按估值算约4364万元的股份，为何出价7008万元？新凤鸣孙公司拟收购亏损企业股权

Core Viewpoint - The company Xin Feng Ming announced the acquisition of a 36% stake in Zhejiang Jin Lian Port Co., Ltd. for 70.08 million yuan, despite Jin Lian Port's projected losses in 2024 and Q1 2025, aiming to enhance its supply chain capabilities [1][2][6]. Group 1: Acquisition Details - The acquisition is made by Xin Feng Ming's wholly-owned subsidiary, Zhejiang Du Shan Energy Co., Ltd. [2] - The transaction was approved by the company's board and does not require shareholder approval [3]. - Jin Lian Port, established in 2011, primarily operates in port management [3]. Group 2: Financial Performance of Jin Lian Port - Jin Lian Port reported a total asset of approximately 19708.53 million yuan and total liabilities of 14922.55 million yuan as of December 31, 2024 [4][5]. - The net profit for 2024 is projected to be a loss of 2638.73 million yuan, with a further loss of 426.37 million yuan in Q1 2025 [5][6]. Group 3: Valuation and Pricing - The valuation of Jin Lian Port's equity was assessed at approximately 120 million yuan using the asset-based approach, while the income approach yielded a lower valuation of 70 million yuan [8]. - The acquisition price of 70.08 million yuan for a 36% stake is 60% higher than the assessed value of approximately 43.64 million yuan [7][9]. - The company justified the higher price by considering the asset-heavy nature of Jin Lian Port, which includes significant investments in port facilities [8].