DORIGHT(SZ:300950) Tai Mei Ti A P P·2025-07-15 09:02Core Viewpoint - Degute's unexpected acquisition plan involves purchasing 100% of Haowei Cloud Computing Technology Co., Ltd., contrary to earlier market speculation of acquiring only a controlling stake of approximately 51% [2][3]. Group 1: Acquisition Details - The acquisition represents a significant cross-industry merger, with Degute being an environmental equipment provider for coal chemical and petrochemical enterprises, while Haowei is a cloud computing "unicorn" under Alibaba, with Haowei's revenue being seven times that of Degute [2]. - The transaction is viewed as a "backdoor listing" for Haowei, as the actual controller remains unchanged, and Degute claims it will successfully build a second growth curve for the company [3][4]. - Degute's financial strength is limited, with cash reserves of only 1.93 billion yuan, making the acquisition challenging. The payment will primarily be through issuing shares, cash payments, and raising matching funds [8]. Group 2: Shareholding Changes - Concurrently with the acquisition announcement, Degute's actual controller, Wei Zhenwen, plans to transfer 5% of his shares to Hangzhou Chenqi, raising speculation about his motives, especially since the acquisition will likely dilute his shareholding significantly [3][9]. - Following the share transfer, Wei's holding will decrease to 52.74%, allowing for potential further reductions in his stake, which could facilitate a smoother exit strategy for him [9][10]. Group 3: Haowei's Background - Haowei, originally a subsidiary of ZTE Corporation, was sold to Alibaba's capital in 2018 for 1.223 billion yuan, marking a significant shift in its ownership and operational strategy [4][5]. - Despite ambitions for an A-share listing and achieving a market value of 10 billion yuan within 3-5 years, Haowei has faced challenges, with its revenue fluctuating between 3.6 billion and 3.8 billion yuan in recent years [5][6].