CASIN Real Estate Development Group receives ¥626M restructuring investment
What's the deal? Chinese rare-earth entrepreneurs Lin Ping and Sun Minghua are backing a ¥626 million (about $92.8 million) restructuring of debt-laden, delisting-risk company *ST DevelopmentDealroom has a profile for this one. Try Dealroom → (000838.SZ). On August 7, their vehicles Tianjin JingxingDealroom has a profile for this one. Try Dealroom → and Gongqingcheng JingxingDealroom has a profile for this one. Try Dealroom → signed the restructuring investment agreement as lead investors.
How it works: The lead investors and their consortium will acquire 626 million shares transferred at ¥1.00 per share, for ¥626 million total. Tianjin Jingxing and Gongqingcheng Jingxing alone take 343 million shares for ¥343 million.
Why now? *ST Development carries a delisting warning. The deal targets a return to positive net assets attributable to the parent by year-end 2026, preserving its listing. Investors must add at least ¥400 million to capital reserves before December 31, 2026, and ensure 2026 revenue of no less than ¥300 million.
What's the endgame? The couple's core asset is Zhongxi TianmaDealroom has a profile for this one. Try Dealroom →, a rare-earth materials firm in Shandong founded in August 2010 with capacity to process 36,000 tonnes of rare-earth waste annually. After restructuring, the plan is to pivot the listed company toward resource recycling, anchored by its existing environmental business, and to divest low-efficiency assets.
Backstory: Zhongxi Tianma has repeatedly failed to go public. It listed on the New Third Board in October 2017 and delisted in August 2020. It signed listing coaching agreements with China Deutsche SecuritiesDealroom has a profile for this one. Try Dealroom → in 2022 and Orient SecuritiesDealroom has a profile for this one. Try Dealroom → in 2024, but the firm no longer appears in the securities regulator's coaching registry.
The numbers: Zhongxi Tianma's last public figures, for 2019, showed revenue of ¥530 million, up 38.57%, and net profit of ¥50.71 million, up 16.54%. Its two new investment vehicles, formed in December 2025 and July 2026, carry no business or financial track record — raising the question of how the couple will add value.
Lock-up terms: Tianjin Jingxing and Gongqingcheng Jingxing pledged not to reduce their holdings for 60 months from receiving the transferred shares, nor to pledge them for 36 months. The company's total share count will rise to 1.756 billion after the capital-reserve conversion.
Unresolved: Asked whether assets would be injected, *ST Development's board secretary office told Time WeeklyDealroom has a profile for this one. Try Dealroom → on August 10: "There is currently no mention of asset injection, nor of Zhongxi Tianma; more information can be found in subsequent announcements."
The signal: The move is being read as a potential back-door listing route for a rare-earth business that could not clear the IPO process — a pattern where distressed shells become vehicles for firms stalled on the traditional path.
Read more: 36Kr
Image credit: Generated with Gemini
