32.4%股权拟被股东偿债，宝龙商业或面临“易主”

Core Viewpoint - The recent debt restructuring plan of Baolong Real Estate indicates significant progress in addressing its financial challenges, but it may lead to a change in control of its core asset, Baolong Commercial [1][2]. Debt Restructuring Plan - Baolong Real Estate has proposed a debt restructuring plan that offers creditors six options, including raising approximately $40 million through the pledge or sale of Baolong Commercial shares and transferring up to 32.4% of Baolong Commercial's equity to creditors [1][3]. - If the equity transfer occurs, Baolong Real Estate's stake in Baolong Commercial would decrease from 63% to 30.6%, resulting in Baolong Real Estate no longer being the largest shareholder [1][3]. - The restructuring plan aims to address a debt gap exceeding 20 billion RMB, with total borrowings reported at approximately 56.11 billion RMB and current liabilities at 27.6 billion RMB [3][4]. Financial Performance - Baolong Real Estate's mid-year report indicated a significant loss of 2.65 billion RMB, exacerbated by weak sales performance, with contract sales amounting to only 3.72 billion RMB [5]. - The company faces a liquidity crisis, with its stock price dropping to 0.295 HKD per share and a total market capitalization of only 1.22 billion HKD [5]. Baolong Commercial's Position - Baolong Commercial is considered a high-quality asset within Baolong Real Estate's portfolio, with a stable cash flow and a high occupancy rate of approximately 91.8% [6]. - The company reported revenue of about 1.3 billion RMB in the first half of the year, with external customer revenue accounting for 91.1% of total income [6]. - There is speculation that the Xu family, holding a potential 20% stake, may acquire additional shares, which could maintain control within the family despite the restructuring [2][6]. Market Reactions - Following the announcement of the debt restructuring plan, Baolong Commercial's stock price surged by as much as 15.25%, indicating positive market sentiment towards the restructuring efforts [6][7]. - However, concerns have been raised about the potential dilution of control and management challenges if 32.4% of Baolong Commercial's shares are transferred to multiple creditors [7].