历时一年，锦龙股份终止出售中山证券股权，背后有何深意？

Core Viewpoint - Jinlong Co., Ltd. has decided to terminate the sale of its 67.78% stake in Zhongshan Securities, pausing a significant restructuring effort that has been ongoing for nearly a year [2][6]. Group 1: Background of the Sale - The board of Jinlong Co., Ltd. approved the proposal to publicly pre-list the transfer of Zhongshan Securities' stake on June 5, 2024, marking the beginning of the restructuring process [4]. - Since June 2024, Jinlong Co., Ltd. has issued 12 progress announcements regarding the major asset restructuring [4][5]. - As of May 6, 2025, the transaction was still in the "pre-listing" phase at the Shanghai United Assets and Equity Exchange, aimed at seeking potential buyers [5]. Group 2: Reasons for Termination - The company cited concerns that selling the stake could lead to a situation where its main assets would consist solely of cash or lack specific operational business [7][8]. - Jinlong Co., Ltd. had previously indicated in its 2024 financial report that it would cautiously consider the sale to avoid significant asset restructuring risks [7][8]. Group 3: Financial Pressure and Performance - Jinlong Co., Ltd. has faced increasing financial pressure, with its debt-to-asset ratio rising from 74.86% in 2021 to 81.09% in 2024 [9]. - The company has been under liquidity pressure, frequently borrowing funds, including a proposed loan of up to 1.5 billion yuan from its controlling shareholder in February 2025 [9]. - Jinlong Co., Ltd. has reported continuous net losses over the past four years, with losses of 131 million yuan, 392 million yuan, 384 million yuan, and 89.23 million yuan from 2021 to 2024 [10]. Group 4: Future Business Transformation - The company has expressed intentions to gradually transition its business towards intelligent computing centers and has indicated that the sale of Zhongshan Securities was part of this strategy [11]. - The termination of the stake sale raises questions about how Jinlong Co., Ltd. will create favorable conditions for its business transformation moving forward [11].