Chang Jiang Shang Bao·2025-07-06 22:29Core Viewpoint - Liu Yonghao is planning to transfer control of Feima International after three and a half years of ownership, with a potential acquisition by local state-owned assets in Zhangzhou [1][6][8]. Group 1: Control Transfer Details - Feima International's indirect controlling shareholder, New Hope Investment Group, is negotiating to transfer approximately 20% of the company's shares to Zhangzhou state-owned assets, with an estimated transaction value of about 1.288 billion yuan based on the stock price of 2.42 yuan per share [1][14]. - The transaction is still in negotiation, and the final price and terms have not been determined yet [7][12]. - If the transaction is completed, the controlling shareholder and/or actual controller of Feima International will change [7]. Group 2: Financial Performance - Since Liu Yonghao's acquisition, Feima International has not shown significant improvement, with a total net profit loss of 752.36 thousand yuan from 2021 to 2024 [1][11]. - The company's revenue fluctuated significantly, with a 32.76% decline in 2024 compared to previous years, and the total net profit fell short of the promised 5.7 billion yuan by 4.37 billion yuan [11][12]. - Liu Yonghao's investment in Feima International included a commitment to provide liquidity support of up to 1.8 billion yuan, which has not been fulfilled [11][13]. Group 3: Investment Outcomes - If the control transfer is successful, Liu Yonghao may achieve a floating profit of approximately 385 million yuan from his stake in New Hope Investment Group [15]. - In contrast, his investment in Xingyuan Environment resulted in a floating loss of nearly 478 million yuan, indicating a total potential loss of around 1 billion yuan from both environmental companies [3][4][18]. - The overall financial outcome from the two environmental companies suggests a significant underperformance in Liu Yonghao's investments in the sector [10][18].