NBSS(SH:600884) Sou Hu Cai Jing·2025-10-15 08:53Core Viewpoint - The restructuring of Ningbo Shanshan Co., Ltd. is progressing, with a new investment agreement signed and a draft restructuring plan submitted, potentially leading to a change in control to Ren Yuanlin, known as the "private ship king" [1][4][5] Group 1: Restructuring Details - On September 29, Shanshan Group and its subsidiary signed a restructuring investment agreement, and a draft restructuring plan was submitted on October 9 [1][4] - The third creditors' meeting for the restructuring case is scheduled for October 21, where the draft plan will be voted on [4][5] - If approved, the controlling shareholder will change to an investment platform, with Ren Yuanlin becoming the actual controller [4][5] Group 2: Financial Aspects - The total transaction price for the restructuring is set at 3.284 billion yuan, with the investment group acquiring 23.36% of Shanshan's shares [5][6] - New Yangzi Commerce and New Yangzi Shipping will lead the acquisition, purchasing 9.93% of shares for 2.555 billion yuan, while TCL will acquire 1.94% for 500 million yuan [5][6] - The remaining 10.6% of shares will have their voting rights entrusted to the investment platform [6] Group 3: Company Background and Performance - Shanshan Co., Ltd. was established in 1989 and became the first listed company in China's apparel industry in 1996 [7][8] - The company has faced significant debt issues, with total liabilities reaching 12.621 billion yuan as of January 2023 [8] - Recent financial performance shows a decline in revenue and net profit, with 2023 revenue down 12.13% to 19.07 billion yuan and a net profit drop of 71.56% to 765 million yuan [9]