Workflow
*ST松发重组标的迷雾：25亿元的增资当天就转出至关联方账户 以“明债实股”否认突击出资
Xin Lang Zheng Quan·2025-04-29 08:41

Core Viewpoint - *ST Songfa has changed its stock name to "*ST Songfa" due to being on the brink of delisting, with a potential delisting in 2025 if financial indicators are not met. The company is attempting to avoid this by acquiring 100% of Hengli Heavy Industry Group Co., Ltd. [1][3][20] Group 1: Financial Performance and Risks - In 2024, *ST Songfa reported an operating income of 275 million, a year-on-year increase of 33.34%, but still posted a net loss of 77 million, marking four consecutive years of losses [3][18] - The company has triggered delisting risk warnings due to its audited net profit being negative when excluding non-recurring gains and losses, and its revenue falling below 300 million [3][4] Group 2: Acquisition and Capital Operations - The acquisition of Hengli Heavy Industry has been approved, but the Shanghai Stock Exchange requires further clarification on the 2.5 billion capital increase and its implications on asset evaluation [4][5] - The 2.5 billion capital increase on September 30, 2024, was reportedly used to repay debts to related parties, raising concerns about potential capital withdrawal by the actual controller [6][12] Group 3: Related Party Transactions and Concerns - The vague references to "related parties" in disclosures have led to investor skepticism regarding the legitimacy of the capital increase and potential capital withdrawal [2][11] - The company and intermediaries have been criticized for not clearly identifying the related parties involved in the 2.5 billion capital increase, which could clarify the situation and alleviate investor concerns [13][17] Group 4: Historical Context and Management - *ST Songfa has faced declining profits since its IPO in 2015, with significant losses in its education segment leading to its exit from that business [18][19] - The actual controllers, Chen Jianhua and Fan Hongwei, have been involved in frequent capital operations, including the acquisition of Hengli Heavy Industry, which may be aimed at alleviating debt pressures within the Hengli group [20]