NBSS(SH:600884) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-21 12:34Core Viewpoint - The restructuring case of Suning Group is facing complications as a key investor, Saimaike Advanced Materials Co., Ltd., discovered that its qualification as a restructuring investor was unexpectedly changed to a fund under TCL without prior notice, prompting Saimaike to request a delay in the creditor voting process [2][6][7]. Group 1: Restructuring Process - The restructuring process is at a critical stage with the upcoming creditor voting [2]. - Saimaike was initially part of a consortium that successfully bid for the restructuring investment but later found its status altered without consent [6][7]. - The final three investors selected for the restructuring include BOE consortium, China National Building Material Group, and Yangtze River consortium, which includes Saimaike [6]. Group 2: Legal Actions and Complaints - Saimaike has filed a lawsuit to declare the restructuring investment agreement invalid, citing that the management's actions violated the principles of fairness and transparency [7]. - The lawsuit argues that the change in consortium members required unanimous consent and that the recent rise in Suning's stock price created an incentive for malicious changes [7]. - Saimaike claims that the management's actions not only harmed its interests but also those of other potential investors [7]. Group 3: Investment Details - The restructuring plan allows investors to acquire 23.36% of Suning's shares through a combination of direct acquisition and partnership with a service trust [10]. - New Yangtze River Commerce is set to acquire 9.93% of Suning's shares for 2.555 billion yuan, while TCL's fund will acquire 1.94% for 500 million yuan [10]. - The restructuring investors are expected to gain significant market value from their share acquisitions, with potential gains estimated at 545.3 million yuan based on current stock prices [11]. Group 4: Creditor Concerns - Ordinary creditors are likely to face low recovery rates, with total secured debts amounting to 5.324 billion yuan and ordinary debts reaching 28.119 billion yuan [12]. - The restructuring plan has drawn dissatisfaction from creditors due to its low repayment rates, and earlier bidders had proposed better terms but were excluded due to industry collaboration requirements [12].