In the aftermath of the largest judicial restructuring case in China's real estate sector, JINKE SERVICES has introduced an entirely new board of directors. On October 16, *ST JINKE convened an extraordinary general meeting of shareholders to discuss several proposals, including amendments to the "Board Meeting Procedures," and successfully completed the board's overhaul. Guo Wei has been elected as the new chairman and president, while Feng Lun, founder of Wantong Group, has been appointed as the chairman of the advisory committee. Ma Weihua, former president of China Merchants Bank, has taken on the roles of party secretary and honorary chairman. Feng Lun also attended the on-site meeting.

Since the restructuring process began in July 2023, JINKE has finally completed its overhaul after more than two years. The restructuring has allowed the company to shed over 100 billion yuan in debt. Following the introduction of new restructuring investors, there was a change in the company's controlling shareholder and actual controller in September this year, with founder Huang Hongyun relinquishing control, marking the end of the "Huang Hongyun Era."

Guo Wei, born in October 1976, has previously worked with Vanke Group, AVIC Vanke, and New City Holdings in the Suzhou region, later serving as deputy secretary, executive director, and general manager of Cinda Real Estate. Ma Weihua currently holds directorships in several companies, chairs the Social Value Investment Alliance, serves as a director of the One Foundation, and has positions as a part-time professor at Peking University and Tsinghua University. Notably, Zhang Yong, a veteran from JINKE, has also been elected as a director. Zhang served as assistant general manager of JINKE Grand Hotel and director of the president's office from 2005 to 2010, and held various management positions within JINKE from 2010 to 2025.

Reflecting on its history, JINKE faced a funding crisis after defaulting on U.S. dollar bonds at the end of 2022, which led to ongoing losses totaling over 60 billion yuan from 2022 to 2024. In May 2023, *ST JINKE was subject to a creditor application for restructuring. By the end of July that year, the company's board of directors and supervisory board approved a proposal to apply for restructuring. In February 2024, the company submitted its restructuring application materials to the Chongqing Fifth Intermediate People's Court, which officially accepted the application in April 2024. In November 2024, the restructuring investors were confirmed, with Shanghai Pinqi Management Consulting Co., Ltd. and Beijing Tianjiao Lvyuan Real Estate Development Co., Ltd. winning the bidding process.

According to the company's previously disclosed restructuring plan, it completed a conversion of 5.294 billion shares to the management account as of September 11, and on September 19, transferred 3 billion shares (28.21% of total equity) to the accounts designated by all restructuring investors. The consortium designated by Shanghai Pinqi now collectively holds 993 million shares (9.34% of the company's total equity), becoming the largest shareholder. Despite this restructuring completion, *ST JINKE's stock price remains weak, having declined nearly 20% this year.