“中国民营船王”任元林拟入主杉杉股份

Core Viewpoint - The restructuring of Shanshan Co., Ltd. is at a critical juncture, with a draft restructuring plan submitted by the management and a creditors' meeting scheduled for October 21 to vote on the plan [1][2]. Restructuring Plan - The restructuring plan involves a consortium led by Jiangsu New Yangzi Trading Co., Ltd., which aims to acquire control of 23.36% of Shanshan Co., Ltd.'s shares through a series of complex transactions [1][2][3]. - The restructuring process began on March 20, 2025, when the Ningbo Intermediate People's Court ruled for the substantive merger of Shanshan Group and its wholly-owned subsidiary, Pengze Trading [2]. New Control Structure - If the restructuring plan is approved, the actual controller of Shanshan Co. will change to Ren Yuanlin, the actual controller of Jiangsu New Yangzi Trading [1][4]. - Ren Yuanlin is recognized as a prominent figure in the shipbuilding industry, having built Yangtze River Shipbuilding Group into one of the top ten shipbuilding companies globally [4]. Uncertainties and Risks - The successful execution of the restructuring plan faces three main uncertainties: the outcome of the creditors' meeting and court ruling, antitrust review requirements, and the financial capability of the investors to fulfill their obligations [1][5]. - The restructuring plan requires approval from the creditors' meeting and subsequent court validation, with any setbacks potentially jeopardizing the restructuring [4][5]. Company Stability - Shanshan Co. asserts that it currently operates independently without any non-operational fund occupation or illegal guarantees from the controlling shareholder, maintaining normal production and operations [5].