Tai Mei Ti A P P·2025-04-29 01:41Core Viewpoint - ST New潮 is facing significant challenges, including the inability to disclose its 2024 financial report on time and the looming risk of delisting, primarily due to internal control issues and a complex ownership structure that has led to a lack of actual control over its assets [1][29]. Financial Performance - ST New潮 has reported impressive financial figures, including overseas oil and gas assets valued at over 30 billion, a net profit of 7.376 billion as of September 2024, and retained earnings of 6.947 billion [1]. - However, approximately 99% of these assets and profits are trapped in its U.S. subsidiaries, with the domestic parent company failing to distribute dividends for 15 years and accumulating significant debt [1]. Corporate Governance Issues - The company has been under scrutiny for its internal control deficiencies, leading to its designation as ST (Special Treatment) and increasing the risk of delisting [1][29]. - The lack of a real controlling shareholder and the ongoing governance disputes have resulted in a complex web of ownership and financial maneuvers that have left the company vulnerable [1][11]. Acquisition Interest - Despite its challenges, ST New潮 has attracted interest from major capital players, with significant bids for acquisition, including a recent 11.8 billion cash offer from Inner Mongolia's coal giant Yitai Group [4][18]. - The competition for ST New潮's assets highlights the perceived value of its overseas oil and gas holdings, despite the inherent risks associated with its governance and financial structure [4][23]. Historical Context - ST New潮 has a long history, originally established as a textile factory in 1985, and has undergone multiple transformations, ultimately becoming a "super shell" in the A-share market [5][6]. - The company has experienced numerous significant equity transfers and asset maneuvers, totaling over 15 major transactions involving more than 15 billion [9][11]. Regulatory Challenges - The complexity of ST New潮's asset control chain has raised concerns among regulators, particularly regarding the transparency and veracity of its overseas operations [24][32]. - The company's recent internal control audit revealed that only 18% of its overseas assets were subject to review, raising alarms about the reliability of its financial reporting [24][27]. Future Outlook - The potential acquisition of ST New潮 poses a high-risk gamble for interested parties, as the ability to effectively manage and repatriate its overseas assets remains uncertain [30][32]. - The ongoing governance issues and the intricate ownership structure could hinder any new owner's ability to realize the value of ST New潮's substantial overseas assets [30][32].