Bloomberg: According to people familiar with the matter, CICC has once again participated in Vanke's bailout, and Shenzhen has submitted a bailout plan to Beijing through Guangdong Province. The leading investment bank is assisting the Shenzhen Municipal Government and major shareholder Shenzhen Metro Group to formulate a comprehensive rescue plan for the liquidity crisis faced by Vanke. According to the latest information, CICC mainly undertakes the role of debt restructuring design, asset sale coordination and financing plan planning, including bank loan extension, high-quality asset sale, and introduction of policy funds. Shenzhen has submitted a report to the central government through Guangdong Province containing the above plan, but emphasized that the action is mainly market-oriented, and it is not clear whether the final state-owned capital injection will be implemented.

The core trigger point of the recent changes in Vanke's stock price is the "22 Vanke MTN004" bondholders' meeting held on December 10, which announced a debt extension plan including state-owned asset credit enhancement.
The 2 billion yuan medium-term note was originally scheduled to expire on December 15, and the most critical part of the extension plan is the full joint and several liability guarantee provided by Shenzhen Metro Group ( Shenzhen Railway ), which is a decisive factor in restoring market confidence.