Core Viewpoint - The restructuring of Kinko Real Estate Group marks the end of the 27-year control era of founder Huang Hongyun, with significant changes in the company's ownership and control structure [2][3]. Group 1: Company Control Changes - Kinko Real Estate Group's restructuring plan will result in a change of controlling shareholders from Kinko Holdings to Jingyu Xingzhu and Jingyu Xingcan, with no actual controller designated [2][3]. - Huang Hongyun's shareholding has decreased from 8.78% to 4.41%, while Kinko Holdings' stake has dropped from 4.55% to 2.28% [3]. Group 2: Financial Situation - Kinko Real Estate and its subsidiary have a total debt of 147 billion yuan, with over 8,400 creditors involved [4]. - As of the first half of 2025, Kinko Real Estate reported revenue of 2.363 billion yuan and a net loss attributable to shareholders of 7.523 billion yuan, with total assets of 175.749 billion yuan and total liabilities of 200.604 billion yuan [4].

Core Viewpoint - Kinko Co., Ltd. has undergone a significant restructuring, marking the largest restructuring case in China's real estate industry, while its founder, Huang Hongyun, is stepping back from control of the company [2][10]. Group 1: Restructuring Details - The restructuring process is nearing completion, with the transfer of 3 billion shares to designated entities of restructuring investors [5]. - A total of 30 billion shares were transferred, with 12 billion shares going to industrial investors and 18 billion shares to financial investors [6]. - The total share capital increased from 5.339 billion shares to 10.634 billion shares, resulting in Huang Hongyun's shareholding being diluted from 14.51% to 7.29%, losing control of the company [6][9]. Group 2: Changes in Governance - The company will initiate a board of directors' re-election, with the Shanghai Pinqi consortium entitled to nominate seven directors, including independent directors [8]. - Following the board re-election, the controlling shareholder will shift from Kinko Holdings to the new major shareholders, with no actual controller remaining [9]. Group 3: Historical Context - Huang Hongyun founded Kinko Group 27 years ago and has been a prominent figure in the company, but now he must relinquish control [4]. - Kinko was one of the few listed real estate companies in China to initiate its own restructuring, which began in April 2024 [10]. - The company had previously achieved significant growth, reaching a sales scale of 223.2 billion yuan in 2020 and ranking 16th in the industry [24].

Core Viewpoint - Huang Hongyun has lost control of Jinke Co., Ltd. (ST Jinke), marking a significant shift in the company's ownership structure and the end of his era as a prominent figure in the real estate industry [1][2]. Company Overview - Jinke Co., Ltd. announced the transfer of 993 million shares, representing 9.34% of the total share capital, to the Shanghai Pinqi Consortium, which has become the largest shareholder [1]. - The company’s market capitalization is approximately 14.994 billion yuan, with a current stock price of 1.41 yuan [1]. Historical Background - Huang Hongyun began his career in real estate in 1998, founding Jinke Group after initially working in construction [3]. - The company gained prominence with successful projects like Jinke Garden, benefiting from favorable market conditions in Chongqing [4]. - Jinke's sales surged from 10 billion yuan to a peak of 200 billion yuan in 2020, with Huang's personal wealth reaching 21.5 billion yuan [4]. Control Struggles - Huang faced a prolonged struggle for control of Jinke after announcing a dual business strategy in 2014, which led to significant stock price fluctuations and personal financial gains through share sales [5][6]. - In 2016, a power struggle emerged with Sun Hongbin's Sunac China, leading to Huang's temporary retention of control through strategic alliances [6][7]. - Huang's control weakened over time, culminating in the company's restructuring and eventual loss of control to the Shanghai Pinqi Consortium [8][9]. Recent Developments - The restructuring process involved the dilution of Huang's and his allies' shareholdings, with Huang's stake dropping from 8.78% to 4.41% [10]. - The new controlling entity, Shanghai Pinqi Consortium, has denied any prior connections with Huang, aiming to establish a clear separation from the former management [8][10]. - The restructuring plan is set to be executed following the establishment of a trust plan and the completion of debt repayment arrangements [10].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月22日晚间，*ST金科发布公告称，根据重整计划，管理人已将30亿股转增股票过户至全体重整投资 人指定的主体证券账户。此次过户后，*ST金科的控股股东将由金科控股变更为京渝星筑和京渝星璨， 实际控制人则由黄红云变更为无实际控制人。 据悉，*ST金科将于近期启动董事会的换届改选工作，产业投资人上海品器联合体有权提名7名董事人 选。 这个变化意味着，执掌金科27年的黄红云，有可能彻底失去掌控权。 *ST金科是金科股份的简称，这家重庆房企曾是我国西南地区最大的房地产企业。2022年末，金科股份 出现债务违约，随后选择重整作为解决方案。其重整方案于今年5月获批，涉及债务规模高达1470亿 元，为房地产行业迄今为止最大的重整案。 根据该方案，金科引进上海品器联合体、中国长城资产、四川发展证券基金作为产业投资人参与重整， 产业投资人成为新的控股股东后，将对公司进行全方位调整。 随着金科股份董事会换届在即，该重整案正临近终局。分析人士指出，对于当下的房地产业而言，金科 的重整有着较强的样本意义。其未来的治理模式和发展方向，也值得持续关注。 漫漫重整 ...

21世纪经济报道记者 张敏 9月22日晚间，*ST金科发布公告称，根据重整计划，管理人已将30亿股转增股票过户至全体重整投资 人指定的主体证券账户。此次过户后，*ST金科的控股股东将由金科控股变更为京渝星筑和京渝星璨， 实际控制人则由黄红云变更为无实际控制人。 据悉，*ST金科将于近期启动董事会的换届改选工作，产业投资人上海品器联合体有权提名7名董事人 选。 这个变化意味着，执掌金科27年的黄红云，有可能彻底失去掌控权。 *ST金科是金科股份的简称，这家重庆房企曾是我国西南地区最大的房地产企业。2022年末，金科股份 出现债务违约，随后选择重整作为解决方案。其重整方案于今年5月获批，涉及债务规模高达1470亿 元，为房地产行业迄今为止最大的重整案。 根据该方案，金科引进上海品器联合体、中国长城资产、四川发展证券基金作为产业投资人参与重整， 产业投资人成为新的控股股东后，将对公司进行全方位调整。 随着金科股份董事会换届在即，该重整案正临近终局。分析人士指出，对于当下的房地产业而言，金科 的重整有着较强的样本意义。其未来的治理模式和发展方向，也值得持续关注。 金科股份成立于1998年，总部位于重庆。在房地产市场化 ...

过户完成后，京渝星筑与京渝星璨合计持有金科股份9.93亿股（占总股本的9.34%），为金科股份第一 大股东。 根据约定，上海品器联合体（或其指定股份登记主体）有权提名7名董事人选（含独立董事），后续公 司将启动董事会的换届改选工作，董事会改选完成后公司控股股东将金科控股变更为京渝星筑、京渝星 璨，公司实际控制人则由黄红云变更为无实际控制人。（陈蒙） 编辑：穆皓 金科地产集团股份有限公司9月23日公告，近日收到中国证券登记结算有限责任公司出具的《证券过户 登记确认书》，获悉管理人已将30亿股转增股票（占总股本比例28.21%）由管理人证券账户（即公司 破产企业财产处置专用账户）过户至全体重整投资人指定的主体证券账户。其中，向各重整产业投资人 指定主体共计划转12亿股，向各重整财务投资人指定主体共计划转18亿股。 金科股份重整产业投资人上海品器联合体指定其实际控制的京渝星筑（青岛）企业管理合伙企业（有限 合伙）（简称：京渝星筑）和京渝星璨（青岛）企业管理合伙企业（有限合伙）（简称：京渝星璨）接 受划转的转增股份，京渝星筑与京渝星璨的执行事务合伙人均为上海品器管理咨询有限公司，二者构成 关联方。 转自：新华财经 ...

Core Viewpoint - Kinko Co., Ltd. has undergone a significant restructuring process, resulting in a change of control from its founder, Huang Hongyun, to a new investor consortium led by Shanghai Pinqi [1][3][21]. Group 1: Restructuring Announcement - On September 22, Kinko Co., Ltd. announced that its restructuring manager has transferred a total of 9.93 billion shares to the designated accounts of all restructuring investors, representing 9.34% of the company's total share capital [1][3]. - The restructuring investors include three industrial investors and 25 financial investors, with Shanghai Pinqi leading the consortium [1]. Group 2: Change of Control - The new major shareholders, Jingyu Xingzhu and Jingyu Xingcan, have taken over as the largest shareholders, leading to Huang Hongyun and Kinko Holdings exiting their positions as actual controllers and major shareholders [3][21]. - Following the restructuring, Kinko Holdings' shareholding will decrease from 4.55% to 2.28%, while Huang Hongyun's shareholding will drop from 8.78% to 4.41% [19][20]. Group 3: Historical Context - Huang Hongyun, once a prominent figure in the real estate industry, has seen a dramatic decline in his control over Kinko Co., Ltd., which he founded and built into a significant player in the market [4][24]. - The company experienced rapid growth, reaching sales of 200 billion yuan at its peak in 2020, but has faced significant challenges leading to its restructuring [9][10]. Group 4: Future Steps - The company will soon initiate a board re-election process, allowing the new investors to nominate seven board members, including independent directors [17]. - The restructuring plan will be formally executed after completing the establishment of a trust plan and cash debt repayment resources [22][23].

Core Viewpoint - Huang Hongyun has lost control of Jinke Co., Ltd. after the company's restructuring, with the Shanghai Pinqi Consortium becoming the largest shareholder, marking a significant shift in ownership and control [1][15]. Group 1: Restructuring and Ownership Changes - Jinke Co., Ltd. announced that its restructuring manager has transferred a total of 993 million shares to the designated accounts of all restructuring investors, representing 9.34% of the company's total share capital [1]. - The Shanghai Pinqi Consortium, which includes three industrial investors and 25 financial investors, has become the largest shareholder of Jinke Co., Ltd. [1]. - Huang Hongyun and Jinke Holdings have exited their positions as the actual controller and controlling shareholder of Jinke Co., Ltd. [1]. Group 2: Background of Huang Hongyun - Huang Hongyun's journey began in 1984 when he started as an apprentice in a construction company, eventually founding Jinke Group in 1998 with an initial capital of 8,000 yuan [5][6]. - Under Huang's leadership, Jinke Group became a prominent player in the Chongqing real estate market, achieving significant sales growth and reaching a peak sales figure of 200 billion yuan in 2020 [8][9]. Group 3: Control Struggles and Financial Challenges - After going public in 2011, Huang attempted to expand Jinke's business into new sectors, but faced a prolonged struggle for control against rival investors, particularly Sun Hongbin's Sunac China [9][10]. - The company faced cash flow issues, leading to a judicial auction of shares held by a partner, which contributed to Huang's eventual loss of control [11][12]. - In 2023, Huang expressed willingness to support the company through various restructuring efforts, indicating a shift in his approach to maintaining control [12]. Group 4: Shareholding Changes Post-Restructuring - Following the restructuring, Huang Hongyun's shareholding decreased from 8.78% to 4.41%, while Jinke Holdings' shareholding dropped from 4.55% to 2.28% [14]. - The actual control of Jinke Co., Ltd. has shifted from Huang Hongyun to the Shanghai Pinqi Consortium, which is now recognized as having no actual controller [15].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券简称：*ST金科 证券代码：000656 公告编号：2025-115号 金科地产集团股份有限公司 关于向重整投资人指定主体完成股票过户的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 金科地产集团股份有限公司（以下简称"公司"或"金科股份"）于近日收到中国证券登记结算有限责任公 司出具的《证券过户登记确认书》，获悉管理人已将3,000,000,000股转增股票（占公司总股本的 28.21%）由管理人证券账户（即金科地产集团股份有限公司破产企业财产处置专用账户）过户至全体 重整投资人指定主体证券账户，其中：向各重整产业投资人指定主体共计划转1,200,000,000股，向各重 整财务投资人指定主体共计划转1,800,000,000股。 一、向重整投资人指定主体过户转增股票的情况 管理人已根据《金科地产集团股份有限公司重整计划》（以下简称"《重整计划》"）向全体重整投资人 的指定持股主体划转转增股票，转增前重整投资人各指定持股主体均未持有公司股票，目前具体持股情 况如下： ■ 二、关联关系或一致行动关系情 ...

Core Points - The Shanghai Composite Index closed at 3781.61 points, above the six-month moving average, with a decline of 1.23% [1] - The total trading volume of A-shares reached 17135.39 billion yuan [1] - A total of 16 A-shares have surpassed the six-month moving average today, with notable stocks including Dongfeng Motor, Air China Ocean, and Guisheng Co., with deviation rates of 5.76%, 3.80%, and 2.56% respectively [1] Summary by Category Market Performance - The Shanghai Composite Index is currently at 3781.61 points, showing a decrease of 1.23% [1] - The total A-share trading volume for the day is 17135.39 billion yuan [1] Stocks Surpassing Six-Month Moving Average - 16 A-shares have broken through the six-month moving average today [1] - Stocks with significant deviation rates include: - Dongfeng Motor: 5.76% deviation rate, closing price at 7.79 yuan [1] - Air China Ocean: 3.80% deviation rate, closing price at 10.92 yuan [1] - Guisheng Co.: 2.56% deviation rate, closing price at 14.82 yuan [1] - Other stocks with smaller deviation rates include: - Baijun Co.: 0.14% deviation rate, closing price at 25.79 yuan [1] - Xiamen Bank: 0.24% deviation rate, closing price at 6.53 yuan [1] - *ST Jinke: 0.38% deviation rate, closing price at 1.42 yuan [1]