Jingfeng Pharmaceutical(SZ:000908) Shang Hai Zheng Quan Bao·2026-02-06 19:08Core Viewpoint - Hunan Jingfeng Pharmaceutical Co., Ltd. is undergoing a restructuring process, which poses a risk of significant downward adjustment in its stock price due to the implementation of its restructuring plan [2][5][26]. Group 1: Stock Price Adjustment Risks - The company plans to implement a capital reserve conversion to increase its share capital, with a proposed ratio of 10 shares for every 10 shares held, resulting in a total share capital increase from 879,774,351 shares to 1,759,548,702 shares [3][14]. - The adjustment of the stock price reference for the capital reserve conversion will depend on the closing price on the registration date. If the closing price is equal to or below the average price of 2.34 yuan per share, no adjustment will be made; otherwise, the reference price will be adjusted accordingly [4][18]. Group 2: Restructuring Process and Uncertainties - The company has been placed under restructuring by the Changde Intermediate People's Court, which carries the risk of bankruptcy if the restructuring fails. If declared bankrupt, the company will undergo liquidation, and its stock may face delisting [2][5][26]. - The company has reported negative net profits for the years 2022, 2023, and 2024, which raises concerns about its ability to continue as a going concern, as highlighted in the audit report by Da Xin Accounting Firm [5][9]. Group 3: Financial Advisory and Compliance - Zhongde Securities Co., Ltd. has provided a special opinion on the adjustment of the stock price reference calculation formula, stating that the capital reserve conversion is part of the overall restructuring plan and differs from typical capital reserve conversions [25]. - The company is committed to adhering to relevant regulations and will continue to disclose information in accordance with the Shenzhen Stock Exchange's rules and guidelines [27][37].