsidiaries have been seriously insolvent and unable to repay the due debts. In order to maintain social stability and avoid greater losses of the interests of creditors, the company agreed that the above three subsidiaries would apply to the court for bankruptcy in accordance with the relevant provisions of the "People's Republic of China Enterprise Bankruptcy Law." After the above three subsidiaries have implemented bankruptcy, the company will improve the company's net asset quality, at the same time, it can solve the problems left over by history and improve corporate governance.