Qi Lu Wan Bao Wang·2025-07-31 13:13Core Viewpoint - The article discusses the ongoing trend of local state-owned enterprises (SOEs) in China acquiring listed companies, highlighting both successful and unsuccessful cases, and the implications for local economic development and asset management [1][21]. Group 1: Recent Acquisitions and Changes - Shandong Pharmaceutical Glass has changed ownership to China National Pharmaceutical Group, and now another local SOE, Zibo Financial Holdings, is planning to transfer its 99% stake in Zibo Zhantian Hong Song Equity Investment Fund, potentially altering control of Dongjie Intelligent [2][3]. - Zibo SOEs have previously acquired listed companies like Jianghua Micro and Dongjie Intelligent, with mixed results in terms of performance and achieving local government objectives [3][9]. Group 2: Performance of Acquired Companies - Jianghua Micro's revenue has shown growth, but net profit has declined, with 2024 revenue at 1.099 billion yuan, up 6.73%, while net profit fell 6.29% to approximately 98.63 million yuan [11][12]. - Dongjie Intelligent has faced continuous losses since the acquisition, with revenues decreasing from 1.3 billion yuan in 2021 to 807 million yuan in 2024, and net profits turning negative [14][22]. Group 3: Local SOE Investment Strategies - Local SOEs are increasingly investing in listed companies to enhance local industry development and achieve capital appreciation through stock price increases [4][21]. - The Zibo government has ambitious plans for nurturing and acquiring listed companies, including a strategic partnership with Yingke Capital to create a 20 billion yuan technology innovation fund [19][20]. Group 4: Challenges and Reflections - The article highlights the dual nature of local SOE acquisitions, which can lead to both economic benefits and risks of asset loss or mismanagement [21]. - The case of ST Zhongcheng, which faced delisting after significant financial troubles, raises questions about the effectiveness of local SOE management and investment strategies [6][7]. Group 5: Future Outlook - Despite recent performance improvements in Dongjie Intelligent, the decision by Zibo SOEs to transfer shares raises questions about their long-term strategy and commitment to supporting local enterprises [23].