JINKE PROPERTY(SZ:000656) Shang Hai Zheng Quan Bao·2025-09-16 15:54Core 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].