在资管新规深化、传统融资类信托收缩的背景下，风险处置服务信托已成为信托公司的核心转型方向之 一。近日，*ST东易、*ST新研、*ST名家等多家上市公司的重整公告中，云南国际信托、中国对外经济 贸易信托、重庆国际信托等机构密集现身，成为重整投资人的重要组成部分。对此，业内专家表示，信 托公司发力风险处置服务信托，不仅是服务供给侧的积极布局，更是市场需求侧的主动选择，未来需进 一步完善制度设计，强化信托公司在资产运营中的主动管理能力等。据Wind数据统计，目前参与风险 处置服务信托业务的信托公司已超30家，存量规模超1.5万亿元。市场预计，到2030年，市场化重组和 破产服务信托的市场需求将达10万亿元。（经济参考报） ...

二是破产重整也要适当兼顾债权人利益。目前有些重整案例普通债权清偿率偏低、以股抵债价格远高于 股票市价。为此可规定，"以股抵债"的价格不得显著高于重整投资人受让股份的价格，或者可设定普通 债权现金清偿率的底线要求，以平衡重整投资人与债权人之间的利益，抑制重整投资人暴利空间。 （文章来源：国际金融报） 三是延长特定财务投资人的持股锁定期。目前破产重整财务投资人受让股票的限售期一般为12个月、产 业投资人的限售期为36个月，财务投资人以博取短期价差为主要目的，建议将财务投资人限售期延长至 与产业投资人一致，或者适当设置分期解禁条件，使其利益与上市公司中长期发展更深度绑定。 四是优化退市门槛和流程。按目前规定，最近一个会计年度末净资产为负需实施退市风险警示，是否终 止上市还需看下一年各项指标。建议上市公司净资产为负可直接进入终止上市程序。而"净利润+营业 收入"的组合退市指标也不尽合理，创业板上市公司年营业收入只有低于1亿元才会触及该红线，上市公 司通过简单运作就可轻松规避，建议大幅提升营业收入方面的保壳门槛。 另外，上市公司即使通过破产重整等方式在短期内使净资产、净利润等指标转正，但若其主要业务缺乏 可持续性，重组 ...

Group 1 - The company, Shenzhen Mingjiahui Technology Co., Ltd., has entered a restructuring process initiated by creditors due to its inability to repay debts and lack of repayment capacity, despite having restructuring value [3][4] - On February 28, 2025, the company signed a pre-restructuring investment agreement with New Yu Ling Jiu Investment Management Center (Limited Partnership) and other financial investors, committing a total investment of 1,203,440,000 yuan to acquire shares [4][73] - The restructuring plan includes a capital increase of 730,000,000 shares, with the new total share count reaching 1,425,596,569 shares post-restructuring [79] Group 2 - The financial investors involved in the restructuring include Chongqing International Trust Co., Ltd., Shenzhen Zhaoping Huanzhe Investment Partnership (Limited Partnership), and others, collectively acquiring 32.55% of the company's shares [6][79] - The investment from financial investors is based on a share price of 1.96 yuan per share, which is 50% of the average trading price over the previous 120 trading days [78] - The restructuring agreement stipulates a lock-up period of 12 months for the shares acquired by financial investors after the restructuring is completed [80] Group 3 - The restructuring process is crucial for the company to improve its financial structure and resolve its debt crisis, potentially leading to a change in control with New Yu Ling Jiu Investment Management Center becoming the new controlling shareholder [81] - The company has received a court ruling to accept the restructuring application, and the management is tasked with developing a restructuring plan to be submitted to the court and creditors [4][81] - The restructuring agreement is a necessary step for the company to proceed with its restructuring efforts and aims to restore its operational and profitability capabilities [81]

Company Restructuring Overview - Shenzhen Mingjia Hui Technology Co., Ltd. has entered a restructuring process initiated by creditors due to its inability to repay debts and lack of repayment capacity, despite having restructuring value [3] - The Guangdong High People's Court has accepted the restructuring application and appointed a management company to oversee the process [4] Investment Agreement Details - The company signed a restructuring investment agreement with Newyu Lingjiu Investment Management Center and 11 financial investors, committing a total investment of CNY 1.20344 billion (approximately USD 173 million) [54] - The investment will result in the issuance of 664 million new shares, with Newyu Lingjiu contributing CNY 294 million for 200 million shares, while financial investors will contribute CNY 909.44 million for 464 million shares [54] Financial Investors' Information - The financial investors include Chongqing International Trust Co., Ltd., Shenzhen Zhaoping Huanzhe Investment Partnership, and others, with no related party relationships among them [5][6][9] - Each investor's funding sources are primarily from their own capital or specific trust plans [10][13][18] Share Capital Increase Plan - The restructuring plan involves a capital increase based on the existing total share capital of 695,596,569 shares, with a proposed ratio of 10 shares for every 10.5 shares, resulting in an additional 730 million shares [55][61] - After the restructuring, Newyu Lingjiu is expected to hold 14.03% of the company, while financial investors will collectively hold 32.55% [61] Lock-up Period and Share Transfer - Financial investors will face a lock-up period of 12 months for the newly issued shares following the restructuring [62] - The agreement stipulates that the investors cannot reduce their holdings through any means during this period, with certain exceptions for transfers within the same controlling entity [57] Impact of the Restructuring Agreement - The signing of the restructuring investment agreement is a crucial step in the company's restructuring process, aimed at improving its financial structure and resolving its debt crisis [63] - Successful completion of the restructuring may lead to changes in company control, with potential new major shareholders emerging [63]

Core Viewpoint - Jinke Property Group has initiated a significant restructuring plan involving a capital reserve conversion to equity, aimed at addressing its substantial debt of 147 billion yuan and engaging over 8,400 creditors, marking a critical phase in the largest restructuring case in the real estate sector to date [1][2]. Group 1: Restructuring Plan Details - The restructuring plan is the largest in the real estate industry, focusing on the listed group entity rather than individual project companies, which presents unique challenges due to complex equity structures and debt guarantees [2][3]. - China Great Wall Asset Management has played a pivotal role in the restructuring, acting as both an industrial and financial investor, and has been instrumental in designing and implementing the restructuring plan over two years [2][4]. Group 2: Implementation and Impact - The successful execution of the restructuring plan positions Jinke as the first listed real estate company in China to shed over 100 billion yuan in debt through judicial restructuring, providing a valuable reference for other companies facing similar challenges [2][3]. - The restructuring has been designed to protect the interests of small creditors while ensuring reasonable compensation for financial creditors, contributing positively to the stability of the real estate market [3][4]. Group 3: Professional Support and Solutions - China Great Wall Asset Management has utilized its expertise in bankruptcy restructuring to offer a comprehensive solution, including capital injection and operational support, to help Jinke emerge from its debt crisis [3][4]. - The firm has successfully mobilized 2.628 billion yuan in overall investment and has engaged in active communication with creditors to mitigate existing risks [4][6]. Group 4: Broader Implications and Future Directions - The restructuring process not only aims to resolve financial risks but also seeks to revitalize idle assets, restore production, and create new employment opportunities, thereby contributing to social value creation [6][7]. - The company has established a "three-part" work principle for listed company bankruptcy restructuring, focusing on early-stage design, debt resolution, and capital injection, which enhances its service capabilities in the market [7].

Core Viewpoint - The successful bankruptcy restructuring of Nanjing Hongtaiyang Co., Ltd. is highlighted as a significant case following the release of the new "National Nine Articles" policy, showcasing the role of China Great Wall Asset Management in supporting the real economy and facilitating high-quality economic development [1][2]. Group 1: Bankruptcy Restructuring Case - Nanjing Hongtaiyang is a leading listed company in the green pesticide and "three medicines" intermediate sector, which faced a debt crisis starting in 2019 due to multiple factors [1]. - The company entered pre-restructuring in November 2022, and by September 2024, it officially entered bankruptcy restructuring after approval from the Supreme People's Court and the China Securities Regulatory Commission [1]. - The restructuring plan was approved by creditors just two months later, and the execution was completed in December of the same year, marking a rapid turnaround in the bankruptcy process [1]. Group 2: Role of China Great Wall Asset Management - China Great Wall Asset Management's Jiangsu branch effectively managed non-performing assets by acquiring bad debt packages from banks and implementing a combination of repayment strategies [2]. - The innovative "cash repayment + stock distribution" plan helped stabilize the employment of nearly 10,000 employees and protect the rights of over 300 creditors and 20,400 small shareholders [2]. - The restructuring led to the systematic resolution of Nanjing Hongtaiyang's debt, which amounted to 14.1 billion yuan, restoring the company's operational capabilities [2].

Core Viewpoint - The article discusses the recent regulatory changes by the China Securities Regulatory Commission regarding bankruptcy reorganization, emphasizing the increased complexity and requirements for companies seeking to revive through this process. Group 1: Key Practical Points of Bankruptcy Reorganization - If a bankrupt entity has lost financial independence due to the unified management of funds, it can undergo consolidated reorganization, followed by a hearing to gather opinions before a ruling [1] - Reorganization and restructuring can proceed simultaneously; if there are many small creditors with low repayment rates, a small creditor group can be established to improve their repayment ratio [1] - The liquidation team should hire intermediaries and experts to ensure asset preservation and value increase, introducing suitable strategic investors to implement the reorganization plan [1] - In cases of multiple related companies in bankruptcy, a competitive method can be used to appoint a joint administrator; for large entities with complete capacity and technical support, industry transformation and investment attraction can be employed [1][2] Group 2: Conditions and Strategies for Reorganization - The conditions for consolidated reorganization include a high degree of confusion among related enterprises' personalities and assets, making it difficult to distinguish between them [2] - For projects unsuitable for consolidated reorganization, a "bottom-up" reorganization order can be established, allowing subsidiaries to complete reorganization first, ensuring that lower-tier companies can repay internal loans to upper-tier companies [2] Group 3: Improving Reorganization Success Rates - The pre-reorganization model can enhance the success rate and efficiency of reorganization by incorporating assets and increasing shares to repay debts, thereby improving debt repayment rates and acceptance of the reorganization plan [3] Group 4: Challenges Faced by Companies - The average proportion of current liabilities for private listed companies reached 67% in 2023, significantly higher than the 48% for state-owned enterprises, indicating a reliance on short-term debt financing [7] - 62% of private enterprises entering reorganization from 2022 to 2024 faced "short-term loans for long-term investments," while 38% involved major shareholder fund occupation, with a secondary reorganization rate of 29% [8] Group 5: State-Owned Enterprises and Reorganization - The proportion of state-owned enterprise reorganization cases increased from 9% in 2022 to 15% in 2024, reflecting significant structural changes [9] - Supply-side reforms have led to successful transformations, such as a provincial steel group replacing outdated capacity with special steel production lines, resulting in a profit increase of 420 yuan per ton [9]

Core Viewpoint - The article highlights various educational products and services offered at discounted prices, emphasizing their value and relevance for professional development in the corporate sector. Group 1: Membership and Courses - The "Wutong Academic Excellence Membership" offers a two-year card at a promotional price of ¥3299, providing significant savings compared to annual renewals [4][3] - The membership allows unlimited access to courses and resources, enhancing work-related skills and knowledge [3] - A seasonal card is also available for ¥999, providing a cost-effective option for short-term learning [22] Group 2: Books and Guides - The "Corporate Mergers and Acquisitions Practical Manual" is available for ¥99.5, featuring 17.3 million words and over 100 case studies to clarify the M&A process from various perspectives [8][9] - The "China Enterprises Going Global Guide" is priced at ¥99.5, offering comprehensive insights into key considerations for companies expanding internationally [19][20] Group 3: Training Programs - The "Three-Week Training Camp for Enterprises Going Global" is priced at ¥699, including 13 hours of video content and a cash rebate of ¥600 upon completion [25] - The "Hong Kong IPO Pathway for Tech Companies" course is available for ¥134.5, covering essential planning and regulatory aspects for tech firms seeking to list [28][27] Group 4: Specialized Courses - The course on "15 Methods for Acquiring Control of Listed Companies" is offered at ¥64.5, providing insights into various acquisition strategies through case studies [30][31] - The "Bankruptcy Reorganization of Listed Companies" course, priced at ¥299.5, includes 81 case studies and a detailed examination of reorganization processes [33][34]

Company Restructuring Overview - Tianbang Food Co., Ltd. has signed a "Restructuring Investment Agreement" with several financial investors as part of its pre-restructuring process [1][3] - The company is currently undergoing pre-restructuring, with the court's acceptance of its restructuring application still uncertain [1][2] - The restructuring process aims to improve the company's asset-liability structure and promote sustainable development [1][2] Financial Investor Details - A total of 5 industrial investors and 2 financial investors have submitted formal application materials for the restructuring investment [2][3] - The financial investors include China Foreign Economic and Trade Trust Co., Ltd., Tianjin Meina Enterprise Management Partnership (Limited Partnership), Shanghai Yonglitong Private Fund Management Co., Ltd., Jiangsu Shuangyu Investment Co., Ltd., Hubei Huachu Guoke No. 12 Investment Partnership (Limited Partnership), Hainan Luhe Private Fund Management Co., Ltd., Shenzhen Xinrui Enterprise Management Co., Ltd., and Shenzhen Yusheng Fude Private Securities Investment Fund Management Co., Ltd. [3][4] Investment Agreement Highlights - The investment agreements with financial investors outline the purpose of providing funds to support the company's operational recovery and protect the interests of creditors, shareholders, and employees [33][37] - The agreements specify the number of shares to be acquired by each investor, with a share price set at 2.1 yuan per share [33][37] - The total investment amount required from the financial investors is 54.6 million yuan, which will be used for bankruptcy expenses, common debts, and repayment of various bankruptcy claims [34][35] Financial Data of Investors - China Foreign Economic and Trade Trust Co., Ltd. reported total assets of 1,647.43 million yuan and net assets of 1,544.18 million yuan [6] - Tianjin Meina Enterprise Management Partnership (Limited Partnership) has a registered capital of 11 million yuan and is primarily focused on restructuring investments [10][12] - Shanghai Yonglitong Private Fund Management Co., Ltd. has total assets of 203.70 million yuan and a net asset deficit of 434.26 million yuan [14][15] - Jiangsu Shuangyu Investment Co., Ltd. reported total assets of 28,208.74 million yuan and net assets of 22,487.02 million yuan [18][19] - Hubei Huachu Guoke No. 12 Investment Partnership (Limited Partnership) has minimal financial data available, indicating a nascent stage of operations [20][22] - Hainan Luhe Private Fund Management Co., Ltd. reported total assets of 1,250.5 million yuan and net assets of 1,190.1 million yuan [24][25] - Shenzhen Xinrui Enterprise Management Co., Ltd. has total assets of 20,512.14 million yuan and net assets of 3,384.41 million yuan [27][29] - Shenzhen Yusheng Fude Private Securities Investment Fund Management Co., Ltd. has total assets of 1,006.33 million yuan and a net asset deficit of 733.99 million yuan [31][32]

Core Viewpoint - The article discusses the recent regulatory changes by the China Securities Regulatory Commission regarding bankruptcy reorganization, emphasizing the increased complexity and requirements for companies seeking to revive through this process. Group 1: Key Practical Points of Bankruptcy Reorganization - If a bankrupt entity has lost financial independence due to the unified management of funds, it can undergo consolidated reorganization, followed by a hearing to gather opinions before a ruling [1] - Reorganization and restructuring can proceed simultaneously; if there are many small creditors with low repayment rates, a small creditor group can be established to improve their repayment ratio [1] - The liquidation team should hire intermediaries and experts to ensure asset preservation and value increase, introducing suitable strategic investors to implement the reorganization plan [1] - In cases of multiple related companies in bankruptcy, a competitive method can be used to appoint a joint administrator; for large entities with complete capacity and technical support, industry transformation and investment attraction can be employed [1][2] Group 2: Conditions and Strategies for Reorganization - The conditions for consolidated reorganization include a high degree of confusion among related enterprises' personalities and assets, making it difficult to distinguish between them without harming creditor interests [2] - For projects unsuitable for consolidated reorganization, a "bottom-up" reorganization order can be established, allowing subsidiaries to complete reorganization first, ensuring that lower-tier companies can repay internal loans to upper-tier companies [2] Group 3: Improving Reorganization Success Rates - The pre-reorganization model can enhance the success rate and efficiency of reorganization by incorporating assets and increasing shares to repay debts, thereby improving debt repayment rates and acceptance of the reorganization plan [3] Group 4: Challenges Faced by Companies - The average proportion of current liabilities for private listed companies reached 67% in 2023, significantly higher than the 48% for state-owned enterprises, indicating a reliance on short-term debt financing [7] - Among private enterprises entering reorganization from 2022 to 2024, 62% faced "short-term loans for long-term investments" issues, and 38% involved major shareholder fund occupation, with a secondary reorganization rate of 29% [8] Group 5: State-Owned Enterprises and Reorganization - The proportion of state-owned enterprise reorganization cases increased from 9% in 2022 to 15% in 2024, reflecting significant structural changes in ownership [9] - Supply-side reforms have led to successful transformations, such as a provincial steel group replacing outdated capacity with special steel production lines, improving profit margins [9]