Zhongzhuang Construction(SZ:002822) Zheng Quan Shi Bao·2025-09-17 15:13Core Viewpoint - The market is experiencing heightened expectations for a small amount of cash repayment for the convertible bond "Zhongzhuang Zhuan 2" as its last conversion day approaches on September 18 [2][4]. Group 1: Convertible Bond Details - The conversion period for "Zhongzhuang Zhuan 2" will officially end after the market closes on September 18, and any unconverted bonds will be treated as ordinary debt, with repayment amounts and timing pending the company's restructuring plan [4]. - The current conversion price for "Zhongzhuang Zhuan 2" is 3.79 yuan, while the stock price of *ST Zhongzhuang was 3.53 yuan at the close on September 17, indicating a conversion value of 93.14 yuan [4]. - The unconverted balance of "Zhongzhuang Zhuan 2" has decreased from 764 million yuan on September 1 to 266 million yuan by September 16, with the unconverted proportion dropping from 66.85% to 22.93% [4]. Group 2: Restructuring and Debt Repayment - The company is currently negotiating with industrial investors and is actively preparing the draft of the restructuring plan, which is in its basic framework stage [4]. - To protect creditor interests, the company plans to fully repay small ordinary creditors' claims in cash for amounts below 30,000 yuan, while amounts exceeding this will be settled in non-cash ways, with the specifics to be clarified in the restructuring plan [5]. - The company has entered a restructuring process as per the court's ruling, but there remains a risk of bankruptcy if the restructuring fails, which would lead to the termination of the company's stock listing [8]. Group 3: Historical Context and Investor Composition - Historically, companies undergoing restructuring have provided special treatment to small bondholders, ensuring full repayment for small claims while larger claims may be treated differently [7]. - The composition of "Zhongzhuang Zhuan 2" holders has changed significantly, now including large foreign institutions like UBS AG and various private equity products, indicating a shift in investor profile [8].