Group 1 - The core viewpoint of the news is that Guotai Fund's Guotai CSI All Share Securities Company ETF has increased its stake in Jinlong Co., and the fund has experienced a year-to-date return of -9.50%, ranking 3368 out of 3432 in its category [1][2]. Group 2 - The fund manager of Guotai CSI All Share Securities Company ETF is Ai Xiaojun, who has extensive experience in quantitative analysis and fund management, having worked in various roles since 2001 [3][4]. - The fund has shown a performance decline with a year-to-date return of -9.50%, and its quarterly performance is also negative at -7.31% [2]. - The fund's performance is compared to the average of its peers, which has a year-to-date return of 2.62%, indicating a significant underperformance [2].

Core Viewpoint - Jinlong Co. has decided to terminate the major asset restructuring plan to sell its 67.78% stake in Zhongshan Securities, citing concerns over potential loss of operational business and increased cash assets post-sale [2][6][9]. Company Overview - Jinlong Co.'s main business is in the securities sector, primarily through Zhongshan Securities, which contributes significantly to its revenue [3][9]. - As of 2024, Zhongshan Securities reported an operating income of 811 million yuan, a 76.40% increase year-on-year, and a net profit of 153 million yuan, up 237.61% from the previous year [3][11]. Financial Context - Jinlong Co. has been under financial pressure, leading to attempts to divest both Zhongshan Securities and Dongguan Securities [4][8]. - The company’s debt levels are high, and selling Zhongshan Securities could exacerbate its financial situation by leaving it with insufficient operational assets [6][9]. Recent Developments - The initial plan to sell Zhongshan Securities began in June 2024, with interest from potential buyers, but has now been halted [6][10]. - Jinlong Co. is also in the process of selling a 20% stake in Dongguan Securities for 2.272 billion yuan, which may help alleviate some of its debt pressure [7][8]. Business Performance - In 2024, Jinlong Co. reported total revenue of 663 million yuan, a 245.16% increase year-on-year, but still posted a net loss of 89.23 million yuan [9][11]. - The revenue breakdown shows that securities brokerage and investment business accounted for 42.76% and 52.08% of total income, respectively [9]. Future Outlook - Jinlong Co. plans to strengthen its control over Zhongshan Securities and improve its internal management and risk control mechanisms [12]. - The company is exploring new business strategies, including potential investments in computing power sectors, although no recent updates have been provided on these initiatives [9][12][13].

Core Viewpoint - Jindong Co., Ltd. has decided to abandon the sale of its stake in Zhongshan Securities to avoid the risk of becoming a company primarily holding cash or lacking specific business operations, reflecting a strategic shift in its operations [2][3][5] Group 1: Strategic Decisions - The company initially planned to sell its stakes in Zhongshan Securities and Dongguan Securities to reduce debt and transition into the computing power sector, but has now reversed this decision [2][3] - The decision to halt the sale may indicate a cautious approach towards the computing power business and a potential return to its core securities operations [2][5] Group 2: Financial Challenges - Despite the abandonment of the sale, the company still faces significant debt issues, with a high debt-to-asset ratio consistently above 70% over the past decade [6][7] - The company's net profits have been negative during the reporting period, primarily due to substantial interest expenses from its large borrowings [6][7] Group 3: Asset and Equity Situation - The company holds a 67.78% stake in Zhongshan Securities and a 40% stake in Dongguan Securities, both of which contribute significantly to its profits [7] - The company has struggled to progress in selling its stake in Dongguan Securities, with the transaction still pending regulatory approval, leading to frozen shares due to unpaid debts [7][8]

Core Viewpoint - Jinlong Co., Ltd. has decided to terminate the sale of its 67.78% stake in Zhongshan Securities, pausing a significant restructuring effort that has been ongoing for nearly a year [1][2]. Group 1: Termination of Sale - The termination of the sale is aimed at preventing the company from becoming primarily cash-based or lacking specific operational business post-sale [1]. - Jinlong Co. has issued 12 progress announcements regarding the restructuring over the past year, with the latest indicating that the transaction was still in the "pre-listing" phase as of May 6, 2025 [2][3]. - The company's stock price fell to 12.64 yuan per share following the announcement of the termination [6]. Group 2: Historical Context and Stock Performance - Jinlong Co.'s stock has historically experienced significant price increases during major asset restructuring announcements, with a 30% rise in late 2023 and a 75% increase from June to October 2024 following the announcement of the Zhongshan Securities sale [3]. - The company had previously indicated a cautious approach to the sale in its 2024 financial report, highlighting concerns about potential asset composition post-restructuring [4]. Group 3: Financial and Operational Challenges - Jinlong Co. has faced ongoing operational pressures, including a high debt ratio, which has increased from 74.86% in 2021 to 81.09% in 2024 [7]. - The company has been involved in multiple borrowing disputes, including a lawsuit related to a loan of 66.03 million yuan [7]. - Jinlong Co. has reported continuous net losses over the past four years, with losses of 1.31 billion yuan, 3.92 billion yuan, 3.84 billion yuan, and 892.3 million yuan from 2021 to 2024 [8].

星标 ★ IPO日报 精彩文章第一时间推送 5月19日，广东锦龙发展股份有限公司（000712.SZ，下称"锦龙股份"）一纸公告宣告了历时近一年的重大资产重组计划终止。 公告第二天，锦龙股份股价微跌2.67%至12.75元/股，但较2024年6月出售计划公布次日8.22元/股的收盘价，累计上涨55.1%，市场情绪呈现分 化。 制图：佘诗婕 资产负债率高企 具体来看， 2024年6月5日，锦龙股份首次披露拟通过公开挂牌转让中山证券67.78%股权，构成重大资产重组。 彼时，公司同步推进的还有东莞证券20%股权转让计划，若两项交易完成，其证券资产将仅剩东莞证券20%股权。 2024年8月，东莞证券20%股权以22.72亿元对价转让给东莞金控的协议签署，但中山证券股权的出售却陷入僵局。尽管多家意向方参与尽调，但 始终未达成正式协议。 回顾锦龙股份此前的甩卖冲动，或源于公司岌岌可危的财务现状。 截至2024年12月31日，锦龙股份资产负债率高达81.09%，短期借款16.46亿元，长期借款42.72亿元。 而高负债导致利息支出巨大，2022年— 2024年，公司利息支出均超6.6亿元/年，其中，2024年均利息支出为 ...

子公司股权预挂牌仅半个月后竟终止，广东锦龙发展股份有限公司（以下简称"锦龙股份"）的"突然决策"引 发市场关注。5月19日，锦龙股份公告称，为防止公司在出售中山证券股权后可能出现主要资产为现金或者无 具体经营业务的情形，拟终止本次重组。值得一提的是，5月6日，上述股权才预挂牌。在终止筹划相关事项 的同时，锦龙股份也拟借款展期。年报数据显示，截至2024年末，锦龙股份的资产负债率高达81.09%，且归 母净利润也已连续四年亏损。有分析人士直言，上述原因更像是一种借口。"可能是出售过程中出现了问题， 或公司改变主意不想卖了。" 预挂牌半月后终止 5月19日，锦龙股份发布公告表示，为加快推进公司业务转型，并为公司向实体经济转型和拓展新质生产力创 造有利条件，此前公司拟转让所持有的中山证券全部67.78%股权，现公司决定终止本次重组。 对于终止筹划的原因，锦龙股份表示，此前已有意向受让方与公司进行接洽，且已有意向受让方对中山证券 开展了尽职调查。根据公司实际情况和《重组管理办法》相关规定，为防止公司在出售中山证券股权后可能 出现主要资产为现金或者无具体经营业务的情形，决定终止本次重组。 在上述消息公布后的首个交易日， ...

资金回笼计划终止的同时，还有10亿债务面临展期。 时隔近一年，锦龙股份（000712.SZ）转让中山证券股权宣告终止。 锦龙股份5月19日披露此事时解释，终止转让股权，是为了防止出售中山证券股权后，该公司可能出现主要资产为现金，或者无具体经营业务的情形。该公 司曾去年计划出清券商业务、跨界转型算力行业。但截至目前，向算力业务转型的计划，尚未取得实质性进展。 重组计划终止的同时，锦龙股份还面临沉重债务压力。该公司在公告中称，将寻求对一笔10亿元的借款进行展期。截至今年3月底，该公司资产负债率超过 80%。而截至去年底，该公司的逾期未偿债务就已超过7亿元。 转让券商股权按下"暂停键" 锦龙证券筹划转让中山证券的股权，目前已经接近一年。去年6月，该公司公告称，为加大资金回笼规模，加快业务转型，拟转让所持有的全部中山证券 67.78%股权。 期间，该公司多次披露重大资产重组进展。预挂牌后，已有意向受让方进行了接洽，部分意向受让方还对中山证券开展了尽调。该公司也聘请了独立财务顾 问、审计机构、评估机构等，就重组开展尽职调查、审计和评估等工作。 | | 2024 年 1-6 月 | | 2023 年度 | | | | - ...

Group 1 - Hongjing Technology signed a service contract for an intelligent computing project with a total amount of 597 million yuan, valid for 5 years [1] - Weifu High-Tech's subsidiary invested 220 million yuan to establish a joint venture with Shanghai Baolong Automotive Technology [2] - Zhongshan Public received approval for the registration of short-term financing bonds amounting to 2 billion yuan and medium-term notes of 3 billion yuan [3] Group 2 - Lianhua Technology established a venture capital fund with a total commitment of 200 million yuan, contributing 100 million yuan as a limited partner [4] - Changan Technology's shareholder signed an agreement to transfer 6.27% of the company's shares to Hefei State Capital Venture Investment [6] - Hangzhou Garden announced a cash dividend of 0.5 yuan per 10 shares, totaling 6.62 million yuan [8] Group 3 - Huamao Technology plans to acquire 100% equity of Fuchuang Youyue, leading to a temporary suspension of its stock [9] - Zhuojin Co. won a bid for a soil remediation project in Hefei with a contract value of 67.68 million yuan [10] - Shanghai Pharmaceuticals received FDA approval for two drugs, enhancing its product portfolio [10] Group 4 - Fuxing Pharmaceutical's senior vice president resigned for personal reasons [12] - Baolong Technology's subsidiary plans to invest 180 million yuan in a joint venture [13] - ST Zhongdi intends to utilize surplus funds from a project company, with a maximum of 106 million yuan [14] Group 5 - Nanchao Food reported a significant decline in net profit for April, down 82.14% year-on-year [16] - Changshan Pharmaceutical received a drug registration certificate in Belarus for a new product [18] - Nanshan Aluminum established a wholly-owned subsidiary for photovoltaic energy projects with an investment of 5 million yuan [20] Group 6 - Bozhong Precision announced the resignation of a director and deputy general manager [22] - Xinjiang Jiaojian won a bid for a highway construction project valued at 451 million yuan [23] - Guangzhou Restaurant declared a cash dividend of 0.48 yuan per share, totaling 273 million yuan [25] Group 7 - Weili Medical's subsidiary obtained a medical device operating license, allowing it to engage in wholesale activities [27] - New Australia Co. announced a cash dividend of 0.3 yuan per share, totaling 219 million yuan [28] - Lianhua Technology's subsidiary entered the new third board innovation layer [29] Group 8 - Huaxi Energy's chairman resigned due to personal reasons [31] - Yipin Hong plans to use up to 500 million yuan of idle funds for cash management [33] - Shouhua Gas intends to purchase bauxite resources through market means [34] Group 9 - Jincheng signed a service agreement for underground mining operations at the Komakau Copper Mine, valued at approximately 805 million USD [34] - Wanrun New Energy signed a supply contract with CATL for lithium iron phosphate products, with a total supply of about 1.32 million tons [35] - Weili plans to transfer 100% equity of a subsidiary to Chengfa Environment for 100 million yuan [36] Group 10 - Zhenlei Technology's subsidiary received government subsidies of 2.21 million yuan, positively impacting profits [38] - Weir shares plan to change their name to "Haowei Group" to reflect strategic direction [39] - YTO Express reported a revenue increase of 16.32% in April, totaling 5.755 billion yuan [39]

Core Viewpoint - Jinlong Co., Ltd. has decided to terminate the sale of its 67.78% stake in Zhongshan Securities, pausing a significant restructuring effort that has been ongoing for nearly a year [2][6]. Group 1: Background of the Sale - The board of Jinlong Co., Ltd. approved the proposal to publicly pre-list the transfer of Zhongshan Securities' stake on June 5, 2024, marking the beginning of the restructuring process [4]. - Since June 2024, Jinlong Co., Ltd. has issued 12 progress announcements regarding the major asset restructuring [4][5]. - As of May 6, 2025, the transaction was still in the "pre-listing" phase at the Shanghai United Assets and Equity Exchange, aimed at seeking potential buyers [5]. Group 2: Reasons for Termination - The company cited concerns that selling the stake could lead to a situation where its main assets would consist solely of cash or lack specific operational business [7][8]. - Jinlong Co., Ltd. had previously indicated in its 2024 financial report that it would cautiously consider the sale to avoid significant asset restructuring risks [7][8]. Group 3: Financial Pressure and Performance - Jinlong Co., Ltd. has faced increasing financial pressure, with its debt-to-asset ratio rising from 74.86% in 2021 to 81.09% in 2024 [9]. - The company has been under liquidity pressure, frequently borrowing funds, including a proposed loan of up to 1.5 billion yuan from its controlling shareholder in February 2025 [9]. - Jinlong Co., Ltd. has reported continuous net losses over the past four years, with losses of 131 million yuan, 392 million yuan, 384 million yuan, and 89.23 million yuan from 2021 to 2024 [10]. Group 4: Future Business Transformation - The company has expressed intentions to gradually transition its business towards intelligent computing centers and has indicated that the sale of Zhongshan Securities was part of this strategy [11]. - The termination of the stake sale raises questions about how Jinlong Co., Ltd. will create favorable conditions for its business transformation moving forward [11].

Core Viewpoint - Jinlong Co., Ltd. has decided to terminate the sale of its stake in Zhongshan Securities to avoid the risk of becoming a company with no specific operating business after the sale [2][4]. Group 1: Termination of Sale - On May 19, Jinlong Co., Ltd. announced the termination of the planned sale of its Zhongshan Securities stake, citing regulatory requirements that aim to enhance the company's sustainable operating capacity [4]. - The company's current main business is solely in the securities sector, and selling both Zhongshan Securities and Dongguan Securities would leave it without a core business [4]. - The announcement led to a slight decline in the company's stock price, which fell by 2.9% to 12.72 yuan per share by midday [2]. Group 2: Business Transformation Plans - Jinlong Co., Ltd. has been planning to exit the financial sector and focus on the real economy, specifically through investments in the intelligent computing center sector [6]. - The company signed a cooperation agreement in April 2024 to establish a project company for the construction and operation of intelligent computing centers in Guangdong [6]. - Despite these plans, there has been no significant progress reported on the intelligent computing center project, and the company has not provided further updates in its 2024 annual report [7]. Group 3: Financial Challenges - Jinlong Co., Ltd. is facing significant financial challenges, with a reported debt ratio of 81.09%, an increase of 3.92 percentage points year-on-year [9]. - The total liabilities of the company amount to 19.196 billion yuan, including short-term loans of 1.646 billion yuan and long-term loans of 4.272 billion yuan [9]. - The company is actively seeking to reduce its debt ratio and optimize its financial structure by pursuing the sale of Dongguan Securities [10].