张近东家族，资产真要清零了

Core Viewpoint - The restructuring of Suning Group is underway as the company faces significant financial difficulties, with a total debt of 238.7 billion and confirmed debts of 188.1 billion, while assets are valued at only 63.7 billion [5][6][20] Group 1: Company Financial Situation - Suning Electric was applied for bankruptcy reorganization in January, and by April, 38 companies under the Suning umbrella were involved in a merger reorganization [2][3] - The total debt of 38 companies amounts to 238.7 billion, with confirmed debts at 188.1 billion and additional debts of over 50 billion pending confirmation [5] - The assets are reported at 96.8 billion, but the assessed value is only 63.7 billion, with a liquidation value of 41 billion, indicating that assets can only cover 17% of the debts [5][6] Group 2: Restructuring Plan - A restructuring plan has been proposed, establishing a bankruptcy reorganization trust where creditors become beneficiaries to recover debts [7][8] - The plan includes the creation of a "New Suning" to manage asset operations and a separate entity, Nanjing Zhongcheng, to handle asset disposal [9] - Original shareholders, including Zhang Jindong and his family, will have their equity wiped out, and their initial investment will be converted into subordinate interests in the trust, increasing their risk [10][11] Group 3: Shareholder Implications - Zhang Jindong and his wife are required to inject all personal assets into the trust within three months to avoid personal debt claims from creditors [11][12] - However, the feasibility of this commitment is questionable as 1.1 billion shares are pledged, and 540 million shares are frozen, limiting their ability to contribute assets to the trust [17][19] - Despite the restructuring, Zhang Jindong retains significant influence in the new structure, with the ability to nominate five out of nine board members [20] Group 4: Historical Context and Future Outlook - Over the past decade, Zhang Jindong transformed Suning from a local air conditioning retailer into a national commercial empire, but the aggressive expansion strategy has led to substantial financial losses [21][22] - The company has invested heavily in various sectors, including e-commerce, real estate, and sports, but many of these ventures have not yielded positive returns [24][25] - The future of "New Suning" hinges on its ability to navigate through the current crisis and restore financial stability [28]