充分听取投资人意见，龙光债券重组方案5大选项全面升级

Core Viewpoint - The recent debt restructuring efforts by various real estate companies, including Longguang, reflect a positive trend in the industry, with significant progress made in addressing debt issues and enhancing investor confidence [1][12]. Group 1: Debt Restructuring Progress - Longguang has accelerated its debt restructuring process, providing a comprehensive plan for 21 bonds and asset-backed securities [1]. - The company has maintained close communication with investors since announcing the restructuring plan in March, optimizing the proposal based on market feedback [2][3]. Group 2: Resource Mobilization - Longguang has raised 500 million USD in cash and stock resources from overseas to support the domestic restructuring plan, including a plan to issue 530 million shares [2]. - The company has categorized 29 previously pledged assets according to their development stages to maximize the utilization of these assets in the restructuring process [2][7]. Group 3: Investor Engagement - Longguang has actively listened to investor feedback, addressing key demands such as cash buyback options and clear asset ownership [3][11]. - The restructuring plan includes five options: specific asset conversion, asset debt repayment, cash buyback, debt-to-equity swap, and full debt retention, allowing investors to choose based on their preferences [11]. Group 4: Specific Options in Restructuring - The first option allows for full conversion of specific assets into trust shares without principal reduction, ensuring investor capital is protected [4][5]. - The asset debt repayment option has improved the exchange ratio from 100:25 to 100:35, enhancing the value for investors [6][7]. - The cash buyback option has increased the buyback price from 15% to 18%, with a mechanism for asset sales to meet excess demand [8][12]. - The debt-to-equity swap involves issuing shares at a price of 6 HKD, with additional rights for investors if stock prices fall below a certain threshold [9][10]. Group 5: Market Response and Future Outlook - Analysts view Longguang's restructuring plan as innovative and sincere, reflecting the company's commitment to resolving debt issues and enhancing investor confidence [12][13]. - The adjustments made in the restructuring plan are expected to attract positive market responses and provide a model for other companies facing similar challenges [12][13].