Shares of Zhenro Properties Group Ltd (06158) continued their dramatic rally, climbing more than 180% in early trading on Wednesday, bringing the stock's cumulative gains for the month to over 800%. The company's stock was last seen trading 168.29% higher at HK$0.11, with turnover reaching HK$19.03 million.

The sharp uptick follows the company's announcement that it has submitted a term sheet outlining the proposed terms of its offshore debt restructuring plan to certain creditors. The key terms of the proposal include the cancellation of existing debts and full release of related obligations, alongside the issuance of new company shares on a pro-rata basis to creditors who approve the scheme of arrangement. However, the offshore restructuring plan remains conditional upon reaching agreements with creditors and satisfying several other preconditions before it can be finalized.

Adding to the market excitement, recent reports suggest that Zhenro Properties is also planning to restructure its onshore bonds. The proposed restructuring would cover nine bonds listed on the Shanghai Stock Exchange, with an aggregate principal amount of RMB 6.66 billion. Including accrued interest, the total debt exposure amounts to approximately RMB 7.20 billion. Should the restructuring be successfully implemented, the company's board believes that the group's overall debt level will be reduced.