HONTRON(SZ:002379) Chang Jiang Shang Bao·2025-05-26 00:57Core Viewpoint - The "Weiqiao System" is executing a significant capital operation by acquiring 100% of Shandong Hongtuo Industrial Co., Ltd. for a total price of 635.18 billion yuan through the issuance of shares, marking a major move in the aluminum industry [1][3][11]. Group 1: Transaction Details - Hongchuang Holdings plans to issue 118.95 billion new shares to pay for the acquisition, which will account for 91.28% of the total share capital post-transaction [4]. - The transaction price represents a premium of approximately 48.62% over the net assets of the target company, with an estimated profit of 198 billion yuan for the Zhang Bo family [2][11][12]. - The issuance price of 5.34 yuan per share is over 50% lower than the closing price on May 21, 2023, indicating a significant discount [2][12]. Group 2: Company Background - Hongchuang Holdings, established in 2000, has total assets of approximately 30.68 billion yuan and has been facing operational pressure with continuous losses in 2023 [5][14]. - Hongtuo Industrial is a leading global producer of electrolytic aluminum with an annual production capacity of 6.459 million tons and is recognized as a chain leader in the aluminum industry [5][6]. - The total assets of Hongtuo Industrial are projected to be 1,050.43 billion yuan by the end of 2024, with net assets of 427.38 billion yuan [6]. Group 3: Strategic Implications - The acquisition aims to resolve industry competition and enhance the profitability and sustainability of Hongchuang Holdings [2][12]. - The transaction is part of a broader strategy by the "Weiqiao System" to consolidate its assets and optimize its market position, particularly by bringing back significant assets from the Hong Kong stock market to A-shares [9][13]. - Following the completion of this acquisition, Hongchuang Holdings is expected to transform into a new major player in the A-share aluminum market with assets exceeding 1 trillion yuan [15].