Core Viewpoint - Chongqing Sansheng Industrial Co., Ltd. is undergoing a restructuring process, leading to a delay in the board of directors' re-election and the management of the company [1][2][4]. Group 1: Board of Directors and Management - The current term of the fifth board of directors and the supervisory board will expire on September 29, 2025, and the company will not establish a supervisory board during the restructuring [1]. - The election of the new board members is postponed to ensure continuity in the restructuring process, with current members continuing their duties until the election is completed [1][2]. Group 2: Restructuring Process - The company received a court ruling on August 8, 2025, accepting its restructuring application and appointing management firms to oversee the process [4][5]. - The first creditors' meeting was held on September 25, 2025, to discuss various reports and proposals related to the restructuring [6][7]. - A total of 2.386 billion RMB in debt claims were submitted, with 2.063 billion RMB preliminarily confirmed, and 68 million RMB classified as subordinate debt [9].

Core Viewpoint - The company has signed a supplementary agreement with restructuring investors regarding the restructuring investment agreement, which involves the transfer of shares at specified prices to various investors [1] Summary by Relevant Categories Share Transfers - Hubei Jiuzhou Industrial Park Operation Management Co., Ltd. will acquire 436 million shares at a price of 1.62 CNY per share, totaling 706 million CNY [1] - Tianjin Xinmeitongcheng Equity Investment Partnership (Limited Partnership) will acquire 121 million shares at a price of 1.62 CNY per share, totaling 196 million CNY [1] - China Foreign Economic and Trade Trust Co., Ltd. (acting for "Foreign Trade Trust - Xuanwu No. 39 Collective Fund Trust Plan") will acquire 42.38 million shares at a price of 2.08 CNY per share, totaling 88.15 million CNY [1] - Shenzhen Jifuqirui Investment Partnership (Limited Partnership) (acting for "Jifuqirui Tianze No. 9 Private Securities Investment Fund") will acquire 96.87 million shares at a price of 2.08 CNY per share, totaling 201 million CNY [1] - Beijing Yanyuan Mingfeng Medical Technology Partnership (Limited Partnership) will acquire 32.22 million shares at a price of 2.08 CNY per share, totaling 67.01 million CNY [1] - Shanghai Chuanghoufengxin Enterprise Development Partnership (Limited Partnership) will acquire 54.49 million shares at a price of 2.08 CNY per share, totaling 113 million CNY [1] - Hubei Hanjiang Industrial Investment Co., Ltd. will acquire 60.55 million shares at a price of 2.08 CNY per share, totaling 126 million CNY [1] - Xiangyang City Fan District Urban Operation Investment Group Co., Ltd. will acquire 18.16 million shares at a price of 2.08 CNY per share, totaling 37.78 million CNY [1] Purpose of Investment - The investment funds will be used to resolve related guarantee debts and facilitate the smooth implementation of pre-restructuring and restructuring processes [1]

Group 1 - The company, ST炼石, has received a court ruling accepting its restructuring application, leading to a risk warning for its stock, which will change from "ST炼石" to "*ST炼石" [1] - The company has significant overdue debts totaling approximately 1.39999 billion yuan, which is 1391.59% of its net assets as of the end of 2024 [2] - The company has signed pre-restructuring investment agreements with six investors, including three major asset management companies [2] Group 2 - The restructuring plan aims to inject over 1.1 billion yuan into the company, with subscription prices set at 5.65 yuan per share for a 24-month lock-up and 6.73 yuan per share for a 12-month lock-up [3] - The company reported a revenue of 901 million yuan for the first half of 2025, an increase of 31.25 million yuan or 3.59% year-on-year, but incurred a net loss of 101 million yuan, a reduction in loss of 32.16 million yuan compared to the previous year [3]

Core Viewpoint - Gansu King Kong Photovoltaic Co., Ltd. (hereinafter referred to as "King Kong Photovoltaic") has signed a crucial financial investment agreement with China Cinda Investment Co., Ltd. to facilitate its restructuring process [2][3] Group 1: Financial Investment Agreement - The financial investment agreement marks an important milestone in King Kong Photovoltaic's restructuring process, with Cinda Investment committing to invest 11,250,000.00 yuan at a price of 7.5 yuan per share for 1.5 million shares post-restructuring [2] - The investment aims to improve the company's financial structure, alleviate debt crises, and restore its operational and profitability capabilities [2][3] Group 2: Cinda Investment Profile - Cinda Investment is a financially robust investor, with its controlling shareholder being China Cinda Asset Management Co., Ltd., and the actual controller being the Ministry of Finance of the People's Republic of China [2] - As of December 31, 2024, Cinda Investment had a registered capital of 468,231.72 million yuan, total assets of 14,795,793.33 million yuan, and net assets of 4,154,096.16 million yuan [2] Group 3: Restructuring Process - The restructuring process for King Kong Photovoltaic has been steadily advancing since its initiation on July 8, 2024, with public recruitment for restructuring investors starting on July 9, 2024 [3] - The company signed a restructuring investment agreement with industrial investor Ouhao Group on June 9, 2025, and the court accepted the restructuring application on September 19, 2025 [3] - The signing of the financial investment agreement with Cinda Investment is expected to further propel the implementation of the restructuring plan [3] Group 4: Positive Impacts of the Agreement - The investment will be utilized for restructuring costs, debt repayment, and daily operational expenses, contributing to the improvement of the company's financial condition [3] - The introduction of a high-quality financial investor like Cinda Investment will provide additional capital, enhancing the company's ongoing operational and profitability capabilities [3] - Cinda Investment's involvement is anticipated to offer more resources and opportunities for the company's future development [3]

经公司与管理人协商，公司六家控股子公司根据重整计划在本次重整中作为普通债权人获得公司抵债股 份共计178,435,126股，未采取集中竞价交易、大宗交易、协议转让等特殊清偿方式。而是根据重整计划 普通债权清偿的一般方式，由海南省海口市中级人民法院通过司法划扣的方式于2025年8月22日分别登 记至子公司的股票账户。 根据《上海证券交易所股票上市规则（2025年修订）》第3.4.15条"上市公司控股子公司不得取得该上市 公司发行的股份。确因特殊原因持有股份的，应当在1年内消除该情形。前述情形消除前，相关子公司 不得行使所持股份对应的表决权。"的规定。上述子公司持有公司股份属于《公司法》和《上海证券交 易所股票上市规则》规定的子公司在特殊情形下持有上市公司股票的情形，将根据有关规定依法及时处 分，以消除交叉持股问题。 特此公告。 关于管理人账户股票分配进展的 公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 2023年11月21日，海口市中级人民法院（以下简称"海口中院"或"法 院"）裁定批准《洲际油气股份有限 公司重整 ...

Core Viewpoint - *ST亚太 has signed a cooperation agreement to maintain its listing status and mitigate delisting risks through share acquisition and governance arrangements [1][4]. Group 1: Cooperation Agreement Details - The cooperation agreement involves two parties: Guangzhou Wanshun Technology Co., Ltd. and Chen Zhijian as Party A, and Lanzhou Asia-Pacific Mining Group Co., Ltd., Lanzhou Taihua Investment Holdings Co., Ltd., Zhu Quanzhu, and Lanzhou Baohui Business Service Co., Ltd. as Party B [2]. - Party B agrees to transfer between 18 million to 23 million shares of Asia-Pacific Industry to Party A or its designated entity at a price of 12 yuan per share, totaling 2.16 billion yuan if 18 million shares are acquired [3]. - Payment terms include an initial deposit of 15 million yuan, followed by structured payments contingent on share registration and debt negotiations [3]. Group 2: Governance and Voting Rights - The existing voting rights delegation agreement remains effective, with Party B committing to transfer remaining voting rights to Party A unconditionally from July 1, 2026, until December 31, 2027 [3]. - There are restrictions on share reduction by Party B until June 30, 2027, with specific conditions for share price adjustments [3]. Group 3: Financial Implications and Conditions - Additional payments are contingent on the successful execution of the restructuring plan, with potential payments of 80 million yuan or 75 million yuan based on completion dates [3]. - The agreement stipulates that if the restructuring plan is not completed by December 31, 2026, Party B must return any received payments [3].

Core Viewpoint - The market is experiencing heightened expectations for a small amount of guaranteed repayment for the convertible bond "Zhongzhuang Zhuang 2" as its last conversion date approaches on September 18 [1] Group 1: Convertible Bond Details - The conversion period for Zhongzhuang Zhuang 2 will officially end after the market closes on September 18, and any unconverted bonds will be treated as ordinary debt, with repayment amounts and timing pending the company's restructuring plan [2] - The current conversion price for Zhongzhuang Zhuang 2 is 3.79 yuan, while the stock price of *ST Zhongzhuang was 3.53 yuan at the close on September 17, indicating a conversion value of 93.14 yuan [2] - The unconverted balance of Zhongzhuang Zhuang 2 has decreased from 764 million yuan on September 1 to 266 million yuan by September 16, with the unconverted proportion dropping from 66.85% to 22.93% [2] Group 2: Restructuring and Repayment Plans - Some investors are opting to wait for small guaranteed repayments while others have converted their bonds into equity before the restructuring [3] - The company has announced that holders of unconverted Zhongzhuang Zhuang 2 bonds can file claims for their debts after the last conversion date, with expectations for full cash repayment for small ordinary creditors [3] - The repayment for amounts exceeding the small debt threshold will be in non-cash forms, with the specific repayment plan to be clarified in the approved restructuring plan [3] Group 3: Historical Context and Risks - Historically, companies undergoing restructuring have provided special treatment to small bondholders, ensuring full repayment for small amounts while larger debts may be converted to ordinary claims [4] - The success of *ST Zhongzhuang's restructuring will determine future potential returns for investors, with the risk of bankruptcy if the restructuring fails [4] - The company is currently under a delisting risk warning from the Shenzhen Stock Exchange due to its restructuring status [4] Group 4: Changes in Bondholder Composition - Significant changes in the holder composition of Zhongzhuang Zhuang 2 have been noted, with the latest reports indicating the presence of large foreign institutions like UBS AG among the bondholders [5] - The previous year's report showed that the top ten holders were mostly individual investors, while the latest report includes institutional investors and private equity products [5]

Core Viewpoint - The market is increasingly optimistic about the small amount of redemption expectations for the convertible bond "Zhongzhuang Zhuang 2" from *ST Zhongzhuang, as the last conversion day approaches on September 18 [1][3]. Summary by Sections Convertible Bond Conversion - The conversion period for Zhongzhuang Zhuang 2 will officially end after the market closes on September 18. If investors do not complete the conversion by then, the bonds will be treated as ordinary debts, with repayment amounts and timing pending the company's restructuring plan [3]. - The current conversion price for Zhongzhuang Zhuang 2 is 3.79 yuan, while the stock price of *ST Zhongzhuang was 3.53 yuan at the close on September 17, peaking at 3.66 yuan during the day. Based on the closing price, the conversion value of Zhongzhuang Zhuang 2 is 93.14 yuan [3]. Changes in Unconverted Bonds - As the final conversion date approaches, the unconverted balance of Zhongzhuang Zhuang 2 has decreased significantly, from 764 million yuan on September 1 to 266 million yuan on September 16, with the unconverted proportion dropping from 66.85% to 22.93%. This indicates that many investors have opted to convert their bonds into company stock before the restructuring [3]. Restructuring and Debt Repayment - Some investors are waiting for small amount redemption, passively accepting the restructuring repayment. According to the company's announcement, holders of unconverted Zhongzhuang Zhuang 2 can claim their debts after the last conversion day, based on their legal rights [3][4]. - The company expects to fully cash redeem small ordinary debts below a certain amount (estimated to be no less than 30,000 yuan) after consulting with creditors, but there is uncertainty regarding the final repayment plan [4]. Historical Context and Comparisons - Historically, companies undergoing restructuring have provided special treatment to small bondholders, often prioritizing full repayment of their debts. Examples include Zhengbang Convertible Bonds and Quanzhu Convertible Bonds, which had similar situations [6]. - The success of *ST Zhongzhuang's restructuring will determine future potential returns for investors, with the court having accepted the company's restructuring application. However, there remains a risk of bankruptcy if the restructuring fails [6]. Changes in Bondholder Composition - There has been a significant change in the composition of Zhongzhuang Zhuang 2 holders, with the latest reports indicating the presence of large foreign institutions like UBS AG and various private equity products among the bondholders [7].

Core Viewpoint - ST Ningke (600165.SH) has received a court ruling for restructuring, indicating significant financial distress and potential operational changes [1] Group 1 - The company was served with a civil ruling and decision by the Intermediate People's Court of Shizuishan, Ningxia Hui Autonomous Region, on September 17, 2025, regarding its restructuring [1] - A temporary administrator has been appointed to manage the company during the restructuring process [1] - The company's stock will be subject to delisting risk warning, reflecting the serious nature of its financial situation [1] Group 2 - The company's stock will be suspended for one day starting from September 18, 2025, and will resume trading on September 19, 2025 [1]

Core Points - Starting from September 19, 2025, *ST Zhongzhuang (stock code: 002822) will no longer grant conversion rights for "Zhongzhuang Zhuan 2" (bond code: 127033) holders, with the last conversion date being September 18 [1] - The company was placed under delisting risk warning on August 20, and to protect bondholders' rights, the conversion period has been extended until the 30th natural day after the restructuring is accepted [1] - After the market closes on September 18, bondholders who have not converted can declare unsecured ordinary claims, which will be settled alongside other ordinary claims, with the immediate repayment ratio likely to be low and the actual payment time uncertain [1] - If the restructuring fails, the company may face bankruptcy, and the repayment situation for "Zhongzhuang Zhuan 2" remains unclear [1] - The company has set up a consultation hotline to remind investors to be aware of risks and to invest rationally [1]