*ST Zhangjiajie Tourism Group (referred to as *ST Zhanggu) has identified several restructuring investors, including Hunan TV & Broadcast Intermediary Co., Ltd. (Hunan TV & Broadcast), Mango Excellent Media, and Caissa Tosun Development.
On the evening of November 14, *ST Zhanggu announced that the company and its administrators had signed a restructuring investment agreement with eight investors, among which three are A-share listed companies: Hunan TV & Broadcast, Mango Excellent Media, and Caissa Tosun Development.
*ST Zhanggu, a state-owned tourism company based in Zhangjiajie City, is known as the "top scenic tourism stock" in China. However, due to debt issues, it has entered restructuring proceedings, which include a capital reserve-to-share conversion plan.
The signing of the restructuring agreement marks a crucial step in advancing the company’s financial rehabilitation. As of November 14, *ST Zhanggu’s stock closed at 9.62 yuan per share, down 1.84%, with a total market capitalization of 3.894 billion yuan.
**Involvement of Three A-Share Companies and Synergistic Plans** According to the announcement, on November 13, *ST Zhanggu and its administrators signed the restructuring agreement with investors including Hunan TV & Broadcast, Mango Cultural Tourism Investment Co., Ltd. (a subsidiary of Hunan TV & Broadcast), Mango Excellent Media, Caissa Tosun Development, Guangzhou Caissa Haina Investment Partnership, Zhangjiajie Industrial Investment (Holdings) Co., Ltd., Gongqingcheng Jifu Qingyuan Investment Partnership, and Shenzhen Fortune Capital Venture Investment Management Co., Ltd.
The agreement outlines that Hunan TV & Broadcast, Mango Cultural Tourism, and Mango Excellent Media will leverage *ST Zhanggu’s local advantages to revitalize its Dayong Ancient Town project. The collaboration will focus on restructuring business formats, boosting visitor traffic, upgrading branding, and enhancing operational management. The goal is to transform the project into a hub for film and TV production, live streaming, fan engagement, and immersive tourism experiences, thereby increasing visitor retention rates in Zhangjiajie.
Additionally, *ST Zhanggu and Hunan TV & Broadcast plan to explore mergers, acquisitions, and fund investments to acquire or develop other high-quality cultural and tourism assets in Zhangjiajie, expanding the tourism industry chain and improving competitiveness.
Zhangjiajie Industrial Investment, a wholly-owned subsidiary of the Zhangjiajie State-owned Assets Supervision and Administration Commission, will support the integration of local tourism assets aligned with *ST Zhanggu’s core business. Once these assets meet regulatory requirements, they may be injected into *ST Zhanggu or leveraged for deeper cooperation.
**Restructuring Application Approved** *ST Zhanggu stated that successful restructuring would help improve its financial health, operational efficiency, and long-term sustainability.
Earlier, three creditors—Zhangjiajie Bochen Construction Engineering Co., Ltd., Hunan Construction Engineering Group Co., Ltd., and Zhangjiajie Economic Development Investment Group Co., Ltd.—filed restructuring applications between October 2024 and July 2025, citing the company’s inability to repay debts. On November 3, 2025, the Zhangjiajie Intermediate People’s Court approved the restructuring petition.
Established in December 1992 and listed on the Shenzhen Stock Exchange in August 1996, *ST Zhanggu specializes in tourism resource development, infrastructure construction, and related high-tech services. However, it has reported consecutive net losses from 2022 to 2025, totaling hundreds of millions of yuan.
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