TJBE(SZ:000695) Xin Lang Zheng Quan·2025-05-20 07:10Core Viewpoint - The acquisition of Cangzhou Xuyang by Binhai Energy is essentially a capital maneuver by the actual controller Yang Xuegang, allowing him to inject assets into the company while avoiding the shell listing regulations [1][6][17]. Group 1: Acquisition Details - Binhai Energy announced plans to acquire 100% of Cangzhou Xuyang from several entities controlled by Yang Xuegang, including Xuyang Group and Xuyang Coal Chemical [1]. - The acquisition is structured to avoid the shell listing regulations, as it occurs just after the 36-month period following Yang Xuegang's acquisition of control over Binhai Energy [6][8]. - Cangzhou Xuyang's projected total assets and revenue for 2024 are 138.32 billion and 103.11 billion respectively, significantly exceeding Binhai Energy's corresponding figures of 12.79 billion and 4.93 billion [6][8]. Group 2: Financial Performance - Binhai Energy has faced continuous losses from 2020 to 2024, indicating its status as a "shell" company [6][7]. - Cangzhou Xuyang, on the other hand, is projected to generate revenues of 92.76 billion and 103.11 billion in 2023 and 2024, respectively, with net profits of 3.48 billion and 2.38 billion [8][17]. - The financial performance of Cangzhou Xuyang is crucial for Binhai Energy's turnaround, as it will significantly enhance the latter's asset base and revenue generation capabilities [8][17]. Group 3: Market Reactions - Following the announcement of the acquisition, Binhai Energy's stock price surged, while the stock of the parent company, China Xuyang Group, experienced a decline, reflecting investor sentiment regarding the valuation of both entities [17]. - The market's reaction indicates a potential reassessment of the investment value of China Xuyang Group, particularly as it may face a "hollowing out" effect due to the separation of Cangzhou Xuyang's profitable assets [17].