SCAM(SZ:300554) Sou Hu Cai Jing·2025-08-04 15:43Core Viewpoint - The article discusses the strategic move of Wuxi Boda to enter the A-share market through a reverse merger with San Chao New Materials, highlighting the potential benefits for solar energy manufacturers seeking to go public [2][7]. Group 1: Company Overview - San Chao New Materials primarily engages in the production of electroplated diamond wires and diamond grinding wheels, with projected revenue of approximately 348 million yuan and a net loss of about 140 million yuan for 2024 [4]. - The company reported a main revenue composition of 311 million yuan from superhard material products, with electroplated diamond wires contributing 239.8 million yuan and diamond grinding wheels 71.14 million yuan [5]. Group 2: Share Transfer Agreement - On August 1, shareholders signed a share transfer agreement, where Wuxi Boda would acquire approximately 18.9854 million shares of San Chao New Materials, with the first phase priced at 24.52 yuan per share, totaling 251.33 million yuan [5][6]. - The second phase of the share transfer will involve a fixed payment of 60 million yuan, with the total payment exceeding 310 million yuan after both phases [6]. Group 3: Control and Ownership Structure - Following the completion of the share transfer, Wuxi Boda will become the controlling shareholder of San Chao New Materials, with Liu Jingqi as the actual controller [7]. - Wuxi Boda, a holding platform, is primarily engaged in business through its subsidiary Boda New Energy, which focuses on photovoltaic components, batteries, and silicon wafers [10]. Group 4: Financial Performance of Wuxi Boda - Wuxi Boda reported total assets of 3.449 billion yuan and a debt ratio of approximately 52% as of June 30, 2025, with revenue of 1.843 billion yuan and a net profit of 400 million yuan for the first half of 2025 [10][11]. - The company is projected to achieve revenue of 2.163 billion yuan and a net profit of 395 million yuan for the full year of 2024 [10].