New Stock Issuance - New stock issued by Dingjia Precision at a price of 11.16 on July 22, 2025[1] - ST Kelly's tender offer period is from July 17 to August 15, 2025[1] - ST Zitian and other companies have also announced new stock issuances[1] Market Alerts - Significant abnormal fluctuations reported for several stocks including Guangshengtang and Huayin Power[1] - Multiple companies have disclosed announcements regarding stock performance and market activities[1] - The report includes links to detailed announcements for various stocks, indicating ongoing market monitoring[1]

New Stock Issuance - The new stock issued by Hanguo Group is priced at 15.43 RMB per share[1] - The subscription period for the tender offer of ST Kelly is from July 17, 2025, to August 15, 2025[1] Abnormal Fluctuations - Several stocks, including ST Zitian and Guangshengtang, have reported severe abnormal fluctuations[2] - The announcement links for stocks experiencing abnormal fluctuations are provided for investor reference[2] Market Updates - A total of 30 stocks have been listed for trading updates, with various announcements made between July 15 and July 21, 2025[1] - The report includes links to detailed announcements for each stock, ensuring transparency and accessibility for investors[1]

Core Viewpoint - *ST 恒久 is expanding its presence in the photovoltaic sector by acquiring a significant stake in Shanghai Jingxin Technology Co., Ltd. (Jingxin Technology), which is expected to enhance its business scale and profitability [2][3]. Group 1: Investment Details - *ST 恒久 plans to acquire a total of 43.04% equity in Jingxin Technology through a combination of capital increase and share purchase, with an investment of 8 million yuan [2]. - The company will directly hold 28.57% of Jingxin Technology's shares and will control 14.47% through its wholly-owned subsidiary [2]. - The transaction allows *ST 恒久 to have two-thirds of the board seats at Jingxin Technology, enabling it to influence major governance decisions [2]. Group 2: Financial Performance and Projections - Jingxin Technology's projected revenue for 2024 is 7.70 million yuan, with a net loss of 11.72 million yuan [3]. - For the first four months of 2025, Jingxin Technology's revenue is expected to be 10.01 million yuan, with a net loss of 4.96 million yuan [3]. - The valuation report indicates that Jingxin Technology's net asset value is 1.06 million yuan, with a total equity value of 21.20 million yuan, reflecting a substantial increase of 19,842.27% [3]. Group 3: Strategic Rationale - The acquisition is seen as a strategic move for *ST 恒久 to diversify into the high-growth photovoltaic sector, especially as its core laser business faces stagnation [3]. - The partnership with Jingxin Technology is expected to leverage digital tools and services in the commercial distributed photovoltaic market, enhancing operational efficiency for clients [3]. Group 4: Performance Commitments - The agreement includes performance commitments from Jingxin Technology's shareholders, requiring service revenues to reach 30 million yuan, 60 million yuan, and 90 million yuan for the years 2025 to 2027, respectively [6]. - If performance targets are not met, *ST 恒久 has the right to adjust the valuation of its acquired shares and may require a buyback of shares from the shareholders [7]. Group 5: Risk Mitigation Measures - The performance commitments are designed to create a "safety net" and "incentive" for both parties, aiming to minimize investment risks for *ST 恒久 while motivating Jingxin Technology's team to focus on achieving performance goals [7]. - The effectiveness of these measures will depend on the efficient integration of resources between *ST 恒久 and Jingxin Technology [7].

Group 1 - The core point of the article is that *ST Hengjiu plans to acquire control of Shanghai Jingxin Technology Co., Ltd. through a series of transactions, which will enhance its presence in the renewable energy sector, specifically in distributed photovoltaic services [1][2] - *ST Hengjiu intends to acquire 3.57% of Jingxin Technology's equity by purchasing 59,242 yuan of registered capital for 10 million yuan and will subscribe for an additional 25% equity by investing 70 million yuan for 414,693 yuan of new registered capital [1] - After the completion of the transaction, *ST Hengjiu will hold a total of 43.04% of Jingxin Technology's equity and will have significant control over the company's governance, including appointing key financial personnel [1][2] Group 2 - Jingxin Technology specializes in providing project management services in the distributed photovoltaic sector, including SaaS services and EPC services, which aligns with *ST Hengjiu's strategy to expand its business scale and profit growth in the renewable energy field [2] - The acquisition is a premium purchase, with Jingxin Technology's net asset value at 1.0631 million yuan and an estimated equity value of 212 million yuan, resulting in a valuation increase of 211 million yuan, reflecting a 19,842.27% increase [2] - Notably, Jingxin Technology has not yet achieved profitability as of the evaluation date [2]

Core Viewpoint - The article highlights the increasing involvement of third-party entities in financial fraud within the A-share market, with regulatory bodies intensifying efforts to combat this issue and hold all parties accountable [3][4][6]. Group 1: Financial Fraud Cases - Approximately 30 companies in the A-share market have been penalized or are under investigation for financial fraud this year, with at least 7 of these cases involving third-party collaboration, accounting for 23% of the total [4][5]. - Notable companies involved in financial fraud with third-party assistance include *ST Suwu, *ST Hengjiu, *ST Guangdao, *ST Jingang, ST Langyuan, ST Zhiyun, and ST Zhongqingbao [4]. - The *ST Suwu case involved its subsidiaries engaging in non-substantive trade activities with multiple related companies, resulting in inflated revenue of 1.771 billion yuan and inflated profits of 76 million yuan from 2020 to 2023 [4]. Group 2: Characteristics of Third-Party Involvement - The trend of third-party collaboration in financial fraud has emerged as a new characteristic of capital market misconduct, driven by factors such as the need to evade regulatory scrutiny and the rise of professional "fraud accomplices" [6][13]. - The complexity of these fraud schemes often involves multiple independent parties, making it difficult for regulators to identify and address the underlying issues [13][14]. - The involvement of third parties creates a network of deceit that can lead to systemic risks and undermine market trust [8][9]. Group 3: Challenges for Auditors - Third-party collaboration in fraud poses significant challenges for external auditors, as these accomplices may manipulate various stages of the auditing process to conceal the true nature of transactions [9][10]. - The effectiveness of traditional audit procedures is compromised when companies and their accomplices coordinate their efforts to mislead auditors [10]. - The prevalence of third-party involvement in fraud is a key reason for the frequent failures of auditing standards and practices [10]. Group 4: Regulatory Response - The China Securities Regulatory Commission (CSRC) is actively exploring comprehensive measures to hold third-party accomplices accountable, including administrative, civil, and criminal penalties [11][12]. - The CSRC has begun to impose penalties on third-party entities involved in fraud, as seen in the case of Yuebo Power, where accomplices faced fines for their roles in the fraudulent activities [12]. - Future regulatory efforts will focus on dismantling the "ecosystem" of fraud by targeting both the primary perpetrators and their accomplices [12][15].

Core Viewpoint - *ST Hengjiu plans to acquire a stake in Shanghai Jingxin Technology Co., Ltd. to strengthen its business layout in the renewable energy photovoltaic sector, aiming to expand its business scale and enhance profitability [1][3]. Group 1: Acquisition Details - The company intends to acquire 3.57% of Jingxin Technology's equity by purchasing 5.92 million yuan of registered capital for 10 million yuan and will subscribe for an additional 25% equity by investing 70 million yuan for 414.7 million yuan of new registered capital [1]. - After the transaction, *ST Hengjiu will control a total of 43.04% of Jingxin Technology's equity, allowing it to consolidate the company into its financial statements [1]. Group 2: Financial Performance - Jingxin Technology reported a net asset value of 1.0631 million yuan and a total equity value of 2.12 billion yuan, indicating a significant appraisal increase of 2.11 billion yuan, with a valuation increase rate of 19842.27% [2]. - The company has not yet achieved profitability, with projected revenues of 7.7028 million yuan and a net loss of 11.7233 million yuan for 2024, and revenues of 10.0087 million yuan with a net loss of 4.9557 million yuan for the first four months of 2025 [2]. Group 3: *ST Hengjiu's Challenges - The company has faced declining performance, with net losses of 21.9084 million yuan, 32.6073 million yuan, and 47.1040 million yuan from 2022 to 2024 [3]. - For the first half of 2025, *ST Hengjiu anticipates revenues between 85 million yuan and 110 million yuan, with expected net losses ranging from 16.5 million yuan to 24.5 million yuan [3]. Group 4: Regulatory Issues - The company and its executives, including the chairman, faced penalties for information disclosure violations, resulting in an 8 million yuan fine for *ST Hengjiu and a 10 million yuan fine for the chairman, who is also banned from the securities market for five years [4].

Core Viewpoint - Suzhou Hengjiu Optoelectronics Technology Co., Ltd. is conducting an investment involving the entire equity value of Shanghai Jingxin Technology Co., Ltd., with the assessment of the equity value being 212 million yuan (approximately 21.2 million) based on the income approach, which better reflects the intangible assets' contributions to profitability compared to the asset-based approach [1][2]. Group 1: Valuation Methodology - The asset-based approach is limited in accurately quantifying the contributions of intangible assets such as talent, product advantages, customer relationships, sales networks, management capabilities, and goodwill [1]. - The income approach provides a more objective, scientific, and reasonable reflection of the equity value by estimating the present value of expected future earnings [1]. Group 2: Investment Agreement - On December 1, 2022, the assessed entity signed an investment agreement with Zhejiang Chuangzhi New Energy Co., Ltd., where Zhejiang Chuangzhi invested 10 million yuan for a 5.2083% equity stake [3]. - The agreement stipulates that 5 million yuan of the investment must be paid within ten days after the completion of industrial and commercial changes, with the remaining 5 million yuan to be paid within 18 months after the completion of the next round of SPA agreement [3]. - The investment agreement's related obligations were fulfilled, with Zhejiang Chuangzhi paying the remaining 5 million yuan by November 15, 2024, which will increase the assessment result by 5 million yuan [3].

本资产评估报告依据中国资产评估准则编制 苏州恒久光电科技股份有限公司拟对外投资 涉及的上海憬芯科技有限公司 中国资产评估协会 资产评估业务报告备案回执 股东全部权益价值 资产评估报告 苏中资评报字(2025)第 1007 号 (共一册,第一册) | 报告编码: | 3232020077202500034 | | --- | --- | | 合同编号: | 2024-0731 | | 报告类型: | 非法定评估业务资产评估报告 | | 报告文号: | 苏中资评报字(2025)第1007号 | | 报告名称: | 苏州恒久光电科技股份有限公司拟对外投资涉及的上海憬芯科技 有限公司股东全部权益价值资产评估报告 | | 评估结论: | 212,000,000.00元 | | 评估报告日: | 2025年01月24日 | | 评估机构名称: | 江苏中企华中天资产评估有限公司 | | 签名人员: | 刘阳洋 (资产评估师) 正式会员 编号: 32190156 周儒 刚 (资产评估师) 正式会员 编号:32050049 | | | 刘阳洋、周雷刚已实名认可 | (可扫描二维码查询备案业务信息) 江苏中企华中天资产评估有限 ...

北京博星证券投资顾问有限公司 关于 《苏州恒久光电科技股份有限公司关于收购 上海憬芯科技有限公司部分股权并增资有关事项的说明》 . ： ———专项核查意见 独立财务顾问 北京博星证券投资顾问有限公司 star Securities Investment Consulting Co., Ltd 二〇二五年四月 深圳证券交易所: 北京博星证券投资顾问有限公司受苏州恒久光电科技股份有限公司(以下简 称"公司"、"上市公司"或"恒久科技"）委托，对恒久科技出具《关于收购上 海憬芯科技有限公司部分股权并增资有关事项的说明》进行专项核查,现将核查 结果出具如下。 在本核查意见中,若合计数与各分项数值相加之和在尾数上存在差异,均为 四舍五入所致。 rea -- C | 释义 . | | --- | | 一、本次交易的背景和目的………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 | | 二、本次交易方案概述 | | 三、标的公司业务模式说明 . | | 四、标的公司评估情况 | | 五 ...

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 苏州恒久光电科技股份有限公司（以下简称"公司"）已召开第六届董事会 第六次会议，审议通过了《关于聘任公司总经理的议案》，经公司董事长提名及 公司董事会提名委员会审议通过，同意聘任陈志先生为公司总经理，任期从本次 董事会审议通过之日起至第六届董事会届满为止。陈志先生简历见附件。 证券代码：002808 证券简称：*ST恒久 公告编号：2025-038 苏州恒久光电科技股份有限公司 关于聘任总经理的公告 2025 年 7 月 18 日 1 附件：总经理简历 陈志先生：男，1976 年 2 月出生，中国国籍，无境外永久居留权，在职研究 生学历。2001 年以来，曾先后在互联网软件公司，券商，基金工作，担任行业研 究员，部门总监，公司总经理等职位，具有良好的企业管理和风险控制能力与经 验。 截止本公告披露日，陈志先生未持有公司股份，与公司其他董事、监事、高 级管理人员，以及持有公司 5%以上股份的股东、实际控制人不存在关联关系；未 受过中国证监会及其他有关部门的处罚和证券交易所惩戒等情形；不存在《公司 法》和《公司章程 ...