Tiamaes(SZ:300807) Xin Lang Zheng Quan·2025-05-30 10:17Core Viewpoint - The acquisition of Tianmai Technology by Qiming Venture Partners raises two main concerns: the stability of control led by private equity funds and the compliance of the "pre-investment and post-fundraising" strategy with regulatory requirements [1][2]. Group 1: Control Change and Stability - Tianmai Technology's controlling shareholder has changed, with the new acquirer being Suzhou Qichen Hengyuan Equity Investment Partnership, which is linked to Qiming Venture Partners [1][2]. - The stability of control under private equity management is questioned, particularly regarding the potential impact of complex investor structures and regulatory constraints on the company's governance [6]. Group 2: Pricing and Compliance - The share transfer price for Tianmai Technology is set between 24.25 CNY and 28.26 CNY per share, which aligns with the regulatory requirement that the transfer price should not be lower than 80% of the previous trading day's closing price [2][3]. - The "pre-investment and post-fundraising" strategy has raised concerns about whether the pricing needs to be adjusted following the change in the controlling entity, as regulatory guidelines stipulate that any changes in the agreement necessitate a re-evaluation of the price [7]. Group 3: Company Performance and Risks - Tianmai Technology has faced continuous losses over the past four years, with net profits of -37.27 million CNY, -0.85 million CNY, -50.07 million CNY, and -59.31 million CNY from 2021 to 2024, raising concerns about its financial viability [8]. - The company's revenue has been declining, with recent figures around 160 million CNY, which could lead to delisting risks if performance does not improve [8]. Group 4: Industry Position and Future Prospects - Tianmai Technology operates in the smart public transportation sector, providing solutions that cover over 400 cities and 700 transportation enterprises in China, indicating a strong market presence [9]. - The collaboration with Qiming Venture Partners, which has expertise in technology sectors such as AI and robotics, may enhance Tianmai Technology's innovation and business expansion capabilities [9].