Xiangyu(SH:600057) Zheng Quan Zhi Xing·2025-09-03 11:17Core Viewpoint - Xiamen Xiangyu Co., Ltd. is progressing with the market-oriented debt-to-equity swap for its subsidiary, Xiamen Xiangyu Logistics Group Co., Ltd., involving the exit of two investors and the extension of another's investment period [1][2][4]. Group 1: Transaction Overview - The company implemented market-oriented debt-to-equity swaps for Xiangyu Logistics in June 2019 and August 2022, in line with government policies to reduce corporate leverage [2]. - The investors, China Orient Asset Management Co., Ltd. and Bank of Communications Financial Asset Investment Co., Ltd., are exiting after their initial investment period of 36 months, while the third investor, China Jianyin Investment, has opted to extend its investment for an additional three years [2][3]. Group 2: Financial Details - The company has signed share transfer agreements with China Orient Asset and Bank of Communications Financial Asset, agreeing to pay CNY 1.021 billion (approximately USD 150 million) and CNY 510 million (approximately USD 75 million) for the respective stakes of 6.07% and 3.04% in Xiangyu Logistics [3]. - After the exit of the two investors, the company will hold 93.93% of Xiangyu Logistics [3]. Group 3: Impact on Company - The exit of the two investors is in accordance with the agreements made during the debt-to-equity swap and will not adversely affect the company's operations or shareholder interests [4]. - The extension of China Jianyin Investment's holding is expected to enhance the governance structure of the subsidiary and support its business development, thereby increasing the company's competitiveness [4][5].