日前，金科股份发布公告显示，其全资子公司重庆金科房地产开发有限公司（简称"重庆金科"）第二次债权人会议表决通过重整计划。同时，重庆市第五中级人民 法院（简称"重庆五中院"）分别于5月10日及11日裁定批准公司及重庆金科的重整计划并终止重整程序，公司及重庆金科将进入重整计划执行阶段。 业内人士认为，金科股 份作为曾经销售规模超千亿的房企，树立了房企化解风险的示范，可为其他出险房企走出困境提供借鉴和参考，有助于加 快行业风险出 清，有助于提振行业发展信心。 法院批准金科重整计划 5月11日，金科股份发布公告称，《金科股份重整计划》及《重庆金科重整计划》均已获第二次债权人会议表决通过，且重庆五中院已裁定批准公司及重庆金科的重 整计划，并终止公司及重庆金科重整程序。 公告还称，重庆五中院裁定批准公司及重庆金科的重整计划后，公司及重庆金科将进入重整计划执行阶段。 据了解，本次重整金科股份及重庆金科重整涉及的债务规模达1470亿元，债权人数量超8400家，是房地产行业迄今最大的重整案，也是重庆市有史以来最大的重整 案。 根据重整计划，未来金科股份的整体战略将主要围绕"高效运营、精益管理、科技创新"展开，以提升盈利能力、资 ...

21世纪经济报道记者 郭聪聪 北京报道 公告显示，意向参选机构需满足以下核心条件：首先，必须在破产重整案件中担任过信托服务机构；其 次，累计受托规模（按信托抵债规模或信托资产价值计算）不低于500亿元；第三，至少具备一例涉及 房地产企业或项目的重整案件受托经验。据悉，受托人遴选评审会曾暂定于2025年4月7日以现场会议形 式召开。 金科推进战略转型，将进军不良资产处置领域 引入破产服务信托，千亿金科迎来重整 金科股份重整计划堪称房地产行业迄今为止规模最大的司法重整案，其涉及债务规模高达1470亿元，债 权人数量超8400家。这一重整计划自启动以来，便备受市场关注。 金科股份的重整计划始于2024年4月22日，当日，金科股份及全资子公司重庆金科（重庆金科房地产开 发有限公司）收到法院的重整申请裁定。依据《上市规则》相关规定，公司股票自2024年4月22日开市 起被实施退市风险警示。一旦重整失败，或者公司净资产转为负值，金科股份股票就可能面临终止上市 的风险。 在重整过程中，金科股份成功引入了上海品器联合体、中国长城资产和四川发展证券基金等多名战略投 资者，形成"优质资本+央企AMC+地方国企"的多元化产业投资人 ...

Core Viewpoint - The restructuring of real estate companies' debts and corporate reorganizations is accelerating, with successful cases providing replicable paths for other struggling firms, promoting risk clearance and a virtuous cycle in the real estate industry [9][14]. Group 1: Kinko's Restructuring - Kinko's announced the approval of its restructuring plan by the Chongqing Municipal Intermediate Court, marking it as the first large listed real estate company in China to successfully complete judicial reorganization [3][4]. - The total debt involved in Kinko's restructuring amounts to 147 billion, with over 8,400 creditors, making it the largest restructuring case in the real estate sector and in Chongqing's history [7]. - The successful approval of Kinko's restructuring plan is attributed to its high restructuring value, the involvement of strategic investors, and effective coordination between the local government and the court [7][8]. Group 2: Broader Industry Trends - In addition to Kinko's, several other real estate companies have successfully obtained debt restructuring approvals, including Sunac and Shimao Group, indicating a trend towards successful debt resolutions in the industry [10][14]. - As of May 12, 2025, a total of 17 companies have had their debt restructuring or corporate reorganization plans approved, with many others nearing successful resolutions [10]. - The ongoing restructuring efforts are expected to enhance market confidence, promote consumption upgrades, and strengthen the internal economic momentum amid complex global economic conditions [14].

Core Viewpoint - The restructuring plan of *ST Jinke (Jinke Co., Ltd.) has been approved by the majority of creditors, marking a significant step in the company's bankruptcy restructuring process, which involves a debt scale of 1.47 trillion yuan and over 8,400 creditors, making it the largest restructuring case in the real estate industry to date [2][4]. Group 1 - On May 11, Jinke announced that its restructuring plan was approved by the ordinary creditor group, following the approval by the Chongqing Fifth Intermediate People's Court [2]. - The company faced a debt crisis starting in late 2022, culminating in a default on a USD 325 million bond with a coupon rate of 6.85% [3]. - In June 2023, Jinke signed a strategic investment framework agreement with China Great Wall Asset Management, indicating intentions to recruit strategic investors during the restructuring process [3]. Group 2 - The restructuring plan includes introducing new strategic investors, such as the Shanghai Pinqi consortium and China Great Wall Asset Management, which will become the new controlling shareholders [4]. - The plan aims to enhance internal controls and risk management, optimize existing business segments, and focus on becoming a comprehensive real estate operator with strong profitability and high investment returns [4]. - Industry experts believe that Jinke's approach of "judicial restructuring + strategic investment + business transformation" serves as a viable path for real estate companies to mitigate debt risks, providing important demonstration value for stabilizing industry expectations [5].

2025.05. 12 本文字数：690，阅读时长大约2分钟 作者 | 第一财经 马一凡 5月11日，*ST金科（000656.SZ）发布公告称，重庆金科房地产开发有限公司（以下简称"重庆金 科"）第二次债权人会议表决通过重整计划，且重庆市五中院分别于5月10日及11日裁定批准金科地 产集团股份有限公司（以下简称"金科股份"）及重庆金科的重整计划并终止重整程序。这标志着金科 股份司法重整取得重要阶段性成果，正式进入执行环节。 金科是首家进行司法重整的全国性上市房企，本次重整涉及的债务规模达1470亿元，债权人数量超 8400家，不仅是房地产行业迄今最大的司法重整案，也是重庆市有史以来最大的重整案。 多地宣布发钱奖励结婚！ *ST金科方面表示，这些战略投资者的加入，为金科带来了增量资金，用于支持"保交楼"项目建设、 补充流动资金和优化资本结构。此外，重庆地方政府和法院方面在重整过程中依法履职，为企业纾困 提供了有力支持。 根据重整方案，未来金科将会对现有业务板块进行整合与优化，剥离非核心或低效资产，设置"投资 管理、开发服务、运营管理、特殊资产"四大业务板块，通过投资经营特殊资产、运营开发改善型住 宅、做精做强 ...

5月11日晚间，*ST金科（000656）发布公告称，公司及全资子公司重庆金科分别收到重庆市第五中级人民法院送达的《民事裁定书》。 重庆市五中院裁定批准金科股份及重庆金科的重整计划并终止重整程序，公司及重庆金科将进入重整计划执行阶段。 5月12日，*ST金科一字涨停。 | 分时 | 5日 ▼ | 更多周期 ▼● | 竞价 ▼ | 叠加 ▼ | 画线 | 显示▼ | 复盘 | 简约 | 隐藏 » 2 3 | V | 000656 *ST余科 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | c0) 股东大会:于2025-05-21召开2024年年度股东大会 | | | | | | | × | | | | | | | | *ST金科 所属行业:房地产开发 最新:11976.50 涨跌:+0.30% | | | | | | | | +0.07 1.56 +4.70% | + | | 1 FG 1.56 | | | | | | | | | 1 7001 1.55 | 交易状态 | | 交易 ...

Group 1 - The private equity issuance market has seen a significant increase in activity, with nearly 3,500 new private securities investment funds registered this year, representing a nearly 40% growth compared to the same period last year [1] - NIO plans to issue H-shares at a maximum price of 263 HKD per share, with the pricing expected between May 13 and May 16, and trading to commence on May 20 [1] - A trend of consumer companies going public overseas has emerged, with several new consumption brands planning listings in Hong Kong and the US, driven by the need for international expansion and brand enhancement [1] Group 2 - Shanghai Ladder Medical Technology has successfully conducted a clinical trial of an invasive brain-computer interface system, allowing a participant to control a game using thoughts after implant surgery [2] - Samsung has reportedly reached an agreement with major clients to increase DRAM prices, with DDR4 prices rising by double-digit percentages and DDR5 prices increasing by single-digit percentages [2] - Polestar is recalling 3,664 vehicles in the US due to a rearview camera issue that may reduce driver visibility, with software updates planned to address the problem [2] Group 3 - Specialized Medical Company in Saudi Arabia successfully completed a $500 million IPO, with all shares sold within hours, indicating strong demand [3] - Mirxes Holding Company Limited has passed the listing hearing at the Hong Kong Stock Exchange, focusing on miRNA technology for cancer screening [4] Group 4 - Huiyuan Juice has issued a statement refuting rumors about its financial difficulties, emphasizing that such claims are malicious and damaging to its reputation [5] - Hualan Biological Engineering announced that its major shareholder plans to reduce its stake by up to 3% within three months [6] - Pilin Bio received an administrative regulatory decision from the Shanxi Securities Regulatory Bureau due to internal control deficiencies and inaccurate information disclosure [7] Group 5 - ST Jinke has received court approval for its restructuring plan, allowing the company and its subsidiary to enter the execution phase of the plan [8]

Group 1 - The Ministry of Housing and Urban-Rural Development held a meeting to support the development of the private economy, emphasizing the need to implement policies that promote private enterprises' participation in housing and urban construction reforms [1] - The meeting highlighted the importance of breaking down market access barriers and optimizing the policy environment, which aligns with recent measures introduced in various regions to assist enterprises [1] - The execution efficiency and market adaptability to new tracks such as green and digital transformation remain areas for observation [1] Group 2 - Kinsford Holdings and its wholly-owned subsidiary received court approval for their restructuring plans, marking a significant step in optimizing their asset-liability structure and enhancing operational sustainability [2] - As the first national real estate company in A-shares to complete judicial restructuring, Kinsford's approach provides a model for addressing industry risks through asset isolation, debt restructuring, and strategic transformation [2] - Challenges remain in the execution of the restructuring plan, particularly concerning coordination difficulties and the efficiency of resource introduction [2] Group 3 - Ocean Group announced the resumption of trading for several company bonds, which may provide liquidity for debt restructuring efforts [3] - The resumption is limited to professional institutional investors and full-price settlement, potentially affecting market pricing efficiency [3] - The event reflects the complexity of credit recovery in the real estate sector, with companies exploring various channels to alleviate financial pressure [3] Group 4 - Country Garden is focused on ensuring housing delivery and restoring normal operations, with significant investments directed towards these goals [4] - The company's strategy emphasizes prioritizing delivery and debt relief amid liquidity crises, particularly for non-state-owned leading real estate firms [4] - The efficiency of debt restructuring and the pace of sales recovery will be critical for the company's return to normal operations [4] Group 5 - Six residential projects were launched in Shanghai, totaling approximately 85,500 square meters and 734 units, covering multiple districts [5] - The acceleration of diverse product supply is expected to facilitate market clearing, benefiting firms with differentiated product capabilities and effective land cost management [5] - Leading companies are adopting joint development strategies to mitigate risks, while investors should monitor project absorption rates and the impact of sales restrictions on cash flow [5]

Core Viewpoint - Jinke Co., Ltd. has made significant progress in its restructuring process, officially entering the execution phase after receiving court approval for its restructuring plan, marking it as a notable case for large-scale real estate companies seeking to resolve risks through judicial restructuring [1][3]. Group 1: Restructuring Process - Jinke Co. proposed its restructuring plan in May 2023 and officially filed for restructuring in February 2024, with the court accepting the application two months later [3]. - The restructuring involves a total debt scale of 147 billion yuan, with over 8,400 creditors, making it the largest restructuring case in the A-share real estate sector and in the history of Chongqing [5][6]. - The restructuring plan aims to maximize the protection of creditors' legal rights, with priority given to employee and tax claims, while ordinary creditors will be compensated through a combination of cash, equity, and trust benefits [5][6]. Group 2: Investment and Financial Support - A consortium led by Shanghai Pinqi Management Consulting and Beijing Tianjiao Green Garden Real Estate Development was selected as the investor for Jinke Co. and its subsidiary [4]. - The consortium committed to providing at least 750 million yuan in loans to support Jinke's liquidity and new project investments, in addition to the investment funds [5]. - The restructuring has attracted strategic investors, which not only provide financial support but also essential development resources for future operations [6][7]. Group 3: Future Business Strategy - Jinke Co. plans to focus on "efficient operation, lean management, and technological innovation" to enhance profitability, asset value, and liquidity, forming four main business segments: investment management, development services, operational management, and special assets [7][8]. - The company sees significant opportunities in the special asset management sector, particularly in the context of the current market environment, where the stock of non-performing assets is estimated to reach 10 trillion yuan [7]. - The CEO of Pinqi Asset Management indicated that within the next 3 to 5 years, operational management and service-related businesses are expected to account for 60% to 70% of the company's revenue and profit structure [8].

Mergers and Acquisitions - *ST Jinke and its wholly-owned subsidiary's restructuring plan has been approved by the court [1] Performance Disclosure - Yisheng Shares reported a 7.28% year-on-year decline in sales revenue for white feather broiler chicks in April, with sales quantity at 48.932 million and revenue at 141 million yuan [2] Share Buyback and Increase - Guizhou Tire's controlling shareholder plans to increase its stake in the company by investing between 50 million and 100 million yuan [3] - Jiadu Technology will complete the cancellation of 10.2049 million repurchased shares on May 12, 2025, changing the purpose of these shares from employee stock ownership plan to capital reduction [4] Risk Matters - Hualan Shares announced that shareholder Ruizhong Life Insurance plans to reduce its stake by up to 3%, amounting to a maximum of 3.789267 million shares [5] - Dongpeng Holdings' shareholders plan to collectively reduce their stake by up to 1.5% of the company's total share capital [6] - Huilong Pharmaceutical's shareholder Shanghai Shuangsa plans to reduce its stake by up to 2.997%, equating to a maximum of 12.6956 million shares [7] Regulatory Actions - Pilin Bio received an administrative regulatory decision from the Shanxi Securities Regulatory Bureau, which includes corrective measures [8]