Core Viewpoint - *ST Jiaotou has released a draft of its pre-restructuring plan, aiming to optimize its debt structure, enhance operational efficiency, and mitigate delisting risks, thereby ensuring the protection of the rights of creditors, small investors, and employees [1][8]. Group 1: Pre-restructuring Process - The pre-restructuring process for *ST Jiaotou is the fastest among newly applied restructuring companies this year, taking only two months from court registration to the announcement of the pre-restructuring plan [2]. - The company was applied for pre-restructuring by creditors on April 22, 2025, due to its inability to repay debts and insufficient assets, but it was deemed to have restructuring value [2]. Group 2: Highlights of the Pre-restructuring Plan - The investment pricing for the restructuring is considered fair, with financial investors subscribing to approximately 169 million shares at a price of 4.67 yuan per share, totaling about 787 million yuan, while industrial investors subscribed to 35 million shares at 3.87 yuan per share, totaling about 135 million yuan [3][4]. - The capital increase plan involves a ratio of 10 shares for 14.5 shares, which is within the regulatory limit and aims to balance the interests of shareholders and creditors [4]. - The debt repayment plan accommodates different types of creditors, offering various options for those with debts over 500,000 yuan, including cash and stock options [5][6]. Group 3: Future Business Prospects - The restructuring may lead to changes in the company's main business, with the potential for high-quality assets from the industrial investor, Yunnan Jiaotou Group, to be injected into *ST Jiaotou [7]. - The collaboration with Yunnan Jiaotou Group, which has a significant asset base and expertise in various sectors, is expected to enhance the company's business scale and profitability [7]. Group 4: Risk Mitigation and Stakeholder Benefits - The restructuring is crucial for resolving delisting risks, as *ST Jiaotou's net assets were negative at the end of 2024, and without effective restructuring, it faces potential delisting by 2026 [8]. - The pre-restructuring plan reflects a balance of interests among various stakeholders, aiming for a win-win outcome for creditors and investors [8].