本报记者 梁宝欣 深圳报道 5月11日晚间，*ST金科（000656.SZ）发布公告披露，重庆金科房地产开发有限公司（下称"重庆金 科"）召开的第二次债权人会议已表决通过重整计划。同时，重庆市第五中级人民法院分别于5月10日、 11日作出裁定，正式批准金科地产集团股份有限公司（下称"金科股份"）与重庆金科的重整计划，并依 法终止两家公司的重整程序。 5月11日消息，重庆金科第二次债权人会议通过重整计划，重庆市五中院同日裁定批准金科股份及重庆 金科重整计划并终止重整程序。 而金科股份通过本次重整，成功引入了战略投资者上海品器联合体、中国长城资产、四川发展证券基 金，形成了"优质资本+央企AMC+地方国企"的产业投资人组合。 5月12日，金科股份方面向《华夏时报》记者表示，产业投资人将成为新金科的控股股东，金科股份将 依法产生新一届董事会，金科股份将以此次重整为契机，进一步完善现代企业制度，优化法人治理结 构，提升决策的科学性和透明度。公司将强化内部控制和风险管理体系建设，提高经营管理效率，并可 能引入市场化的激励约束机制。 "对于房地产行业，在当前行业深度调整的背景下，金科股份作为全国首个大型千亿级房企率先通过 ...

Core Viewpoint - After over three years of financial difficulties, Jinke Properties has taken a significant step towards recovery by having its restructuring plan approved, marking a critical phase in addressing its substantial debt of 147 billion yuan and involving over 8,400 creditors [1][2]. Company Overview - Jinke Properties, established in 1998, quickly gained market traction with its garden-style housing products and went public in 2011 through a reverse merger. The company expanded aggressively using high leverage, achieving over 200 billion yuan in sales by 2020 [3][4]. - The company's ambitious sales target was to exceed 450 billion yuan by 2025, but it faced severe liquidity issues following the tightening of financing channels due to the "three red lines" policy and the overall downturn in the real estate sector [5][6]. Restructuring Process - The judicial restructuring became the only viable option for Jinke Properties, as liquidation would have resulted in a mere 3.02% recovery rate for ordinary creditors. The restructuring aims to systematically resolve debts while introducing strategic investors and optimizing asset structures [7][8]. - The restructuring process began in May 2023, with Jinke becoming the first large listed real estate company in A-shares to enter restructuring. By November 2024, strategic investors were confirmed, including a consortium led by Shanghai Pinqi Management Consulting and Beijing Tianjiao Green Garden Real Estate Development [8][9]. Debt Restructuring Strategy - Jinke's debt restructuring plan employs a combination of cash repayment, debt-to-equity swaps, and trust beneficiary rights to address its massive debt load. The plan categorizes debts into five main types, with specific repayment strategies for each category [11][12]. - The restructuring includes provisions for employee debts, tax debts, secured debts, and ordinary debts, with a focus on maximizing creditor recovery while minimizing immediate cash outflows [11][12]. Financial Performance - Despite the restructuring approval, Jinke's financial performance in 2024 revealed significant challenges, with a revenue drop of 56.43% to 27.55 billion yuan and a net loss of 31.97 billion yuan, reflecting a 266.11% increase in losses year-on-year [14][15]. - The company reported a negative operating cash flow of 674 million yuan in 2024, although this was an improvement from the previous year's figure [15][16]. Future Outlook - Jinke aims to complete all housing delivery tasks by 2025, ensuring no projects are left unfinished and targeting a delivery area of no less than 2.9 million square meters [16][17]. - The restructuring is viewed as a starting point for a long recovery journey, with ongoing challenges in returning to positive cash flow and optimizing asset structures amid a still-declining industry environment [17].

Core Viewpoint - The restructuring plan of *ST Jinke (Jinke Co., Ltd.) has been approved by the majority of creditors, marking a significant step in the company's bankruptcy restructuring process, which involves a debt scale of 1.47 trillion yuan and over 8,400 creditors, making it the largest restructuring case in the real estate industry to date [2][4]. Group 1 - On May 11, Jinke announced that its restructuring plan was approved by the ordinary creditor group, following the approval by the Chongqing Fifth Intermediate People's Court [2]. - The company faced a debt crisis starting in late 2022, culminating in a default on a USD 325 million bond with a coupon rate of 6.85% [3]. - In June 2023, Jinke signed a strategic investment framework agreement with China Great Wall Asset Management, indicating intentions to recruit strategic investors during the restructuring process [3]. Group 2 - The restructuring plan includes introducing new strategic investors, such as the Shanghai Pinqi consortium and China Great Wall Asset Management, which will become the new controlling shareholders [4]. - The plan aims to enhance internal controls and risk management, optimize existing business segments, and focus on becoming a comprehensive real estate operator with strong profitability and high investment returns [4]. - Industry experts believe that Jinke's approach of "judicial restructuring + strategic investment + business transformation" serves as a viable path for real estate companies to mitigate debt risks, providing important demonstration value for stabilizing industry expectations [5].

房地产行业突围战正式打响第一枪！ 5月11日晚，*ST金科发布公告称，公司及全资子公司重庆金科分别收到重庆市第五中级人民法院送达的《民事裁定书》，裁定批准《金科股份重整计划》 《重庆金科重整计划》，并终止公司及重庆金科重整程序。 这也标志着金科股份司法重整取得重要阶段性成果，正式进入执行环节。而作为全国首家进行司法重整的上市房企，金科股份的每一步进程都备受关注。 受此影响，*ST金科今日一字涨停，报1.56元/股，总市值达到了83.30亿元。 1470亿债务 "清零" 根据公告，5月10日及11日，金科地产集团股份有限公司（简称金科股份）及全资子公司重庆金科房地产开发有限公司（简称重庆金科）分别收到重庆市第 五中级人民法院送达的《民事裁定书》。 重庆五中院裁定批准《金科地产集团股份有限公司重整计划》《重庆金科房地产开发有限公司重整计划》，并终止公司及重庆金科重整程序。重庆五中院裁 定批准公司及重庆金科的重整计划后，公司及重庆金科将进入重整计划执行阶段。 4月29日公布的年度报告显示，2024年公司实现营业收入达到275.55亿元，同比下滑56.43%；归属于上市公司股东的净利润为-319.69亿元，同比下滑 ...

2025.05. 12 本文字数：690，阅读时长大约2分钟 作者 | 第一财经 马一凡 5月11日，*ST金科（000656.SZ）发布公告称，重庆金科房地产开发有限公司（以下简称"重庆金 科"）第二次债权人会议表决通过重整计划，且重庆市五中院分别于5月10日及11日裁定批准金科地 产集团股份有限公司（以下简称"金科股份"）及重庆金科的重整计划并终止重整程序。这标志着金科 股份司法重整取得重要阶段性成果，正式进入执行环节。 金科是首家进行司法重整的全国性上市房企，本次重整涉及的债务规模达1470亿元，债权人数量超 8400家，不仅是房地产行业迄今最大的司法重整案，也是重庆市有史以来最大的重整案。 多地宣布发钱奖励结婚！ *ST金科方面表示，这些战略投资者的加入，为金科带来了增量资金，用于支持"保交楼"项目建设、 补充流动资金和优化资本结构。此外，重庆地方政府和法院方面在重整过程中依法履职，为企业纾困 提供了有力支持。 根据重整方案，未来金科将会对现有业务板块进行整合与优化，剥离非核心或低效资产，设置"投资 管理、开发服务、运营管理、特殊资产"四大业务板块，通过投资经营特殊资产、运营开发改善型住 宅、做精做强 ...

Macro Insights - The first large listed real estate company in China, Jinke Co., has achieved significant progress in its judicial reorganization [2] - Several small and medium-sized banks have lowered deposit interest rates, with some banks experiencing a "negative interest rate" phenomenon [2] - Apple has officially adjusted the prices of its iPhone 16 Pro Max, reducing all storage versions by $160 [2] - Major shareholders of companies like Hualan Biological Engineering are planning to reduce their stakes [2] Financial Alerts - Shandong Molong's stock price surged by 450% before major shareholders sold off 136 million shares, representing 17% of total shares [5] - Jingwei Huikai announced that two shareholders plan to reduce their holdings by no more than 3% [6] - Jiahe Meikang's shareholder Hongyun Jiukang intends to reduce its stake by no more than 1.3% [7] - Leiwei and Baichuan Energy also reported plans for minor stake reductions by their shareholders [8][9] - Qujiang Cultural Tourism's controlling shareholder's 4.7% stake is set to be auctioned judicially, but it will not affect the company's operations [13] Industry Alerts - The Chinese automotive industry, which has been the world's largest for 14 consecutive years, faces challenges due to long payment terms and "consignment systems," putting pressure on small and medium-sized parts suppliers [19] - After the May Day holiday, pig prices remained stable, with the market showing signs of weakness, indicating that the traditional peak season is not performing as expected [20]

Core Viewpoint - Jinke Co., Ltd. has made significant progress in its restructuring process, officially entering the execution phase after receiving court approval for its restructuring plan, marking it as a notable case for large-scale real estate companies seeking to resolve risks through judicial restructuring [1][3]. Group 1: Restructuring Process - Jinke Co. proposed its restructuring plan in May 2023 and officially filed for restructuring in February 2024, with the court accepting the application two months later [3]. - The restructuring involves a total debt scale of 147 billion yuan, with over 8,400 creditors, making it the largest restructuring case in the A-share real estate sector and in the history of Chongqing [5][6]. - The restructuring plan aims to maximize the protection of creditors' legal rights, with priority given to employee and tax claims, while ordinary creditors will be compensated through a combination of cash, equity, and trust benefits [5][6]. Group 2: Investment and Financial Support - A consortium led by Shanghai Pinqi Management Consulting and Beijing Tianjiao Green Garden Real Estate Development was selected as the investor for Jinke Co. and its subsidiary [4]. - The consortium committed to providing at least 750 million yuan in loans to support Jinke's liquidity and new project investments, in addition to the investment funds [5]. - The restructuring has attracted strategic investors, which not only provide financial support but also essential development resources for future operations [6][7]. Group 3: Future Business Strategy - Jinke Co. plans to focus on "efficient operation, lean management, and technological innovation" to enhance profitability, asset value, and liquidity, forming four main business segments: investment management, development services, operational management, and special assets [7][8]. - The company sees significant opportunities in the special asset management sector, particularly in the context of the current market environment, where the stock of non-performing assets is estimated to reach 10 trillion yuan [7]. - The CEO of Pinqi Asset Management indicated that within the next 3 to 5 years, operational management and service-related businesses are expected to account for 60% to 70% of the company's revenue and profit structure [8].

西宁特殊钢股份有限公司 会议资料 会议议程 司永涛、何鸣 范增裕 董秘 焦付良 议案一 西宁特殊钢股份有限公司 各位股东： 完成司法重整后开启发展新征程的起步之年，公司董事会严格遵 守《中华人民共和国公司法》 《中华人民共和国证券法》 《上海证 券交易所股票上市规则》等法律法规和《公司章程》《董事会议 事规则》的相关规定，结合公司实际情况，切实履行股东大会赋 予的董事会职责，执行股东大会各项决议，勤勉尽责地开展各项 工作，不断加强内部控制、完善公司治理结构，提升公司规范运 作能力。现将公司董事会 2024 年度工作情况汇报如下： 一、公司经营情况 面对新形势、新任务，在公司新一届董事会的领导下，公司 全体董事恪尽职守、勤勉尽责，依法依规开展董事会各项工作。 公司管理层深刻认识和把握"保生存、调结构、增规模、建生态" 的工作方针，切实从维护公司及广大股东权益出发，补短板、强 弱项，多措并举提高生产效率，努力克服各种不利影响，生产经 营持续改善向好。 材 135.71 万吨，销售钢材 134.17 万吨，同比分别增加 90.25%、 幅减亏，维持了持续健康发展。 二、董事会日常运作情况 （一）董事会的会议及决议情 ...

北京中天华茂会计师事务所（普通合伙） 关于深圳证券交易所对美尚生态景观股份有限公司 关注函的回复 中天华茂核字【2023】003 号 深圳证券交易所创业板公司管理部： 针对贵部于 2023 年 4 月 11 日向美尚生态景观股份有限公司（以下简称"美 尚生态"或"公司"）下发的《关于对美尚生态景观股份有限公司的关注函》（创 业板关注函[2023]第 139 号）（以下简称"《关注函》"）中提到的需要会计师 发表意见的问题，我们对美尚生态相关资料、数据进行了认真分析，现将核查意 见回复如下： 2023 年 4 月 10 日晚间，你公司披露的《关于公司及相关当事人收到行政 处罚及市场禁入事先告知书的公告》显示，你公司于 2023 年 4 月 7 日收到中 国证券监督管理委员会送达的《行政处罚及市场禁入事先告知书》（以下简称 《事先告知书》），你公司涉嫌违法的事实包括 2015 年公司招股说明书、2015 年至 2019 年年报、2020 年半年报、2016 年非公开发行股份及支付现金购买 资产并募集配套资金暨关联交易报告书、2017 年面向合格投资者公开发行公 司债券募集说明书等信息披露文件存在虚假记载，未按规定 ...