Shang Hai Zheng Quan Bao·2025-11-20 04:59Core Viewpoint - The stock price of *ST Dongyi (002713) experienced a dramatic reversal despite the court's acceptance of its restructuring application, hitting the daily limit down shortly after market opening on November 20, 2023 [2][5]. Group 1: Stock Performance - On November 20, 2023, *ST Dongyi's stock opened at 17.61 CNY per share, down 5.02% after reaching a peak of 19.47 CNY per share just seconds after the market opened [2][7]. - The stock had previously seen a significant rally, achieving 24 limit-up days and a cumulative increase of 258.61% over 29 trading days [2]. Group 2: Restructuring Announcement - On November 19, 2023, *ST Dongyi announced that the Beijing First Intermediate People's Court accepted the restructuring application from its creditor, Beijing Pengyuan Xingda Trading Co., Ltd., and appointed Beijing Dacheng Law Firm as the administrator [5]. - The company indicated that if it fails to complete the restructuring plan by December 31, 2025, it risks being delisted [6]. Group 3: Capital Increase and Share Dilution - The restructuring plan includes a capital increase of 532 million shares, raising the total share capital from 419.5 million to 951.5 million shares, resulting in a 126.8% increase and significant dilution of existing shareholders' equity [9]. - The share transfer prices for various investors are below the current market price, with strategic investors acquiring shares at 2.3 CNY and financial investors at 4.0 CNY per share [9]. Group 4: Risk of Price Adjustment - Following the restructuring, *ST Dongyi anticipates a significant downward adjustment in its stock price, potentially exceeding 30%, based on historical precedents from similar cases [9]. - The company has issued a risk warning regarding the potential for substantial price adjustments post-restructuring, emphasizing the need for investors to remain vigilant [8][9].