“保壳”重压下变更承诺 *ST花王重整严肃性遭挑战

Core Viewpoint - *ST Huawang has struggled to recover from its bankruptcy restructuring, facing significant challenges due to changes in commitments from new controlling shareholders and ongoing scrutiny from regulatory bodies [2][3][6]. Group 1: Bankruptcy Restructuring and New Shareholder Commitments - After completing bankruptcy restructuring, *ST Huawang introduced new controlling shareholders who committed to injecting semiconductor assets, which initially boosted investor sentiment [3][4]. - The new controlling shareholder, Xu Liang, has a background in semiconductor technology and was expected to facilitate the injection of relevant assets [4][5]. - However, a change in commitment regarding the asset injection led to a decline in investor confidence, with the company announcing plans to acquire a stake in Anhui Niwei Automotive Power Systems instead of semiconductor assets [6][7]. Group 2: Market Reaction and Stock Performance - Following the announcement of the restructuring plan, *ST Huawang's stock price surged to 18.07 yuan per share, marking a 267% increase within two months [5]. - The stock price plummeted after the commitment change, with the latest market valuation dropping to 4.5 billion yuan, a significant decrease from over 10 billion yuan earlier in the year [7][8]. Group 3: Financial Performance and Risks - In 2024, *ST Huawang reported revenues of 91.64 million yuan but incurred a loss of 813 million yuan, raising concerns about its ability to meet new listing standards [8][9]. - The proposed acquisition of Niwei Power at a high premium raised questions about the asset's quality and the company's future profitability, with a significant portion of the purchase price expected to create goodwill [9][10]. Group 4: Regulatory Scrutiny and Compliance - The Shanghai Stock Exchange has issued multiple inquiries regarding the asset acquisition and the feasibility of the performance commitments made by *ST Huawang [11][12]. - New regulations from the China Securities Regulatory Commission emphasize the seriousness of bankruptcy restructuring and require thorough analysis and disclosure of commitments made by companies [13][14].