*ST创兴控股权变更，“投资狂人”王相荣入主

Core Viewpoint - The change in the actual controller of *ST Chuangxing due to the auction of shares held by its controlling shareholder, Huqiao Industrial, has significant implications for the company's future direction and financial health [1][2]. Group 1: Shareholder Changes - *ST Chuangxing announced a change in its actual controller to Wang Xiangrong after Huqiao Industrial's 67 million shares were auctioned, resulting in a new ownership structure [1]. - Liou Co., through its subsidiaries, acquired 42 million shares of *ST Chuangxing for a total price of 153 million yuan, representing approximately 9.88% of the company's equity [1]. - Following the auction, Huqiao Industrial's shareholding decreased from 101 million shares to 34.6641 million shares, reducing its stake from 23.90% to 8.15% [1]. Group 2: Financial Performance - In Q1 2025, *ST Chuangxing reported a revenue of only 247,700 yuan, a year-on-year decline of 97.83%, and a net loss of 5.2909 million yuan, a year-on-year increase of 311.83% [3]. - The company anticipates a half-year net loss for 2025 between 12.5 million and 15.5 million yuan, with a non-recurring net loss expected to be between 13 million and 16 million yuan [3]. - The significant drop in revenue is attributed to a large decrease in business scale, despite a reduction in expenses compared to the previous year [3]. Group 3: Business Outlook - The new controller, Wang Xiangrong, is known for his aggressive acquisition strategy, having transformed Liou Co. into a diversified business since 2014, but the core business of *ST Chuangxing differs significantly from Liou Co.'s [2]. - *ST Chuangxing is primarily engaged in building decoration, mobile information services, and emerging computing power services, which are still in the exploratory phase and have not yet generated actual revenue [2]. - The company is at risk of delisting, as it must achieve 300 million yuan in revenue by 2025 to avoid delisting risks triggered by its 2024 audited financial data [2].