卸下1470亿债务，“新金科”能否跑通新赛道？

Core Viewpoint - Kins Technology has successfully completed its judicial reorganization, marking a significant milestone as the first large-scale listed real estate company in China to resolve risks through this process, with a debt scale of 147 billion yuan and over 8,400 creditors [1][2]. Group 1: Judicial Reorganization Completion - The reorganization plan has been executed, and Kins Technology will apply to the Shenzhen Stock Exchange to lift the delisting risk warning [1][7]. - The reorganization involved a comprehensive settlement plan for creditors, utilizing a combination of cash, stock, and trust beneficiary rights [1][2]. - The company has fully paid the 2.628 billion yuan from reorganization investors and has completed the necessary payments for bankruptcy costs and employee claims [2]. Group 2: Financial Impact and Future Challenges - The completion of the reorganization is expected to significantly improve the company's asset-liability structure, positively impacting its financial status in 2025 [4]. - Despite resolving financial issues, the company faces the challenge of establishing a sustainable growth model moving forward [5][6]. - Kins Technology's net assets were reported to be negative at the end of 2024, and the company will still face delisting risk warnings unless approved by the Shenzhen Stock Exchange [7]. Group 3: Strategic Initiatives Post-Reorganization - The company plans to set up four major business segments: investment management, development services, operational management, and special assets, aiming to find new growth avenues [8]. - Kins Technology emphasizes a "technology-driven" approach to adapt to the evolving real estate landscape, seeking to leverage technological advancements in its operations [10]. - The reorganization is seen as a collaborative effort involving various stakeholders, aiming for a "soft landing" and a new beginning for the company [10].