Hitevision (SZ:002955) Sou Hu Cai Jing·2025-06-13 13:13Group 1 - Chery Group's private equity fund Hefei Ruicheng acquired a 25% stake in Honghe Technology for 1.575 billion yuan, becoming its indirect controlling shareholder, leading to a "no actual controller" status for Honghe Technology [1][3] - The acquisition has raised concerns about governance structure risks, strategic ambiguity, and industry integration challenges, despite the market's positive response [1][3][6] - Honghe Technology's previous actual controllers relinquished their control, resulting in a weak control structure that poses risks of control disputes among shareholders [3][4] Group 2 - Chery's acquisition strategy appears inconsistent, as it previously committed to consolidating its environmental business with Wandes but left open the possibility of restructuring Honghe Technology [4][5] - The core business of Honghe Technology, which focuses on educational information technology, lacks clear synergy with Chery's automotive manufacturing, raising questions about the rationale behind the acquisition [4][5] - The timing of the acquisition coincides with Chery's planned IPO in Hong Kong, suggesting potential motivations related to listing challenges [4][5] Group 3 - The education information technology sector is facing significant challenges, with declining revenues and profitability for Honghe Technology, which reported a 76.67% drop in net profit in Q1 2025 [5][6] - Chery's main business is also under pressure from a price war in the electric vehicle market, making it crucial for Honghe Technology to quickly establish a sustainable revenue model [5][6] - The market's enthusiasm for the "Chery concept" may indicate a valuation bubble, as Honghe Technology's stock price has risen based on unproven restructuring expectations [5][6]