Changling Hydraulic(SH:605389) Hua Xia Shi Bao·2025-07-12 07:25Core Viewpoint - The control change of Changling Hydraulic (605389.SH) has progressed with a new agreement for the transfer of 29.99% of shares from the current actual controllers to new investors, leading to a significant transaction amount of 21.1 billion yuan [2][5][12]. Summary by Sections Control Change Details - The control change involves a share transfer agreement and a partial tender offer, with the new actual controller being Hu Kangqiao after the completion of the transactions [2][5][6]. - The transaction includes the transfer of 36,007,400 shares at a price of 34.39 yuan per share, totaling 1.486 billion yuan [5][12]. Financial Aspects - The total transaction amount is 21.13 billion yuan, with the tender offer price set at 36.24 yuan per share for 1,729,040 shares, representing 12% of the company [6][12]. - Nearly half of the funding for the acquisition comes from loans, with specific amounts detailed for both the share transfer and the tender offer [12][13]. Market Reaction - Following the announcement of the control change, Changling Hydraulic's stock price hit the daily limit up, closing at 42.03 yuan per share after resuming trading [8][10]. - The stock experienced significant volatility prior to the announcement, with a 46.48% fluctuation in price during June [7][10]. Historical Context - This is not the first attempt at a control change for Changling Hydraulic, as previous attempts have also led to unusual stock price movements, raising concerns about potential information leakage or insider trading [9][10]. Company Performance - The company has shown declining performance over the years, with revenues and net profits decreasing from 2020 to 2024 [10][11].