Core Viewpoint - The acquisition of Dalian Shengya by Tongcheng Travel for 956 million yuan is facing market skepticism, as evidenced by the declining stock prices of both companies following the announcement [1][5]. Group 1: Acquisition Details - Tongcheng Travel's subsidiary, Shanghai Tongcheng, plans to acquire 23.08% of Dalian Shengya's shares, which will give it a total voting power of 30.88% after signing a voting rights delegation agreement with major shareholders [2]. - The acquisition is seen as a strategic move to integrate online and offline tourism resources, potentially enhancing Tongcheng's operational capabilities in the tourism sector [2][3]. Group 2: Market Reaction - Following the announcement of the acquisition, both Tongcheng Travel and Dalian Shengya experienced a decline in stock prices, with cumulative drops of 2.85% and 8.89%, respectively, leading to a combined market value loss of 1.751 billion yuan [1][5]. - Investor sentiment is divided, with some questioning the wisdom of investing in a company with a history of losses, while others see potential in acquiring a shell company for future operations [1]. Group 3: Financial and Governance Issues - Dalian Shengya has a high debt ratio exceeding 80% and is under pressure to resolve short-term debt obligations, with plans to use the funds raised from the acquisition to pay off debts and improve liquidity [3][5]. - Governance issues persist, as evidenced by the abstention of a key shareholder during board votes, raising concerns about potential conflicts among shareholders following the acquisition [6]. Group 4: Strategic Expansion - Tongcheng Travel's acquisition of Dalian Shengya is part of a broader strategy to expand its presence in the tourism industry through various acquisitions, including travel agencies and hotel management companies [8][10]. - The company has reported significant revenue growth, with 2024 revenues reaching 17.341 billion yuan, a 45.77% increase year-on-year, indicating a strong operational performance [10].
“同程系”横空出世,吴志祥9.56亿鲸吞大连圣亚