国资“割肉”离场 民企拟溢价接盘中晟高科

Core Viewpoint - The capital drama of state-owned asset loss and private enterprise premium acquisition is unfolding at Zhongsheng High-Tech, with a significant change in control and ownership structure [2][5]. Group 1: Ownership Change - On July 22, Zhongsheng High-Tech announced a change in control, with its major shareholder, Suzhou Wuzhong Financial Holdings Group Co., Ltd. (Wuzhong Jinkong), transferring 22.35% of its shares to Fuzhou Qianjing Investment Co., Ltd. for a total price of 559 million yuan, at a price of 20.04 yuan per share [2][4]. - Following this transaction, the controlling shareholder will shift from Wuzhong Jinkong to Fuzhou Qianjing, with the actual controllers being Weng Shengjin and He Cong [2][3]. Group 2: Financial Performance - Zhongsheng High-Tech has been struggling with continuous losses, reporting net profits of -35.39 million yuan in 2022, -155 million yuan in 2023, and an estimated -170 million yuan in 2024 [5]. - The company's asset-liability ratio was reported at 71.5% at the end of 2024, indicating high debt levels and potential liquidity risks [5][6]. - As of December 31, 2024, the company had accounts receivable of 540 million yuan, with a bad debt provision of 121 million yuan, resulting in a bad debt provision ratio of 22.41% [6]. Group 3: Historical Context - The previous ownership change occurred in January 2020, when Xu Hanxiang transferred 7.064% of shares to Wuzhong Jinkong at a price of 31.42 yuan per share, totaling 198 million yuan [7]. - Wuzhong Jinkong and its affiliate Tian Kai Huida acquired a total of 22.3509% of shares for 626 million yuan, and are now selling these shares for 559 million yuan, indicating a significant loss [8]. Group 4: Related Transactions - In July 2020, Zhongsheng High-Tech acquired 70% of Suzhou Zhongsheng Environmental Restoration Co., Ltd. for 631 million yuan, with a valuation increase of 386.03%, but this asset has since reported losses [9]. - The company has a history of complex capital operations, including premium acquisitions and asset disposals, raising questions about potential hidden agreements [12].