张近东家族，资产真要清零了......

Core Viewpoint - The article discusses the financial struggles of Suning, highlighting its bankruptcy restructuring process involving 38 subsidiaries and significant debt issues, while also examining the implications for its founder Zhang Jindong and the future of the company [4][6][10]. Group 1: Company Overview - Suning Electric was applied for bankruptcy restructuring in January, and by April, 38 subsidiaries were involved in the restructuring process, covering various sectors including electronics, real estate, and sports [4]. - As of September, a restructuring draft was released, but voting on it has been postponed multiple times, indicating complexities in the process [5][6]. Group 2: Financial Situation - Suning's total debt amounts to 238.7 billion, with confirmed debts of 188.1 billion and an additional 500 million pending confirmation [6]. - The company's assets are reported at 96.8 billion, but their assessed value is only 63.7 billion, with a liquidation value of just 41 billion, meaning assets cover only 17% of the debts [7][8]. Group 3: Restructuring Plan - The restructuring plan involves creating a bankruptcy trust where creditors become beneficiaries, and a new entity, "New Suning," will manage asset operations [10]. - Zhang Jindong and his family will have their shares wiped out, and their personal assets will be injected into the trust to avoid personal debt claims [15][18]. Group 4: Implications for Zhang Jindong - Zhang Jindong's remaining stake in Suning is limited, with only one company left under his direct control, and most of his shares are pledged or frozen [20][22]. - The restructuring plan allows him to avoid personal debt claims, but if the trust does not perform well, he risks losing all his assets [18][23]. Group 5: Historical Context - Over the past decade, Zhang Jindong transformed Suning from a local air conditioning retailer into a national commercial empire, but aggressive expansion and high spending led to significant financial strain [26][28]. - The company invested heavily in various sectors, but many of these ventures have turned unprofitable, leading to a series of financial setbacks [30][32].