Chang Jiang Shang Bao·2025-07-02 23:40Core Viewpoint - The ownership of Alloy Investment (000633.SZ) is changing hands as Sun Guangxin, the richest man in Xinjiang, decides to withdraw, transferring his 20.74% stake to Jiuzhou Hengchang Logistics, making it the new controlling shareholder [1][6][7]. Ownership Change - On June 30, Alloy Investment announced that its controlling shareholder, Guanghui Energy, signed a share transfer agreement with Jiuzhou Hengchang, resulting in Jiuzhou Hengchang becoming the new controlling shareholder [1][6][7]. - The share transfer price is set at 7.5 CNY per share, representing a premium of over 20% compared to the closing price before the trading halt, with a total transaction value of approximately 599 million CNY [1][7]. Financial Impact - Sun Guangxin incurred a loss of approximately 171 million CNY from this transaction, having initially invested around 770 million CNY for the same stake three years ago [2][10]. - The previous acquisition price was 9.7439 CNY per share, indicating a significant depreciation in value [8][10]. Company Background - Alloy Investment has a history of frequent ownership changes, having undergone six ownership transitions since its listing in 1996, and has not issued cash dividends for 21 years [3][15]. - The company primarily engages in the production and sales of nickel-based alloy materials and has been struggling with poor financial performance, with cumulative net profits of only 152 million CNY since its listing [15]. Future Prospects - The new owner, Wang Yunzhuang, is expected to implement strategies to revitalize the company, which has been in a state of operational stagnation [12][17]. - There is potential for synergy between Alloy Investment's transportation business and Jiuzhou Hengchang's logistics operations, which could enhance operational efficiency [16].