JINKE PROPERTY(SZ:000656) Sou Hu Cai Jing·2025-10-24 10:38Core Viewpoint - The restructuring of Jinke has led to a significant shift in control, with founder Huang Hongyun losing his influence and the company transitioning from a family-run business to a more diversified board structure [1][2][3] Group 1: Company Restructuring - Jinke's new board consists of nine members, with only one original member remaining, indicating a complete overhaul of the company's leadership [1] - The new chairman, Guo Wei, has a background in real estate and has previously managed distressed assets, suggesting a focus on revitalizing Jinke's projects [1][3] - Jinke successfully cleared 1.47 trillion yuan in debt through bankruptcy restructuring, but still has a significant inventory of 89.355 billion yuan as of June 2023 [1][3] Group 2: Huang Hongyun's Loss of Control - Huang Hongyun voluntarily relinquished control of Jinke, transitioning from a controlling shareholder to a minority stakeholder with a reduced shareholding from 14.51% to 7.28% [2][3][6] - The choice of bankruptcy restructuring over traditional debt restructuring reflects the severity of Jinke's financial situation, with a negative net asset value of -36.2 billion yuan as of June 2023 [6][7] - Huang's decision to step back was influenced by the need to separate personal financial risks from the company's liabilities, as his shares were heavily pledged and at risk of forced liquidation [6][7]