（文章来源：证券时报网） 9月3日晚间，ST西发（000752.SZ）发布《关于资金占用解决方案暨关联交易的公告》。公告显示，控 股股东西藏盛邦控股有限公司（以下简称"盛邦控股"）将以对上市公司享有的1.50亿元债权抵偿等额占 用资金；同时，重整投资人将以现金方式分别向上市公司及子公司拉萨啤酒支付3522.32万元和1.46亿 元，用于清偿剩余代偿还占款。交易完成后，公司历时多年的3.31亿元资金占用问题将彻底解决，有助 于促进公司长期稳定发展。 2024年末，最高人民法院、中国证监会联合印发的《关于切实审理好上市公司破产重整案件工作座谈会 纪要》明确提出，上市公司资金占用等问题应在进入重整程序前完成整改。ST西发自2023年7月进入预 重整阶段以来，在控股股东和投资人支持下持续推进整改工作。通过该资金占用解决方案，可以看出公 司主动响应监管要求的积极态度，也为后续进入重整程序扫清障碍。 事实上，盛邦控股自2021年成为公司控股股东以来，持续协助公司化解风险。盛邦控股积极推动公司完 成大额应收款回收、履行历史代偿承诺、大幅削减公司债务，公司流动性压力逐步缓解。2023年度，经 审计公司期末净资产转正，财务报告 ...

Core Viewpoint - *ST Jiaotou is undergoing a judicial restructuring to optimize its debt structure, improve operational efficiency, mitigate delisting risks, and ensure the protection of the rights of creditors, small investors, and employees [1] Group 1: Restructuring Plan Features - The restructuring plan includes a capital increase of 14.50 shares for every 10 shares held, aimed at attracting new investment, repaying debts, and enhancing liquidity [2] - The plan balances the interests of shareholders and creditors, allowing for potential future value appreciation while avoiding shareholder losses due to delisting [2] - New investors will improve corporate governance, with a 36-month lock-up period for industrial investors to demonstrate confidence in the company's long-term development [2] Group 2: Debt Repayment Strategy - The debt repayment plan addresses both secured and unsecured creditors, with secured debts remaining unchanged and unsecured debts being repaid through a combination of cash and stock options [3] - Three repayment options are provided for unsecured debts over 50,000 yuan, catering to different risk preferences of creditors [3] Group 3: Trust Asset Management - The restructuring involves a trust plan to divest 21 underperforming assets to offset some debts, with financial investors subscribing to 34 million yuan of trust assets, marking a first in recent restructuring cases [4] - The industrial investor, Yunnan Jiaotou Group, plans to inject high-quality assets into *ST Jiaotou post-restructuring, focusing on green energy and related sectors [4] Group 4: Speed and Innovation - The restructuring process from pre-restructuring registration to the release of the plan took only two months, setting a record for speed among newly applied pre-restructuring companies this year [5] - The innovative practices of *ST Jiaotou provide new insights for the reform of state-owned enterprises in Yunnan and serve as a reference for similar distressed companies [5]

Group 1 - The company is undergoing a pre-restructuring process to address debt risks and non-operational fund occupation issues, aiming to avoid delisting risks and maximize the interests of creditors and minority shareholders [1][2][3] - The company has a non-operational fund occupation balance of approximately 387 million yuan, primarily through equipment procurement and accounts receivable factoring [1][5][21] - The pre-restructuring management will publicly recruit and select restructuring investors based on legal and market principles [3][6] Group 2 - The company was established on August 12, 2005, and is listed on the Shanghai Stock Exchange, with business operations including driver training, sales of daily necessities, and electric vehicle charging infrastructure [3] - The recruitment of restructuring investors aims to introduce strong investors to provide additional funds and resources, assisting the company in resolving its debt crisis and restoring its value [3][4] - Interested investors must meet specific criteria, including being legally established entities with good credit status and sufficient financial capability [7][8] Group 3 - The recruitment process includes several stages: registration, preliminary review, due diligence, submission of investment proposals, and selection of investors [14][15][16] - Investors must pay a registration deposit of 30 million yuan and a selection deposit of 70 million yuan, which will be used to address non-operational fund occupation issues if selected [16][18] - The company is currently under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [21]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the ongoing investigation into Oriental Group for serious financial fraud, which may lead to mandatory delisting due to significant violations of regulations [1][2]. Group 1: Investigation and Financial Misconduct - The CSRC initiated an investigation into Oriental Group on June 20, 2024, revealing that the financial information disclosed from 2020 to 2023 is severely inaccurate, indicating major financial fraud [1]. - The CSRC emphasizes that financial fraud by listed companies severely harms investor interests and will enforce strict penalties for such misconduct [1][2]. - Oriental Group has acknowledged the risk of mandatory delisting due to significant violations of the Shanghai Stock Exchange listing rules [1][2]. Group 2: Restructuring and Financial Condition - Oriental Group is at risk of not meeting the conditions for restructuring, as it has been under investigation and faces potential mandatory delisting, which disqualifies it from being considered for restructuring value [2]. - The company previously used 629 million RMB of idle raised funds to temporarily supplement its liquidity, but due to tight cash flow, it is expected to be unable to return these funds to the designated account on time [2].