Bankruptcy of private colleges and universities! Arrears 89 building materials equipment manufacturers, payment for goods as high as 320 million yuan

January 2026, Shijiazhuang Polytechnic Vocational College formally entered the bankruptcy reorganization procedure. Even on the verge of crisis, the school was still expanding its infrastructure on a large scale before bankruptcy, and the project funds became an important part of its huge debt chain.

Its Hong Kong stock parent company, 21st Century Education Group, has been suspended, and the risk of delisting is imminent.

This university, which has 21000 students and has been praised as the benchmark of Hong Kong stock education, has become one of the largest bankruptcy cases in the history of private higher education in China.

However, among the 126 creditors, one group is particularly noticeable: 89 building materials suppliers and equipment suppliers, with a total creditor's rights of 320 million yuan.