Sunac China Holdings Ltd (01918.HK) saw its stock price soar by 5.11% in intraday trading, following a significant milestone in its offshore debt restructuring efforts. The company announced that approximately 82% of holders of its offshore US dollar-denominated notes, convertible bonds, and mandatory convertible bonds have submitted letters to accede to the Restructuring Support Agreement (RSA).

This development comes after the expiration of the Early Consent Fee Deadline on May 23, 2025. The high approval rate indicates strong support from creditors for Sunac's restructuring plan, which is crucial for the company's financial stability. Additionally, Sunac reported that in aggregate, 64% of the outstanding principal amount of existing debt holders have submitted letters to accede to the RSA.

Investors appear to be reacting positively to this progress, as it suggests Sunac is moving closer to resolving its debt issues. However, the company has advised holders of securities and potential investors to exercise caution when dealing with its securities, indicating that the restructuring process is still ongoing. This significant step forward in Sunac's debt restructuring efforts seems to be driving the stock's upward movement as the market anticipates improved financial health for the company.