光智科技终止“蛇吞象”重组：8个月博弈终成空，股价暴跌下投资者怨声四起

Core Viewpoint - The major asset restructuring plan of Guangzhi Technology (300489.SZ) has been officially terminated after 8 months of planning, shocking the capital market. The acquisition of 100% equity of Xiandao Electronic Technology Co., Ltd. was expected to be valued at 21 billion yuan, while Guangzhi's market value was only 3.1 billion yuan at the time of suspension, leading to significant investor losses and a drop in stock price [2][3][4]. Group 1: Restructuring Overview - Guangzhi Technology announced a restructuring plan shortly after the release of the "M&A Six Articles" by the CSRC in September 2024, aiming to acquire 100% of Xiandao Electronic Technology, a leading global ITO target material company [3]. - The transaction was marked by high expectations, with Guangzhi's stock price soaring over 400% from 20 yuan to 115.55 yuan per share within 10 trading days, making it a star in the A-share market [3]. - The restructuring faced significant challenges from the outset, including valuation difficulties, large funding gaps, and complex related transactions, leading to a "hell-level" difficulty in execution [3][4]. Group 2: Reasons for Termination - The restructuring was officially terminated due to "external environmental changes" and "failure to reach consensus on certain commercial terms" [4][7]. - Underlying issues included valuation conflicts and declining performance of the target company, with net profit margins dropping from 46% in 2021 to 14.2% in 2023, raising doubts about the future growth potential [7][8]. - Guangzhi's weak financial position, with only 165 million yuan in cash and total liabilities of 3.263 billion yuan, further complicated the restructuring efforts [8]. Group 3: Investor Reactions and Company Response - Following the termination, investors expressed anger and disappointment, with accusations of "deceptive restructuring" and calls for regulatory action against Guangzhi Technology [5][6]. - The company issued a brief apology to investors but did not provide any compensation measures, leading to further dissatisfaction among stakeholders [6][9]. - Guangzhi Technology is now facing ongoing pressures from its weak core business and high debt levels, which need to be addressed moving forward [9][10].