Core Viewpoint - *ST Xinyan (300159.SZ) has announced a restructuring plan involving a significant capital increase through the conversion of capital reserves into share capital, which will substantially increase the total number of shares outstanding [1] Group 1: Capital Increase Details - The company will implement a capital reserve conversion at a ratio of 12 shares for every 10 shares held, resulting in an increase of 1,794,775,108 shares [1] - Post-conversion, the total number of shares will rise to 3,290,421,031 shares [1] - The exact number of shares to be converted will be confirmed by the Shenzhen branch of China Securities Depository and Clearing [1] Group 2: Share Distribution and Pricing - The newly issued shares will not be distributed to existing shareholders [1] - Industrial investors will acquire 500,000,000 shares at a price of 1.30 CNY per share, totaling an investment of 650,000,000 CNY [1] - Financial investors will collectively acquire 934,775,108 shares at a price of 1.70 CNY per share, amounting to an investment of 1,589,117,683.60 CNY [1] - Additionally, 360,000,000 shares will be allocated for the repayment of debts owed by Xinyan and Sichuan Xinhang Titanium [1]

*ST炼石公告，公司股票将于2025年11月28日开市起复牌。截至本公告披露日，公司执行《重整计划》 转增的5.23亿股股票已全部转增完毕，公司总股本由8.73亿股增至13.96亿股。公司股票股权登记日为 2025年11月27日，股权登记日公司股票收盘价为8.52元/股，该收盘价高于本次资本公积金转增股本的平 均价格7.26元/股，公司股权登记日次一交易日（2025年11月28日）的股票开盘参考价将按照公司调整后 的除权参考价格的计算公式进行除权调整，调整为8.05元/股。 ...

Core Viewpoint - *ST炼石 is implementing a capital reserve conversion to increase its share capital, following a court-approved restructuring plan, which will significantly alter its total share capital structure [1] Group 1: Capital Increase Details - The company will suspend trading for one day on November 27 and resume on November 28 [1] - The total current share capital is approximately 873 million shares, and the conversion will be at a ratio of 5.99 shares for every 10 shares held, resulting in an increase of about 523 million shares [1] - Post-conversion, the total share capital will rise to approximately 1.396 billion shares [1] Group 2: Market Performance - On November 26, *ST炼石's stock closed at 8.52 yuan per share, with a total market capitalization of 7.439 billion yuan [1]

*ST炼石11月26日公告，根据四川省成都市中级人民法院于2025年11月12日裁定批准的《炼石航空科技 股份有限公司重整计划》，将对炼石航空出资人权益进行调整，炼石航空现有总股本为873,100,876股， 以现有总股本作为资本公积转增基数，按照每10股转增5.99股的比例实施资本公积转增，共计转增 522,987,424股。转增后，炼石航空总股本将增至1,396,088,300股。本次资本公积转增股本的股权登记日 为2025年11月27日，转增股本上市日为2025年11月28日。为实施本次资本公积金转增股本事项，经公司 向深圳证券交易所申请，公司股票（证券简称：*ST炼石，证券代码：000697）将于本次资本公积金转 增股本事项的股权登记日当天（2025年11月27日）停牌一个交易日，并将于2025年11月28日开市起复 牌。 ...

*ST中装晚间公告，重整计划草案中，以截至2025年9月19日公司总股本9.6亿股（不含942,200股库存 股）为基数，按照每10股转增约10.31股的比例实施资本公积金转增股本，共计转增9.9亿股股票。转增 完成后，公司总股本增至19.5亿股（不含942,200股库存股）。其中，7.4亿股用于引入重整投资人，2.5 亿股用于清偿公司债务。重整投资人支付的现金对价将用于清偿各类债务及支付破产费用等全部现金支 出、补充重整后公司流动资金。 ...

Core Viewpoint - The company, Lianstone Aviation Technology Co., Ltd., has entered the execution phase of its restructuring plan approved by the Chengdu Intermediate People's Court, which poses a risk of downward adjustment in its stock price due to capital reserve conversion [2][16]. Group 1: Restructuring Plan and Stock Adjustment - The company has a total share capital of 873,100,876 shares, and it plans to increase this by 522,987,424 shares at a ratio of 5.99 shares for every 10 shares held, resulting in a new total of 1,396,088,300 shares [3][17]. - The newly issued shares will not be distributed to existing shareholders but will be allocated by the administrator as per the restructuring plan, with 200,000,000 shares for attracting restructuring investors and 322,987,424 shares for debt repayment [3][18]. - The company anticipates a downward adjustment in its stock price following the implementation of the restructuring plan, with specific details to be provided in future announcements [4][10]. Group 2: Financial Contributions from Investors - As of November 20, 2025, the company has received a total of 1,238,000,000 yuan from all restructuring investors as per the pre-restructuring investment agreement [9][10]. - The contributions from various investors include amounts such as 282,500,000 yuan from one investor and 336,500,000 yuan from another, among others [9]. Group 3: Adjustments to Stock Price Calculation - The average price for the capital reserve conversion is calculated to be 7.26 yuan per share, based on the total amounts for debt repayment and investor contributions [20]. - The adjustment formula for the stock price will be modified to reflect the actual financial situation post-restructuring, ensuring that the stock price accurately represents the company's improved fundamentals [25][26].

Group 1 - The company,炼石航空科技股份有限公司, has entered the restructuring phase after the Chengdu Intermediate People's Court approved its restructuring plan on November 12, 2025 [3][25]. - The restructuring plan includes a capital reserve increase to share capital, where the total share capital will increase from 873,100,876 shares to 1,396,088,300 shares, with a ratio of 5.99 shares for every 10 shares [4][27]. - The newly issued shares will not be distributed to existing shareholders but will be allocated by the management according to the restructuring plan [5][27]. Group 2 - Of the newly issued shares, 200,000,000 shares will be used to attract restructuring investors, who will pay a total of 1,238,000,000.00 yuan for these shares [5][20]. - The remaining 322,987,424 shares will be allocated to creditors as part of the debt repayment process [6][27]. - The average price for the capital reserve increase is calculated to be 7.26 yuan per share, based on the total amount of debt repayment and the cash paid by restructuring investors [7][28]. Group 3 - The company has adjusted the ex-rights price calculation formula to reflect the specific circumstances of the restructuring, which differs from typical capital reserve increases [9][15]. - The adjustment is necessary to ensure that the stock price accurately reflects the company's improved fundamentals post-restructuring [12][15]. - The company has received all restructuring investment funds from investors as per the pre-restructuring investment agreement, totaling 1,238,000,000.00 yuan [21][20].

Group 1 - The stock of *ST Jingan (300093) closed at 14.16 yuan on November 14, 2025, down 2.88% from the previous trading day, with a total market capitalization of 3.059 billion yuan [1] - The company announced a capital reserve conversion to increase share capital, with a conversion ratio of 15 shares for every 10 shares held, totaling approximately 324 million shares [1] - Of the newly converted shares, 261 million shares will be transferred to restructuring investors, and 63 million shares will be used to settle debts [1] Group 2 - The average price for the capital reserve conversion is set at 11.89 yuan per share, and if the closing price on the registration date exceeds this price, the opening reference price for the next trading day will be adjusted [1] - The registration date for the shares is November 19, 2025, with the ex-rights and ex-dividends date, as well as the listing date for the converted shares, set for November 20, 2025 [1] - There is a risk of the company's stock being delisted [1]

Core Points - The company *ST Jinkang (300093) has announced a capital increase plan through the conversion of capital reserves, proposing to increase its total share capital from 216 million shares to approximately 540 million shares by issuing 324 million new shares [1] - The new shares will not be distributed to existing shareholders, with 261 million shares allocated for introducing restructuring investors and 63 million shares for debt repayment [1] - The restructuring investors will pay a total of 1.80414 billion yuan, with an average acquisition price of 6.91 yuan per share, while the debt compensation price is set at 32.49 yuan per share [1] - The average price for the capital increase shares is 11.89 yuan per share, and adjustments to the stock price will occur based on the closing price on the registration date [1] - The company is currently undergoing a restructuring process, facing risks of bankruptcy and delisting if the restructuring fails [1] Financial Summary - As of October 22, 2025, *ST Jinkang's stock closed at 13.49 yuan, down 0.22% from the previous trading day, with a total market capitalization of 2.914 billion yuan [1] - The stock opened at 13.51 yuan, reached a high of 13.82 yuan, and a low of 13.35 yuan, with a trading volume of 27.9077 million yuan and a turnover rate of 0.95% [1]

Core Viewpoint - *ST Lian Shi (000697.SZ) has announced a restructuring plan that includes a capital increase through the conversion of capital reserves into shares, significantly altering its share structure and addressing debt obligations [1] Summary by Relevant Sections Capital Increase - The total share capital of Lian Shi Aviation is currently 873,100,876 shares, and a capital increase of 522,987,424 shares will be implemented at a ratio of 5.99 shares for every 10 shares held [1] - Post-increase, the total share capital will rise to 1,396,088,300 shares, with the final number subject to confirmation by the Shenzhen Central Depository [1] Share Distribution - The newly issued 522,987,424 shares will not be distributed to existing shareholders [1] - Of these, 200,000,000 shares will be sold to restructuring investors for a cash payment of 1,238,000,000.00 yuan, which will be used to execute the restructuring plan and support future business development [1] - The remaining 322,987,424 shares will be utilized to settle the company's debts [1] Debt Settlement - Secured and unsecured creditors will be treated equally under the repayment plan [1] - Creditors with claims of 500,000 yuan or less will receive full cash repayment within one month after the court approves the restructuring plan [1] - Remaining unpaid claims will be compensated with shares at a rate of approximately 12.63 shares per 100 yuan of debt, with a share price of 7.92 yuan per share for debt settlement [1] - The repayment ratio for both secured and unsecured debts is set at 100% [1]