A-Zenith(SH:603389) Zheng Quan Shi Bao·2025-06-11 14:59Core Viewpoint - *ST Yazhen's stock has experienced significant volatility, leading to a trading suspension for investigation due to a cumulative price increase of 107.83% over 26 trading days, which deviates significantly from the Shanghai Composite Index and the furniture manufacturing industry [1][3]. Group 1: Stock Performance - Since May 6, *ST Yazhen's stock has seen a continuous rise, with a total increase of over 111% as of June 11, following a period of 10 consecutive trading days of hitting the daily price limit [3]. - The stock price has nearly doubled since reaching a low of 4.45 yuan per share on April 8 [3]. Group 2: Financial Performance - In 2024, the company reported total operating revenue of 202 million yuan, with a net loss attributable to shareholders of 117 million yuan [5]. - The first quarter of this year showed an operating revenue of 40.68 million yuan (unaudited) and a net loss of 21.31 million yuan [5]. Group 3: Corporate Changes - The stock was placed under delisting risk warning on May 6, 2025, due to negative net profit and insufficient operating revenue [5]. - A significant change in control occurred when the original controlling shareholder, Shanghai Yazhen Investment Co., transferred approximately 29.99996% of shares to Wu Tao and his associates [5][6]. - Wu Tao plans to make a partial tender offer to acquire 21% of the company's shares, which could increase his and his associates' stake to over 50% [6]. Group 4: Key Individuals - Wu Tao, known as a "Shandong mining tycoon," is the executive director and general manager of Jinan Yuxiao Group, holding 80% of its shares [7]. - He also serves as a director of Shanghai Yuxiao Rare Earth Co., holding 13.88% of its shares [7].