SUNING.COM(SZ:002024) Mei Ri Jing Ji Xin Wen·2026-01-06 02:23Core Viewpoint - The restructuring plan for Suning's subsidiaries has been approved by the Nanjing Intermediate People's Court, marking a significant step in the company's efforts to recover from financial difficulties [1][5]. Group 1: Restructuring Details - On January 5, ST Yigou (formerly Suning Yigou) announced that its shareholders' restructuring plan was approved by the court, allowing for the termination of the substantive merger restructuring process [1]. - The restructuring plan involves the injection of 100% equity of Suning Electric Group and Suning Holdings Group into a restructuring service trust, with a 36-month execution period starting from the court's approval [5][12]. - The total debt of the 38 companies in the Suning group amounts to 238.73 billion yuan, with confirmed debts of 188.07 billion yuan and unreported debts of 22.40 billion yuan [9]. Group 2: Shareholder Contributions - Zhang Jindong, the founder of Suning, plans to inject the rights to his unpledged shares and excess rights of pledged shares into the restructuring service trust, which indicates a significant personal financial commitment [6][4]. - Zhang currently holds 17.7% of Suning Yigou's shares, and his shares will serve as collateral for the debt restructuring [6][4]. Group 3: Company Operations and Financials - Despite the restructuring, Suning Yigou's operations, including its nationwide retail and logistics services, will remain unaffected, maintaining its independence from the restructuring of its parent companies [10][12]. - The company reported a decline in net profit by 87.76% year-on-year for the first three quarters of 2025, amidst a challenging market environment where the home appliance sector saw a 19.2% drop in retail sales [14].