Brilliance Technology (SZ:300542) Sou Hu Cai Jing·2025-04-09 12:39Group 1 - New Morning Technology (300542.SZ) announced a suspension of trading, planning to acquire at least 91.01% of Tianyi Enhua (873437.NQ) through a share issuance and cash payment [2] - The company signed a letter of intent with two shareholders of Tianyi Enhua and will disclose the transaction plan within 10 trading days, or resume trading by April 22 at the latest [2] - Recently, New Morning Technology forecasted a loss for 2024, marking its first loss in nearly a decade, attributed to underperformance of subsidiaries and goodwill impairment [2][12] Group 2 - Tianyi Enhua's IPO journey has been challenging, initially aiming for the Shenzhen Stock Exchange's Growth Enterprise Market but later shifting to the Beijing Stock Exchange after two years of guidance [4] - In April 2023, Tianyi Enhua passed the listing guidance acceptance but faced delays in its IPO progress due to tightening review policies, ultimately deciding to withdraw its application by the end of 2024 [5] - The company has been under scrutiny for its reliance on a single subsidiary for profits and questionable financial practices, including significant cash dividends and the use of raised funds for non-essential purposes [7][8] Group 3 - New Morning Technology has made three high-premium acquisitions in the past six years, but these have not prevented a decline in net profit due to increased competition and reduced demand in the banking sector [11] - The company's gross profit margin has decreased from 25.94% in 2021 to 16.78% in Q3 2024, with a revenue drop of 20%, the largest decline in three years [11][12] - Despite recent stock price increases of up to 202% due to involvement in emerging sectors, the company faced setbacks, including the termination of a fundraising plan and a forecasted loss of 65 million to 88 million yuan for 2024 [12][13]