Fangda Overcame the Cold and Hard Times, Continuously Moving Forward. The year 2022 is coming to an end, but it was an extremely extraordinary year for the country, society, industries, and individuals. The international environment was turbulent and dangerous, the conflict between Russia and Ukraine shocked the world, the pace of global economic recovery slowed down, and the downward pressure of inflation and economic growth increased. The domestic tasks of reform, development, and stability were extremely arduous and heavy. The COVID-19 pandemic repeatedly flared up, macroeconomic indicators' growth rates declined, the triple pressures of demand contraction, supply shock, and weakened expectations remained relatively large, and investment and consumption confidence were severely damaged. For the industry, the revision work of the "Enterprise Bankruptcy Law of the People's Republic of China" (the "Enterprise Bankruptcy Law") was actively promoted, the implementation of the bankruptcy law and bankruptcy trial practice further developed, and the supporting systems for bankruptcy were continuously improved. However, it is not to be denied that under the downward economic trend, although the opportunities for debt restructuring and bankruptcy reorganization increased, the difficulty of such reorganization and reorganization far exceeded imagination. Many notable large-scale cases' reorganization plans either failed to be completed or were not approved in the voting. What is more notable is that, with the further transmission and spread of risks in the real estate industry, some financial institutions also encountered numerous difficulties, posing challenges to the prevention of systemic financial risks. On April 24th, HNA Group announced the completion of the reorganization plan, and the trillion-dollar bankruptcy reorganization case of HNA Group officially came to an end. Perhaps this marks the arrival of a new era of bankruptcy. 
As the year draws to a close and a new cycle begins, 2023 holds many of our expectations. We hope that the bankruptcy law can better respond to the questions of achieving high-quality development, promoting supply-side structural reform, and optimizing the business environment in this era, and can more effectively meet the practical needs of facilitating economic structural adjustment and helping troubled enterprises emerge from difficulties. 
Knowing where we come from, thinking about where we are going, and then understanding where we are going. Thus, we can reach the conclusion that Fangda's bankruptcy group has released the "Fangda Annual Observation on Bankruptcy (2022)" for the first time. We hope to jointly review the major events and industry mainlines in the bankruptcy and debt restructuring industry in 2022, and look forward to the new journey of bankruptcy law in 2023. This report is divided into five parts: the general overview section, the real estate section, the financial institution section, the listed company section, and the cross-border bankruptcy section.