Core Viewpoint - Zhejiang Zhenyang Development Co., Ltd. (stock code: 603213.SH) announced significant progress in its major asset restructuring, where Zhejiang Hu-Hang-Yong Highway Co., Ltd. (00576.HK) will merge with Zhenyang Development through a share swap [1] Group 1: Restructuring Progress - The parties have signed an agreement with conditions for effectiveness, and the bondholders' meeting approved the "Zhenyang Convertible Bond" succession arrangement on January 28, 2026 [1] - The restructuring has received approval from the Zhejiang Provincial State-owned Assets Supervision and Administration Commission [1] - The company’s credit rating remains at AA- with a stable outlook according to Zhongjin Pengyuan [1] Group 2: Market Reaction - Following the announcement, Zhenyang Development's stock price increased consecutively on February 10 and 11, with gains of 1.46% and 0.93% respectively [1] - The cumulative increase from February 6 to 12 was 2.28%, outperforming the chemical raw materials sector, which saw a decline of 0.23%, and the Shanghai Composite Index, which rose by 1.43% [1] Group 3: Bondholder Options - Bondholders of "Zhenyang Convertible Bond" have three options for handling their bonds: succession by the surviving entity, transfer to the controlling shareholder Zhejiang Jiaotou at 117.95 yuan per bond, or choose principal and interest repayment [2] - The transaction is subject to internal decision-making and regulatory approval, leading to uncertainty regarding the final execution timeline [2]