SSI(SZ:002742) Shang Hai Zheng Quan Bao·2025-12-09 20:15Core Viewpoint - Chongqing Sansheng Industrial Co., Ltd. is undergoing a capital reserve conversion to increase its share capital as part of its restructuring plan, which has been approved by the court [4][5][6]. Group 1: Capital Reserve Conversion - The average price for the capital reserve conversion is set at 4.28 yuan per share, with adjustments to the opening reference price based on the stock's closing price on the registration date [2][15]. - The stock's closing price on December 8, 2025, was 4.85 yuan per share, which is higher than the average price, necessitating an adjustment to the opening reference price for December 10, 2025, calculated to be 4.64 yuan per share [3][16]. - The total number of shares before the conversion is 432,000,000, and the conversion will increase the total shares to 684,102,041, with 252,102,041 shares being issued [6][10]. Group 2: Debt Settlement and Investor Involvement - Of the newly issued shares, 160,000,000 shares will be allocated to introduce restructuring investors, including Hebei Jiheng Group, which will become the controlling shareholder [6][7]. - The restructuring investors are required to provide a cash payment of 254.2 million yuan for the shares, with specific allocations for each investor [6][7]. - An additional 92,102,041 shares will be used to settle debts with ordinary creditors through a share-for-debt arrangement [9]. Group 3: Restructuring Process - The court approved the restructuring plan on November 21, 2025, allowing the company to enter the execution phase of the plan [5][6]. - The stock will be suspended for one trading day on December 9, 2025, and will resume trading on December 10, 2025 [11]. - The restructuring plan includes provisions for the management of the company by appointed professionals and outlines the financial support to be provided by the new controlling shareholder [4][7].