Sino-Ocean surges 36 percent following green light on debt restructuring

Sino-Ocean Group (3377) once gained over 36 percent after a UK court approved its debt restructuring plan.

Its shares surged 36.4 percent at HK$0.30 apiece after opening 13.6 percent higher.

London's High Court yesterday approved the Chinese property developer's plan to restructure around US$6 billion (HK$46.8 billion) of its debt, despite opposition from an ad hoc group of creditors.

State-backed Sino-Ocean is attempting a parallel process in London and Hong Kong to restructure its offshore debt, as other developers have defaulted since the Chinese property sector's 2021 debt crisis.