金科脱困记——“白衣骑士”长城资产探索房企重整创新路径

Core Viewpoint - ST Jinke (formerly Jinke Co., Ltd.) has made substantial progress in its bankruptcy restructuring, becoming the first large-scale listed real estate company in China to successfully shed its historical burdens through judicial reorganization, supported by a combination of quality capital, central enterprise AMC, and local state-owned enterprises [2][6][9] Restructuring Plan Execution - The company announced a capital reserve increase to equity, converting every 10 shares into 10 shares, resulting in an expected increase of 5.294 billion shares, aimed at attracting restructuring investors and repaying debts [2][3] - The restructuring plan includes two main uses for the new shares: 30 billion shares for introducing restructuring investors, with 12 billion shares allocated to industrial investors and 18 billion shares to financial investors, and 22.94 billion shares for debt repayment to ordinary creditors [3][4] Innovative Restructuring Framework - The restructuring framework, termed "1+1+N," involves the main company and a core subsidiary entering restructuring, with additional subsidiaries potentially undergoing restructuring as needed, providing a clear path for Jinke's reorganization [6][9] - The restructuring process has been characterized by a collaborative effort among various stakeholders, including the local government and financial institutions, to address the complex debt and equity relationships [6][10] Debt Repayment and Investor Protection - The restructuring plan has significantly improved the repayment rate for ordinary creditors, increasing the recovery rate by approximately 20 percentage points compared to a bankruptcy liquidation scenario, thereby protecting the interests of small creditors [8][9] - The plan aims to balance the interests of various stakeholders while preserving the operational value of the company [8] Future Outlook for Jinke - Post-restructuring, Jinke aims to transition from risk mitigation to industry revitalization, focusing on enhancing its operational capabilities and integrating existing resources [11] - The company is expected to maintain a balance between short-term debt resolution and long-term value creation, with an emphasis on revitalizing its existing land and resources [11]