SMTCL(SZ:000410) Zheng Quan Zhi Xing·2025-06-09 12:48Core Viewpoint - The report outlines the equity changes of Shenyang Machine Tool Co., Ltd. due to the acquisition of stakes in several subsidiaries by its controlling shareholder, China General Technology (Group) Holding Co., Ltd., aimed at avoiding competition and enhancing market competitiveness [1][10]. Group 1: Equity Changes - The equity change involves the issuance of shares by Shenyang Machine Tool to acquire 100% of Zhongjie Factory and Zhongjie Aerospace, as well as 78.45% of Tianjin Tianduan [10][12]. - The total number of shares issued for this acquisition is 294,224,017, representing 12.47% of the total share capital post-transaction [14][15]. Group 2: Purpose of the Equity Change - The primary purpose of this equity change is to fulfill the controlling shareholder's commitment to avoid competition, diversify product offerings, and improve the company's capital structure and operational stability [10][19]. - The controlling shareholder, China General Technology, has a history of overlapping business with Shenyang Machine Tool, necessitating this transaction to resolve competitive issues [10][19]. Group 3: Financial Details - The transaction values for the acquired stakes are as follows: Zhongjie Factory at 80,238.97 million RMB, Zhongjie Aerospace at 21,575.73 million RMB, and Tianjin Tianduan at 70,600.57 million RMB, totaling 172,415.27 million RMB [18][19]. - The assessment of the assets was conducted by Wokesen International Asset Appraisal Co., with the evaluation methods including asset-based and income approaches [18]. Group 4: Shareholding Structure - Following the equity change, China General Technology and its concerted actions will hold a combined total of 1,179,977,020 shares, equating to a 50.02% stake in Shenyang Machine Tool [27]. - The report confirms that there are no restrictions on the shares held by the information disclosure obligors and their concerted actions [20].