Sunac China (01918.HK) Offshore Debt Restructuring Taking Effect Drives Hong Kong Hot Stock Analysis

The initial recording time of the event was December 22, 2025, 10:30:02 (UTC+8), when Sunac China (01918.HK) entered the Hong Kong Stock Market Popularity List of the East Money App. On December 23, 2025, the company officially announced the effectiveness of its offshore debt restructuring plan, which became the core driver of stock price fluctuations and market attention.

The core reason Sunac China has recently become a hot stock in Hong Kong is the official effectiveness of its offshore debt restructuring plan [2]. This plan resolved approximately US$9.6 billion in offshore debt [2], and combined with the previously completed domestic debt restructuring, made the company the first large distressed real estate enterprise to complete full domestic and offshore debt restructuring [3]. In terms of price performance, on December 24, 2025, the stock opened at HK$1.300, up 1.56% from the previous trading day’s closing price of HK$1.280, with a market capitalization of approximately HK$14.9 billion [4]. The trading volume was about 19.56 million shares, and the turnover was about HK$25.46 million, which was higher than the historical average [4]. At the operational level, the company released positive signals: it expects to complete the delivery of over 50,000 new homes in 2025 [2]; Shanghai One Mansion’s cumulative sales exceeded RMB 22 billion, ranking as the national single-project sales champion in 2025 [2]; founder Sun Hongbin appeared at a project groundbreaking ceremony to convey confidence [3].

• Industry Benchmark Significance
  : As the first large real estate enterprise to complete full domestic and offshore debt restructuring, Sunac’s debt resolution case provides a reference benchmark for the real estate industry and boosts market confidence in resolving industry risks [3].
• Signal of Operational Recovery
  : The founder’s public appearance, as well as project delivery and sales performance, indicate that the company’s operations are gradually returning to normal after debt pressure is relieved [3][2].
• Long-term Institutional Optimism
  : Multiple institutions have given buy or outperform ratings, with target prices generally higher than the current stock price, showing confidence in the company’s long-term development [5].

1. Persistent Financial Pressure
   : In the first half of 2025, the company’s revenue decreased by 41.7% year-on-year, with a net loss of RMB 12.81 billion and cash and cash equivalents of only about RMB 4.404 billion, resulting in tight liquidity [6].
2. Shareholder Dilution Risk
   : The conversion of mandatory convertible bonds issued in the debt restructuring in the future may lead to dilution of existing shareholders’ equity [6].
3. Uncertainty in Sales Recovery
   : From January to November 2025, cumulative contract sales decreased by 25.3% year-on-year, and industry downward pressure still exists [2].

1. Significant Relief of Debt Pressure
   : After the completion of domestic and offshore debt restructuring, the debt repayment pressure is expected to decrease by nearly RMB 60 billion [3], providing room for operational recovery.
2. Increased Market Confidence
   : The resolution of debt risks is expected to attract more investor attention and promote stock price recovery [4].

Sunac China became a hot Hong Kong stock due to the official effectiveness of its offshore debt restructuring plan, which is a milestone in resolving the company’s debt risks. The stock price has shown a slight upward trend in the short term, and market sentiment is optimistic, but the company still faces risks such as financial pressure, shareholder dilution, and uncertainty in sales recovery. Investors should make decisions based on their own risk preferences and the company’s subsequent operational performance.