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The latest update is out from Powerlong Real Estate Holdings Ltd. ( (HK:1238) ).
Powerlong Real Estate Holdings Ltd. has advanced a holistic debt restructuring plan with key creditor groups, securing support from participating creditors holding about 85.48 percent of the in-scope debt. A scheme of arrangement was approved by the requisite majority of scheme creditors on 12 May 2026, and the company will now seek court sanction at a hearing scheduled for 17 June 2026 in Hong Kong.
The restructuring will take effect once all conditions are met, at which point all in-scope debt will be cancelled, related guarantees and securities will be released, and consideration distributed to scheme creditors, no later than 30 September 2026 unless extended. On the restructuring effective date, Powerlong plans to issue up to US$1.2 billion in mandatory convertible bonds under a specific mandate, convertible into up to 4,074,782,608 new shares at HK$2.3 each, a move that will significantly recapitalise the balance sheet but also substantially dilute existing shareholders.
More about Powerlong Real Estate Holdings Ltd.
Powerlong Real Estate Holdings Ltd. is a Cayman Islands-incorporated property developer and operator listed in Hong Kong. The group focuses on real estate development and related investment activities, with financing largely supported by offshore debt markets and Hong Kong equity investors.
Average Trading Volume: 625,766
Technical Sentiment Signal: Sell
Current Market Cap: HK$964.7M
For detailed information about 1238 stock, go to TipRanks’ Stock Analysis page.