JINKE PROPERTY(SZ:000656) Xin Jing Bao·2025-09-30 07:47Core Viewpoint - Jinke Co., Ltd. is entering the final stage of its bankruptcy reorganization plan, with a debt scale of 147 billion yuan and over 8,400 creditors, marking a significant transition in its corporate governance and operational strategy [1][2][5]. Group 1: Bankruptcy Reorganization - Jinke Co., Ltd. signed a special service trust contract for bankruptcy reorganization with CITIC Trust, indicating the plan's final execution phase [2][3]. - The reorganization plan involves transferring the equity of most subsidiaries to a bankruptcy service trust for debt repayment, which will exclude these subsidiaries from Jinke's consolidated financial statements [2][3]. - The company will become the first listed real estate firm in A-shares to complete bankruptcy reorganization by 2025 [1][2]. Group 2: Share Capital Increase and Control Change - Jinke Co., Ltd. implemented a capital reserve increase, converting 5.294 billion shares at a ratio of 1:1, raising the total share capital to 10.634 billion shares [2][3]. - The new strategic investor, Shanghai Pinqi Consortium, has become the largest shareholder, holding approximately 9.34% of the total shares post-increase, while the original controller Huang Hongyun's stake has been diluted from about 14.51% to 7.28% [3][4]. - The governance structure will change, allowing the new investors to nominate seven board members, leading to a formal change in control to a state of "no actual controller" [3][6]. Group 3: Financial Challenges and Performance - Jinke Co., Ltd. faced severe financial difficulties, with a reported revenue of only 2.363 billion yuan in the first half of 2025, a year-on-year decline of 85.28%, and a net loss of 7.523 billion yuan [5][6]. - As of mid-2025, the company had total assets of 175.749 billion yuan and total liabilities of 200.604 billion yuan, indicating a significant debt burden and negative net assets of -36.224 billion yuan [5][6]. - The company is under pressure to resolve its debt issues and restore its financial health, with the management emphasizing the need for restructuring to achieve a positive cash flow and operational recovery [6][7].