On this day, 39 years ago, on September 25, 1986 (August 22, 1986, the first bankrupt enterprise in China-Shenyang Explosion-Proof Equipment Factory-was auctioned off as a whole. On September 25, 1986, the Shenyang City Explosion-proof Equipment Factory, which had recently declared bankruptcy, was auctioned off as a whole. Shenyang City Gas Supply Company offered 200,000 yuan to buy all the factory, equipment, finished products and other assets of the bankrupt company. Shenyang City Explosion-proof Equipment Factory officially declared bankruptcy on August 3, 1986. At that time, the factory had a total debt of 500,000 yuan. The 200,000 yuan from this auction will be repaid to creditors in proportion. This is the first time in China that a company has gone bankrupt.