Group 1 - The core point of the article is that New Dazheng plans to acquire 75.15% equity of Jiaxin Liheng through a combination of issuing shares and cash payment, with the transaction price yet to be determined [1] - The company aims to expand its business coverage significantly in key regions such as the Yangtze River Delta, Bohai Bay, Guangdong-Hong Kong-Macao Greater Bay Area, and Chengdu-Chongqing Economic Circle [1] - This transaction is expected to constitute a major asset restructuring for the company, with its securities set to resume trading on September 29, 2025 [1]

Core Viewpoint - New Dazheng (002968.SZ) announced the resumption of trading on September 29, 2025, after applying to the Shenzhen Stock Exchange [1] Group 1: Trading Resumption - New Dazheng resumed trading at a price of 12.05 yuan, experiencing a decline of 7.87% [2] - Prior to the suspension, the stock had reached the daily limit for two consecutive trading days on September 11 and 12 [2] Group 2: Asset Acquisition and Fundraising - The company plans to acquire a total of 65.1521% equity in Jiaxin Liheng from TS Capital Facility Management Holding Company Limited and Beijing Xinrunheng Equity Investment Partnership [2] - Additionally, the company aims to acquire 10% equity from six other partners, with a total of no more than 35 specific investors to raise supporting funds [2] - The payment for the acquisition will be split equally between issuing shares and cash [3] Group 3: Transaction Details - The transaction does not involve a change in control of the company, and the main business operations are expected to remain unchanged [4] - TS Capital Facility Management Holding Company Limited is anticipated to become a shareholder holding more than 5% of the company's shares post-transaction [4] - The total amount of supporting funds raised will not exceed 100% of the asset purchase price, with the number of shares issued capped at 30% of the total share capital before the issuance [4] Group 4: Ongoing Processes - As of the announcement date, the audit and evaluation work related to the transaction has not been completed, and the board has decided not to hold a shareholders' meeting until these tasks are finalized [5] - The restructuring requires necessary internal decision-making processes and approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [6]

Group 1 - New Dazheng plans to acquire 75.15% stake in Jiaxin Liheng through a combination of share issuance and cash payment, involving significant asset restructuring and related transactions, without changing the actual controller or constituting a restructuring listing [1] - The acquisition aims to expand New Dazheng's business presence in key regions such as the Yangtze River Delta, Bohai Rim, Greater Bay Area, and Chengdu-Chongqing Economic Circle [1] - Market reaction to the acquisition has been negative, with New Dazheng's stock price dropping 5.58% to 12.35 yuan after resuming trading [1] Group 2 - New Dazheng has been active in the M&A market, acquiring 100% stakes in various companies, but not all acquisitions have been successful, such as the failed attempt to acquire 80% of Yunnan Cangheng Investment for 788 million yuan [2] - The company has faced ongoing challenges with "increasing revenue but not increasing profit," as traditional property management markets have become increasingly competitive, leading to squeezed profit margins [2] - Despite revenue growth in 2023 and 2024, New Dazheng's net profit has declined significantly, with a net profit margin dropping to a historical low of 3.76% in 2024 [3] Group 3 - The acquisition of Jiaxin Liheng is seen as a potential opportunity for New Dazheng to enter the high-value Integrated Facility Management (IFM) sector, which is projected to reach a market size of 707.22 billion yuan by 2024 [4][5] - Jiaxin Liheng is a leading independent IFM service provider in China, with a strong client base including multinational corporations and a presence across 32 provinces [5] - However, the profitability of IFM services is highly dependent on project management capabilities and client structure, raising questions about whether this acquisition will genuinely enhance New Dazheng's profitability [6] Group 4 - New Dazheng's cash flow situation is concerning, with negative operating cash flow for three consecutive years and accounts receivable accounting for 60.2% of revenue, indicating increasing capital occupation issues [3] - The company has attempted to restructure and improve efficiency through various initiatives, but the challenges of shrinking business scale and profit pressure persist [3] - The market remains cautious about the acquisition, with concerns about the potential high transaction price exacerbating New Dazheng's already strained cash flow situation [6]

Group 1 - Zhiguang Electric plans to acquire minority stakes in its subsidiary Zhiguang Energy Storage through a combination of share issuance and cash payment, leading to a temporary suspension of its stock trading for up to 10 trading days [1] - Guangbo Co. has been awarded a procurement project by the State Grid Corporation of China, confirming its status as one of the successful bidders for office and industrial supplies [2] - Dongguan Holdings announced the resignation of its chairman Wang Chong'en due to work changes, with Lin Yongsen appointed as the interim chairman [2] Group 2 - *ST Tianmao's stock will be delisted on September 30, 2025, following the Shenzhen Stock Exchange's decision to terminate its listing [3] - Salt Lake Co. has entered the trial production phase for its 40,000 tons/year integrated lithium salt project, successfully producing qualified battery-grade lithium carbonate [5] - Xindazheng plans to adjust its share repurchase price limit from 13.78 yuan to 16.79 yuan per share, maintaining a total repurchase fund of 10 million to 20 million yuan [7] Group 3 - Xindazheng intends to acquire 75.15% of Jiaxin Liheng's equity through share issuance and cash payment, with the transaction price yet to be determined [9] - Koli'er's actual controller plans to reduce his stake by up to 2% of the company's total shares due to funding needs [11] - United Precision's two actual controllers plan to collectively reduce their stake by up to 3% of the company's total shares for personal financial reasons [13] Group 4 - Yipinhong's subsidiary has received a drug registration certificate for L-carnitine oral solution, which is classified as a chemical drug [15] - Tiancheng Self-Control plans to establish a wholly-owned subsidiary in Japan and invest in a warehouse and production base with a budget of up to 10 million yuan [17] - Ningbo Huaxiang's joint venture has obtained a patent license from Jilin University for PEEK technology, which will enhance its R&D capabilities [21] Group 5 - Bright Dairy's subsidiary Synlait Milk Limited plans to sell its North Island assets to Abbott for $170 million, aiming to focus on core business development [23] - Nanjing Pharmaceutical has signed a strategic investment agreement with Guangzhou Baiyunshan Pharmaceutical Group, with the latter acquiring 11.04% of Nanjing Pharmaceutical's shares [24] - Guoxing Optoelectronics' application for a private placement of A-shares has been accepted by the Shenzhen Stock Exchange [25] Group 6 - Hailianxun has received approval from the China Securities Regulatory Commission for its plan to merge with Hangqilun B through a share exchange [27] - CITIC Bank's risk director Hu Gang has resigned, with Jin Xinian appointed as the new risk director pending regulatory approval [29]

Core Viewpoint - New Dazheng has announced a major asset restructuring plan to acquire 75.15% of Jiaxin Liheng's equity through a combination of issuing shares and cash payments, aiming to expand its business presence in key economic regions of China [1][4]. Group 1: Transaction Details - The acquisition involves purchasing 65.1521% of Jiaxin Liheng from Xincheng Facility Management and Beijing Xinrunheng, along with an additional 10% from six other parties [4]. - The payment structure for the transaction will consist of 50% in shares and 50% in cash, with the specific amounts yet to be determined [5][6]. - The share issuance price is set at 8.44 yuan per share, which is 80% of the average trading price over the previous 120 trading days [6]. Group 2: Business Impact - The transaction is expected to significantly enhance New Dazheng's operational footprint in the Yangtze River Delta, Bohai Bay, Greater Bay Area, and Chengdu-Chongqing Economic Circle [1]. - New Dazheng specializes in smart city public space and building facility management, providing integrated logistics services to various public institutions [6]. Group 3: Financial Performance - New Dazheng has faced a "revenue without profit" dilemma, with revenues reaching 3.127 billion yuan in 2023 and 3.387 billion yuan in 2024, while net profits declined to 160 million yuan and 114 million yuan, representing year-on-year decreases of 13.83% and 28.95% respectively [7]. - In the first half of 2025, the company reported a revenue of 1.503 billion yuan, down 12.88% year-on-year, and a net profit of 71.18 million yuan, down 12.96% [8].

Company Overview - New Dazheng Property Group Co., Ltd. is located at 78 Huju Road, Yuzhong District, Chongqing, established on December 10, 1998, and listed on December 3, 2019 [1] - The company specializes in smart city public building and facility management, providing comprehensive property management services, professional management services, and value-added services [1] - The revenue composition is as follows: basic services 87.79%, urban services 8.22%, innovative services 3.86%, and others 0.13% [1] Stock Performance - On September 29, New Dazheng's stock fell by 7.49%, trading at 12.10 CNY per share, with a transaction volume of 232 million CNY and a turnover rate of 8.10%, resulting in a total market capitalization of 2.738 billion CNY [1] Shareholder Insights - Among the top ten circulating shareholders, Dongzheng Asset Management holds a fund that increased its stake in New Dazheng by 264,100 shares, totaling 2.7336 million shares, which represents 1.28% of the circulating shares [2] - The fund, Oriental Red Vision Value Mixed A (010714), has a current scale of 1.289 billion CNY and has achieved a year-to-date return of 20.6% [2] Fund Manager Profile - The fund manager of Oriental Red Vision Value Mixed A is Zhou Yang, who has been in the position for 6 years and 96 days, managing assets totaling 1.614 billion CNY [3] - During his tenure, the best fund return was 27.41%, while the worst was -15.34% [3]

Macro Highlights - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued an announcement to support foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market, enhancing liquidity management and promoting connectivity between onshore and offshore financial markets [1] Company News - New Dazheng (002968) disclosed a major asset restructuring plan on September 28, proposing to acquire 75.15% of Jiaxin Liheng's equity through a combination of issuing shares and cash payments, aiming to expand its business reach [4] - *ST Tianmao announced that its stock will be delisted on September 30, 2025 [5] - Duori Pharmaceutical is planning a change in control and will suspend trading from the 29th [6] - Zhonghuan Environmental Protection is also planning a change in control and will suspend trading from the 29th [7] - Yidao Information is planning to acquire Langguo Technology and become its controlling shareholder, suspending trading from the 29th [8] - Zhiguang Electric is planning to acquire minority stakes in its subsidiary Zhiguang Energy Storage, suspending trading from the 29th [9] - Guanzhong Ecology's controlling shareholder intends to change to Deep Blue Finance Whale, with trading resuming on the 29th; the company plans to acquire 51% of Hangzhou Actuary [10]

Group 1 - The U.S. stock market experienced a broad increase, with the Dow Jones rising by 0.65%, the Nasdaq by 0.44%, and the S&P 500 by 0.59% [4] - Major technology stocks showed mixed results, with Oracle down 2.7%, Meta down 0.7%, and Tesla up 4.0% [4] - The Nasdaq China Golden Dragon Index fell by 1.6%, with Alibaba, NetEase, and Baidu each dropping over 2% [4] Group 2 - The People's Bank of China emphasized maintaining ample liquidity and guiding financial institutions to increase credit supply to match economic growth and price expectations [5] - The Ministry of Industry and Information Technology projected an average annual growth of around 5% for the non-ferrous metals industry from 2025 to 2026 [5] - The petrochemical industry is expected to see an average annual growth of over 5% during the same period, with significant improvements in technological innovation and environmental performance [6] Group 3 - The National Development and Reform Commission highlighted the importance of private investment as a key indicator of economic activity and stability [7] - The 2025 World New Energy Vehicle Conference focused on expanding market consumption and optimizing tax incentives for new energy vehicles [8] - The National Bureau of Statistics reported that profits of large industrial enterprises increased by 0.9% year-on-year in the first eight months of 2025 [8] Group 4 - The State-owned Assets Supervision and Administration Commission emphasized the need for state-owned enterprises to enhance operational efficiency and focus on high-quality investment [9] - Jiangsu Province announced adjustments to its vehicle trade-in policy, affecting the implementation of subsidies [10][11] - The company Ningbo Huaxiang signed a patent licensing agreement with Jilin University for PEEK industrialization technology [16] Group 5 - The company *ST Tianmao will have its stock delisted on September 30, 2025, following a decision by the Shenzhen Stock Exchange [20] - Huajing Securities anticipates that the A-share market may continue a volatile trend in the short term, with limited risks during the holiday period [21] - The company Moer Thread's IPO application was approved in just 88 days, reflecting improved efficiency in the review process for hard technology enterprises [14]

｜2025年9月29日星期一｜ 点评：本次交易尚处于筹划阶段，存在因监管审批、交易双方协商分歧等因素导致方案调整或终止的可 能性。投资者需持续关注公司信息披露，谨慎评估投资风险。 NO.1 广州住房公积金可用于支付二手房首付款 9月28日，广州住房公积金管理中心等四部门联合发布新政，优化住房公积金提取政策，扩大住房公积 金的支付适用范围。除了现售商品住房外，购买存量商品住房、配售型保障性住房或者共有产权住房， 均可申请提取住房公积金用于支付购房首付款。 点评：广州此次政策突破了住房公积金首付提取仅限新房的限制，为其他一线城市提供政策参考。同 时，在"金九银十" 节点推出该政策，释放了支持合理住房消费的积极信号，或带动更多城市优化公积 金政策，进一步提振楼市信心。 NO.2 大连万达集团及王健林被限制高消费 天眼查显示，日前，大连万达集团股份有限公司及其法定代表人王健林被法院下达限制高消费令。该措 施源于一起标的为1.86亿元的强制执行案件。据万达知情人士透露，此事是"由于万达下属项目公司经 济纠纷导致，事实上之前双方一直在通过多种方式协商解决，我们也正在了解具体情况，本次或是因在 执行层面信息不对称导致"。 ...

Group 1 - The company, New Dazheng, announced a major asset restructuring plan to acquire 75.15% of Jiaxin Liheng through a combination of share issuance and cash payment, with the transaction price yet to be determined [2] - The acquisition aims to expand the company's business presence in key regions such as the Yangtze River Delta, Bohai Rim, Greater Bay Area, and Chengdu-Chongqing Economic Circle [2] - New Dazheng plans to issue shares to no more than 35 specific investors to raise funds for cash payments and transaction-related fees [2] Group 2 - Jiaxin Liheng, established in 2020, aims to become a leading integrated facilities management service provider in China, serving commercial clients with a focus on on-site comprehensive facilities management [3] - Jiaxin Liheng reported revenues of 3.035 billion yuan and 2.075 billion yuan for the years 2024 and the first eight months of 2025, respectively, with net profits of 126 million yuan and 84.8494 million yuan [3] - The core business of Jiaxin Liheng includes integrated facilities management, green energy management, and large event security, leveraging technology integration and customized services [3] Group 3 - Following the transaction, New Dazheng will enhance its national strategy and expand its business scope from property management to integrated facilities management [4] - The acquisition will strengthen the company's capabilities in integrated solutions for various clients, marking a transition to a new phase of high-quality development [4]