NBSS(SH:600884) Mei Ri Jing Ji Xin Wen·2025-10-11 06:37Core Viewpoint - The restructuring of Shanshan Group, the controlling shareholder of Shanshan Co., Ltd., is at a critical juncture, with a draft restructuring plan submitted and a creditors' meeting scheduled for October 21 to vote on it [1][2]. Group 1: Restructuring Plan Details - Shanshan Group's restructuring plan involves a consortium led by Jiangsu Xinyangzi Trading Co., Ltd., which aims to acquire control of 23.36% of Shanshan Co., Ltd.'s shares through a series of complex transactions [1][6]. - The new actual controller, if the plan is approved, will be Ren Yuanlin, the founder of Jiangsu Yangtze River Shipbuilding Group, known as "China's Private Ship King" [1][9]. - The restructuring plan includes a three-step approach: direct acquisition of shares, indirect acquisition through a partnership, and delegation of voting rights for remaining shares [7][8]. Group 2: Key Risks and Uncertainties - The successful execution of the restructuring plan faces three main uncertainties: the need for creditor approval, potential antitrust review, and the risk of the investors failing to fulfill their financial commitments [1][10]. - The creditors' meeting on October 21 is crucial for determining whether the complex restructuring plan will be approved [8][10]. - The restructuring process began on March 20, 2025, when the court ruled for substantial consolidation of Shanshan Group and its subsidiary [6][10]. Group 3: Company Stability and Operations - Shanshan Co., Ltd. asserts that it currently operates independently without any non-operational fund occupation or illegal guarantees that could harm the company's interests [11]. - The company maintains that its production and operations are normal and that the restructuring matters have not significantly impacted its daily operations [11].