Analysis of Sunac China (01918.HK) Becoming a Hot Stock in Hong Kong Stock Market After Completing Overseas Debt Restructuring

Sunac China (01918.HK) is a real estate developer listed on the Hong Kong Stock Exchange. Recently, it has become a hot stock due to the completion of its overseas debt restructuring. According to the company’s announcement and relevant reports, on December 23, 2025, the company’s approximately US$9.6 billion in overseas debt was fully discharged and waived, the restructuring took effect, and as consideration, mandatory convertible bonds were issued to creditors [2][3][4]. This measure resolved the company’s overseas debt risk, optimized its capital structure, and boosted market confidence [3]. On December 29, the company allocated 279 million new shares in accordance with the Jiyou Restructuring Agreement to advance the restructuring process [5]. In terms of price, according to QQ Finance data, the current price is HK$1.29, an increase of 0.78% from the previous trading day. The recent 10-week fluctuation range is HK$1.24-HK$1.61, and the 20-week range is HK$1.24-HK$1.92 [1]. Market sentiment is divided: some investors are optimistic about the resolution of debt risks and credit recovery, even saying “buy” on social media [1]; however, there are also doubts about the company’s credibility, contractual spirit, and unfinished building projects [1].

1. Overseas debt restructuring is the core catalyst for becoming a hot stock this time, marking the complete resolution of the company’s overseas debt risk and laying the foundation for subsequent domestic debt resolution and business recovery.
2. The division of market sentiment reflects investors’ different expectations for the overall downward pressure on the real estate industry and the individual credit repair of the company.
3. The recent stock price fluctuation range is relatively stable, and the support level of HK$1.24 and resistance level of HK$1.61 are worthy of attention.

• 机遇
  ：After debt restructuring, the capital structure is optimized and market confidence is enhanced, which helps promote the resolution of real estate project debts and asset activation, supporting the gradual recovery of operations [3].
• 风险
  ：The overall downward pressure on the real estate industry still exists, and the progress of domestic debt resolution remains to be observed; some investors have doubts about the company’s project development and operation capabilities, and the problem of unfinished buildings may affect market confidence; factors such as industry regulation and sales decline still have an impact on the company.

Sunac China (01918.HK) became a hot stock in the Hong Kong stock market due to the completion of overseas debt restructuring, which resolved approximately US$9.6 billion in overseas debt risk. The current stock price is HK$1.29, with an increase of 0.78%, and the recent fluctuation range is HK$1.24-HK$1.92. Market sentiment is divided, and factors such as the downward pressure on the real estate industry, the progress of domestic debt resolution, and the company’s operating capabilities need to be watched.