Md.--
The two models have different predictors for G. The first model includes A through F, while the second includes both a common factor for A, B and C plus C again and D, E, and F. A common factor carries only the variance that is common to its indicators, while your first model allows all of the variance of all of the predictors to predict G. Now C appears twice in the second model, both as an indicator of K and as a separate predictor of G, which complicates interpretation. The first model is entirely saturated, while the second includes some constraints. In the second, the relation between A, B and G is mediated by K, while the relation between C and G is not mediated by the common factor K.
It is possible that the constraints in your model have affected parameter estimates. The full mediation of the (A, G) and (B, G) relations by the common factor K may induce lack of fit, if those constraints are not fully consistent with the model, and that may induce bias in the parameter estimates.
The impact of collinearity will also be different across the two models. In the first model, all other variables directly predict G, so collinearity among all those variables may alter parameter estimates (and standard errors). In the second model, only K and C, D, E, and F directly predict G. So making common factor K mediate the relation for A and B may change how much collinearity affects the parameter estimates for the regression of G.