Core Viewpoint - *ST Jinke (formerly Jinke Co., Ltd.) has made substantial progress in its bankruptcy restructuring, becoming the first large-scale listed real estate company in China to successfully shed its historical burdens through judicial reorganization, supported by a combination of quality capital, central enterprise AMC, and local state-owned enterprises [2][6][9]* Restructuring Plan Execution - The company announced a capital reserve increase to equity, converting every 10 shares into 10 shares, resulting in an expected increase of 5.294 billion shares, aimed at attracting restructuring investors and repaying debts [2][3] - The restructuring plan includes two main uses for the new shares: 30 billion shares for introducing restructuring investors, with 12 billion shares allocated to industrial investors and 18 billion shares to financial investors, and 22.94 billion shares for debt repayment to ordinary creditors [3][4] Innovative Restructuring Framework - The restructuring framework, termed "1+1+N," involves the main company and a core subsidiary entering restructuring, with additional subsidiaries potentially undergoing restructuring as needed, providing a clear path for Jinke's reorganization [6][9] - The restructuring process has been characterized by a collaborative effort among various stakeholders, including the local government and financial institutions, to address the complex debt and equity relationships [6][10] Debt Repayment and Investor Protection - The restructuring plan has significantly improved the repayment rate for ordinary creditors, increasing the recovery rate by approximately 20 percentage points compared to a bankruptcy liquidation scenario, thereby protecting the interests of small creditors [8][9] - The plan aims to balance the interests of various stakeholders while preserving the operational value of the company [8] Future Outlook for Jinke - Post-restructuring, Jinke aims to transition from risk mitigation to industry revitalization, focusing on enhancing its operational capabilities and integrating existing resources [11] - The company is expected to maintain a balance between short-term debt resolution and long-term value creation, with an emphasis on revitalizing its existing land and resources [11]

Group 1 - The average stock price of A-shares is 13.65 yuan, with 24 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.54 yuan [1] - Among the low-priced stocks, 12 are ST stocks, accounting for 50% of the total [1] - The Shanghai Composite Index closed at 3876.34 points as of September 17 [1] Group 2 - Among the low-priced stocks, three increased in price today, with *ST Yuan Cheng leading at a rise of 4.97% [1] - The majority of low-priced stocks, 17 in total, experienced declines, with Rongsheng Development falling by 6.13% [2][1] - The trading volume and turnover rates vary significantly among low-priced stocks, with *ST Gao Hong having a turnover rate of 0.24% [1]

Core Viewpoint - The company, *ST Jinke, has successfully emerged from bankruptcy restructuring, becoming the first large-scale listed real estate company in China to unload its historical burdens through judicial restructuring, supported by a combination of quality capital, central enterprise AMC, and local state-owned enterprises [5][12]. Restructuring Progress - The restructuring plan has entered the execution phase, with a capital reserve increase of 52.94 billion shares planned, aimed at attracting restructuring investors and repaying debts [6][9]. - The restructuring process took 18 months, during which the company introduced strategic and financial investors, with a total investment of 2.628 billion yuan for 3 billion shares [6][12]. Capital Injection and Debt Repayment - The capital increase will serve two main purposes: injecting funds and repaying debts. Of the new shares, 3 billion will be allocated to strategic investors, while 2.294 billion shares will be used to repay ordinary creditors [8][10]. - The restructuring plan includes a phased release of locked shares for creditors to prevent significant impacts on the company's stock price [10][11]. Innovative Restructuring Framework - The restructuring utilized an innovative "1+1+N" framework, involving the main company and a core subsidiary, with additional subsidiaries potentially undergoing further restructuring as needed [12][18]. - This approach has provided a new model for AMC-led solutions in real estate company restructuring, emphasizing the importance of collaboration among various stakeholders [13][17]. Enhanced Creditor Recovery - The restructuring has significantly improved the recovery rate for ordinary creditors, with a combination of cash, stock, and trust benefits leading to a recovery rate approximately 20 percentage points higher than in liquidation scenarios [16][18]. - The restructuring aims to balance the interests of small creditors while ensuring reasonable compensation for financial creditors, thereby maintaining financial stability [16][18]. Future Outlook for Jinke - Post-restructuring, Jinke aims to transition from risk mitigation to industry development, focusing on enhancing its operational capabilities and brand image [21][22]. - The company has set a new strategic direction as a key platform for integrating resources in the domestic real estate market, with a focus on balancing short-term debt resolution and long-term value creation [21][22].

Core Points - The average stock price of A-shares is 13.58 yuan, with 22 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.57 yuan [1] - Among the low-priced stocks, 12 are ST stocks, accounting for 54.55% of the total [1] - The Shanghai Composite Index closed at 3861.87 points as of September 16 [1] Low-Priced Stocks Summary - The lowest priced stock is *ST Gao Hong at 0.57 yuan, with a daily decline of 5.00% and a turnover rate of 0.31% [1] - Other notable low-priced stocks include: - *ST Su Wu at 0.94 yuan, down 1.05% [1] - Purple Sky Retreat at 0.57 yuan, down 9.52% [1] - Among the low-priced stocks, 16 increased in price today, with *ST Yuan Cheng leading at a rise of 5.23% [1] - The highest daily increase among low-priced stocks includes: - HNA Holding at 1.69 yuan, up 4.32% [1] - Liao Port Co. at 1.84 yuan, up 3.95% [1]

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。 特别提示： 1、本次权益变动主要系金科地产集团股份有限公司（以下简称"公司"） 因执行《金科地产集团股份有限公司重整计划》（以下简称"《重整计划》"） 进行资本公积转增股本，从而导致公司总股本增加，致使公司控股股东重庆市 金科投资控股（集团）有限责任公司（以下简称"金科控股"）、实际控制人 黄红云及其一致行动人重庆财聚投资有限公司（以下简称"财聚投资"）、东 方银原（北京）材料有限公司（以下简称"东方银原"）持有公司股份比例被 动稀释触及 1%的整数倍，不涉及持股数量变化。 金科地产集团股份有限公司 关于控股股东、实际控制人及一致行动人持股比例被动稀释触及 1%整数倍的公告 证券简称：*ST 金科 证券代码：000656 公告编号：2025-113 号 信息披露义务人 1 重庆市金科投资控股（集团）有限责任公司 住所 重庆市涪陵新城区鹤凤大道 38 号 信息披露义务人 2 黄红云 住所 重庆市渝北区 信息披露义务人 3 重庆财聚投资有限公司 住所 重庆市渝北区龙溪街道佳园路 2 号康田凯旋国际 1 幢 1-4 信 ...

北京市中伦（重庆）律师事务所 关于金科地产集团股份有限公司 2025 年第二次临时股东大会的 法律意见书 二〇二五年九月 北京市中伦（重庆）律师事务所 关于金科地产集团股份有限公司 2025 年第二次临时股东大会的 法律意见书 致：金科地产集团股份有限公司 北京市中伦（重庆）律师事务所（以下简称"本所"）接受金科地产集团股份 有限公司（以下简称"贵公司"）委托，指派律师出席贵公司于2025年9月15日召 开的2025年第二次临时股东大会（以下简称"本次股东大会"），并就贵公司本次 股东大会的召集和召开程序、召集人资格、出席会议人员资格、本次股东大会的 表决程序、表决结果等相关问题出具本法律意见书。 本法律意见书根据已发生或存在的事实，根据《中华人民共和国公司法》（以 下简称"《公司法》"）《上市公司股东会规则》等法律、法规、规范性文件以及 《深圳证券交易所上市公司股东会网络投票实施细则》（以下简称"《股东会网 络投票实施细则》"）《金科地产集团股份有限公司章程》（以下简称"《公司章 程》"）的相关规定出具。 本法律意见书仅供贵公司本次股东大会之目的使用，不得被其他任何人用于 其他任何目的。本所律师同意将本法律 ...

金科地产集团股份有限公司 关于 2025 年第二次临时股东大会决议公告 证券简称：*ST 金科 证券代码：000656 公告编号：2025-112 号 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形。 3、公司部分董事、监事、高级管理人员出席了本次会议，公司聘请的北京 市中伦（重庆）律师事务所律师对本次会议进行了见证。 二、议案审议表决情况 本次股东大会以现场投票和网络投票相结合的方式审议通过了以下议案，具 体表决结果如下： 1、审议通过《关于控股子公司对部分参股房地产项目公司增加担保额度的 议案》 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、金科地产集团股份有限公司（以下简称"公司"）于 2025 年 9 月 15 日 在公司会议室以现场投票和网络投票相结合的方式召开了公司 2025 年第二次临 时股东大会。现场会议召开时间为 2025 年 9 月 15 日 16:00，会期半天；网络投 票时间为 2025 年 9 月 15 日 9:15-9:25，9:30-11:30 ...

Core Viewpoint - The company, Jinke Property Group Co., Ltd., is convening its second extraordinary general meeting of shareholders in 2025 to discuss significant resolutions related to its restructuring plan and capital reserve conversion into share capital [1][2][10]. Meeting Details - The second extraordinary general meeting of shareholders will be held on September 15, 2025, at 16:00, lasting half a day [4]. - The meeting will combine on-site voting and online voting, allowing shareholders to participate through the Shenzhen Stock Exchange trading system and internet voting system [6][7]. - The record date for shareholders to attend the meeting is September 10, 2025 [8]. Resolutions to be Discussed - The resolutions to be discussed at the meeting require a two-thirds majority approval from the voting shareholders [10]. - The resolutions include significant matters affecting the interests of minority investors, which will be counted separately [10]. Capital Reserve Conversion - The company will implement a capital reserve conversion into share capital, increasing its total share capital to 10,634,081,632 shares [22][33]. - The average price for the capital reserve conversion is set at 3.30 yuan per share, with the stock's closing price on September 10, 2025, being 1.45 yuan per share, which is below the conversion price [22][31]. Stock Resumption - The company's stock will resume trading on September 12, 2025, following the completion of the capital reserve conversion [34].

Summary of Conference Call on Debt Restructuring in Real Estate Sector Industry Overview - The conference call discusses the debt restructuring of several major real estate companies in China, including Kaisa, Country Garden, and Sunac, which are undergoing significant financial adjustments to improve their balance sheets and create potential investment opportunities [1][2][4]. Key Points and Arguments Debt Restructuring Approaches - Kaisa is the only company undergoing a comprehensive restructuring, significantly reducing its debt ratio to below 30% through equity expansion and asset optimization [1][6][7]. - Other companies, such as Country Garden, are primarily focusing on debt restructuring, which involves extending the maturity of interest-bearing debts and adjusting interest rates to lower liabilities and improve net assets [1][5]. - The restructuring methods vary, with domestic plans being more complex, involving asset transfers and trust formations, while international plans are simpler, often involving cash or equity swaps [2][15][19]. Financial Implications - Kaisa's total assets decreased from 170 billion to 50 billion, and total liabilities from 190 billion, resulting in a significant reduction in financial burden but a low recovery rate for creditors [6][7]. - Country Garden's international debt restructuring involves options such as cash buybacks and convertible bonds, with a significant portion of the debt being converted into equity [10][11]. - The repayment of principal is heavily weighted towards the later years, with low interest rates on long-term instruments, which may pose risks to stock prices due to forced conversions [12][13][20]. Company-Specific Developments - Kaisa's restructuring plan was approved by the Supreme Court in May 2025, with completion expected by March 2026 [3]. - Country Garden's international restructuring is anticipated to be effective by November 2025 [3]. - Other companies like Sunac, Xuhui, Longguang, and Yuanyang are also progressing with their restructuring plans, with most expected to be approved or continue in 2025 [3][4]. Market Reactions and Investment Opportunities - The restructuring processes may lead to short-term stock price declines due to debt-to-equity conversions, as seen with companies like Yuanyang and Shimao, which experienced significant stock price drops post-restructuring [26][27]. - Investors are advised to monitor the long-term potential of these companies post-restructuring, as they may optimize land reserves and redevelop old projects to enhance equity value [29][30]. Long-Term Outlook - The restructuring is expected to improve the financial health of these companies, with debt ratios potentially improving from 1:8 to 1:4 or 1:5 post-restructuring, allowing for better interest payment capabilities [24]. - Companies like Xuhui are performing well, with a sales-to-debt ratio close to ideal levels, while others like Shimao still face significant financial challenges [25]. Other Important Insights - The conference highlights the importance of management's ability to adapt to market changes and optimize resources for sustainable growth [30]. - The potential for significant returns (5 to 10 times) is anticipated for companies that successfully navigate their restructuring processes and enhance their equity value over the next few years [31].

Key Points - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets on September 11, 2025 [3] Group 1: Major Events - Taihe Intelligent announced that Sunshine New Energy will acquire 5.79% of its shares from shareholder Xu Dahong at a price of 22.35 yuan per share, totaling 237 million yuan [4] - Chengdi Xiangjiang received a warning letter from the Shanghai Securities Regulatory Commission due to inaccuracies in financial data disclosure in its annual and quarterly reports [5][6] - Sike Rui terminated its capital increase agreement with Changying Hengrong due to external factors, which will not impact its financial status [7] - Jinko Technology plans to invest 30 million USD in an overseas private equity fund to explore applications of new technologies [8] - Western Gold's subsidiary will undergo equipment maintenance until the end of the year, affecting its production capacity [9] Group 2: Share Transfers - Daye Intelligent's actual controller plans to transfer 8% of the company's shares to a private equity fund at a price of 6.75 yuan per share, totaling 171 million yuan [10] - Jimin Health's stock has seen significant fluctuations, with a recent increase of 33.78% over a few days, raising concerns about potential rapid declines [14] Group 3: Acquisitions and Investments - Yangjie Technology intends to acquire 100% of Better Electronics for 2.218 billion yuan, which will become a wholly-owned subsidiary [15] - *ST Jinke's stock will resume trading on September 12, 2025, following a capital increase plan [16] Group 4: Contracts and Projects - Haixia Environmental plans to sign a contract for a photovoltaic microgrid energy management project with its controlling shareholder, with expected transactions not exceeding 21 million yuan [18] - Jilin Expressway's subsidiary won a construction project worth 9.592 billion yuan [19] - *ST Songfa's subsidiary signed contracts for the construction of four container ships, with a total value between 300 million and 500 million USD [20] Group 5: Shareholder Actions - Baicheng Pharmaceutical's controlling shareholder raised the share buyback price to no more than 80 yuan per share [21] - Mountain Outside Mountain's shareholders plan to reduce their holdings by up to 4.08% [22] - Jinpu Garden's shareholders plan to reduce their holdings by up to 4.58% [24] - Suqian Liansheng's shareholder plans to reduce their holdings by up to 3% [25] Group 6: Financing and Debt - CITIC Securities received approval to publicly issue bonds totaling up to 60 billion yuan [34]