HONGDA CO.,LTD(SH:600331) Zheng Quan Zhi Xing·2025-07-04 16:34Core Viewpoint - Sichuan Hongda Co., Ltd. is undergoing a significant acquisition process led by Shudao Investment Group, which aims to increase its stake in the company and has received necessary approvals from relevant authorities [1][2][3]. Group 1: Acquisition Details - Shudao Group currently holds 31.31% of the voting rights in Hongda Co., consisting of 486,314,805 shares directly and additional shares through its subsidiaries [3]. - The acquisition involves issuing 609,600,000 new shares, and Shudao Group has committed not to transfer these shares for 36 months post-listing [3][4]. - The acquisition has been approved by the non-related shareholders at the company's second extraordinary general meeting in 2024, allowing Shudao Group to bypass the mandatory offer requirement [2][3]. Group 2: Financial Overview - Shudao Group's total assets reached approximately 150.03 billion yuan in 2024, with a net profit of about 590.63 million yuan [26]. - The financial performance of Shudao Group over the last three years shows a steady increase in total assets and net assets, indicating a robust financial position [26]. - Hongda Industrial, a subsidiary of Shudao Group, has faced financial difficulties, entering bankruptcy restructuring in 2023, but has since completed its restructuring plan [29][30]. Group 3: Corporate Structure - Shudao Group is a state-owned enterprise under the supervision of the Sichuan Provincial State-owned Assets Supervision and Administration Commission, holding 100% of its shares [27]. - Hongda Industrial and Tianfu Chunxiao, both acting in concert with Shudao Group, are also under the control of the Sichuan Provincial State-owned Assets Supervision and Administration Commission [27][30]. - Tianfu Chunxiao was established as a special purpose vehicle to mitigate risks associated with Sichuan Trust Co., Ltd. [30].