并购重组ST牛股遭停牌核查 退市风险仍高悬

Core Viewpoint - *ST Yushun's stock price has surged by 204.18% from March 31, 2025, to May 20, 2025, despite the company's ongoing financial struggles and risk of delisting [1][6]. Group 1: Stock Performance and Trading Suspension - The company announced a trading suspension starting May 21, 2025, due to significant stock price fluctuations and investor concerns, with the suspension expected to last no more than three trading days [1]. - The Shenzhen Stock Exchange has been monitoring *ST Yushun's unusual trading behavior and has warned investors about trading risks [3]. Group 2: Financial Performance - *ST Yushun has faced continuous financial pressure, with annual revenues below 300 million yuan over the past five years and negative net profits [4]. - In the 2024 annual report, the company reported revenues of 220.28 million yuan, a year-on-year increase of 41.94%, but a net loss of 17.58 million yuan [6][7]. Group 3: Acquisition and Restructuring Plans - The recent stock surge is linked to a proposed acquisition involving *ST Yushun and three companies related to a data center project, which is expected to constitute a significant asset restructuring [6][7]. - The acquisition is still in the planning stage, with the framework agreement requiring further negotiations and necessary decision-making processes, indicating uncertainty regarding the finalization of the deal [8]. Group 4: Market Capitalization - As of May 20, 2025, *ST Yushun's stock price was 14.54 yuan per share, with a total market capitalization of 4.075 billion yuan [8].