融创中国：预计境外债重组12月23日前后落实，约96亿美元境外债将获全面解除及免除

Core Viewpoint - Sunac China Holdings Limited (01918.HK) announced that its comprehensive offshore debt restructuring is expected to take effect around December 23, 2025, contingent upon meeting or waiving restructuring conditions [1] Group 1: Debt Restructuring Details - Approximately $9.6 billion of existing debt will be fully discharged upon the effective date of the restructuring, with the company issuing two types of mandatory convertible bonds to creditors as part of the plan [1] - The initial conversion price for Mandatory Convertible Bond 1 is HKD 6.8 per share, representing a premium of about 330.38% compared to the closing price on April 17, 2025, while Mandatory Convertible Bond 2 has an initial conversion price of HKD 3.85 per share, with a premium of approximately 143.67% [1] - The company, along with its subsidiary Sanya Qingtian, has entered into a restructuring agreement with Jiyou to address the remaining debt outside the comprehensive offshore debt restructuring [1] Group 2: Jiyou Restructuring Agreement - Under the Jiyou restructuring agreement, 35% of the outstanding principal amount owed to Jiyou (approximately HKD 300.3 million) will be restructured into a loan with a ten-year extension, while the remaining amount will be settled through the issuance of new shares [2] - The number of shares to be issued for settlement is 279,212,879, with a total par value of HKD 27.9 million, and based on the market price of HKD 1.3 per share, the total market value amounts to approximately HKD 363 million [2] - The company aims to resolve its debt risk entirely through the comprehensive offshore debt restructuring and the Jiyou transaction, thereby supporting its overall credit and long-term business recovery [2] Group 3: Jiyou Bank Background - Jiyou is a licensed bank in Hong Kong, incorporated as a limited company, and is directly controlled by Jiyou International Financial Holdings Limited, which is wholly owned by Xiamen International Investment Co., Ltd. [3] - Xiamen International Bank, which indirectly owns Jiyou, is primarily held by the Fujian Provincial Government and its associated asset management committees, collectively holding over 35% of the bank's shares [3]