激烈“争夺”300亿杉杉，辽宁首富、国资都来了 || 深度

Core Viewpoint - The restructuring of Shanshan Group, which has over 40 billion in debt, is attracting significant interest from major investors, including private and state-owned enterprises, amid uncertainties about its future viability [2][3][15]. Group 1: Restructuring Process - Shanshan Group's first restructuring plan was rejected, leading to a second recruitment of potential investors, which attracted notable players like Fang Wei's company and a state-owned enterprise from Hunan [3][6]. - The second recruitment had stricter criteria, emphasizing the need for investors with backgrounds in polarizers and/or anode materials [6][30]. - The deadline for submitting formal restructuring investment proposals is December 8, with a final decision expected by December 20 [27]. Group 2: Financial Situation - Shanshan Group's reported debts exceed 40 billion, yet it possesses valuable assets, including a 23.37% stake in Shanshan Co., valued at approximately 7 billion based on the company's market cap [15][18]. - Shanshan Co. has shown a recovery in performance, with a revenue of 14.81 billion and a net profit of 284 million in the first three quarters of the year, marking a significant year-on-year increase [22][23]. - The company is a leader in lithium battery anode materials and polarizers, with a strong market position that supports its valuation [23][24]. Group 3: Investor Profiles - Fang Wei's company, backed by the "Fangda System," has substantial assets exceeding 400 billion, but its financial performance has been mixed, raising questions about its willingness to invest heavily in Shanshan's restructuring [9][31]. - Hunan Salt Industry Group, with a solid industrial foundation and state backing, is positioned to gain trust from creditors, potentially forming alliances with financial institutions to strengthen its bid [13][30]. - The competition between these investors highlights the strategic importance of Shanshan Group's assets and its operational capabilities [14][26].