Core Viewpoint - The strategic investment by Xiangyuan Holdings Group into Haichang Ocean Park is seen as a necessary move to alleviate the company's financial distress, despite the market's negative reaction to the deal [1][2][4]. Group 1: Investment Details - Haichang plans to issue 5.1 billion new shares to introduce Xiangyuan as a strategic investor, raising approximately HKD 2.295 billion [2]. - Following the transaction, Xiangyuan will hold 38.6% of Haichang's shares, making it the new controlling shareholder, while the controlling family's stake will decrease from 47.29% to 29.04% [2]. - The subscription price of HKD 0.45 per share represents a significant discount of 46.43% compared to the closing price on June 2, indicating market skepticism about Haichang's valuation [2]. Group 2: Financial Challenges - Haichang has faced substantial financial difficulties, with cumulative losses exceeding RMB 2.9 billion from 2020 to 2024, only recording a profit in 2021 [4]. - The company's operating expenses surged to RMB 719 million in 2024, a year-on-year increase of 53.1%, exacerbating its financial strain [4]. - As of the end of 2024, Haichang's net current liabilities reached RMB 2.953 billion, with a debt-to-asset ratio of 82.44%, the highest since 2013, indicating severe liquidity risks [5]. Group 3: Strategic Implications - The partnership is framed as a new engine for high-quality development, aiming to integrate marine and mountain tourism resources [2][3]. - Xiangyuan's acquisition is viewed as a strategic move to expand its cultural tourism footprint, leveraging Haichang's assets, which include over 30 projects and a significant marine biodiversity [3]. - However, market concerns remain regarding the integration capabilities of Xiangyuan, given the differing operational dynamics between marine theme parks and mountain resorts [6].
海昌海洋公园“卖身”祥源，23亿救命钱能撑多久？