Sunwave(SZ:002115) Zheng Quan Zhi Xing·2025-08-12 09:10Overview - The company, Sanwei Communication, announced that its subsidiary, Haiweitong, will waive its preferential rights to acquire shares and make capital contributions in the investee company, Bostong Satellite Communication [1][2]. Group 1: Transaction Details - Bostong Satellite Communication is a company in which Haiweitong holds a 9.95% stake, while the controlling shareholder, Ningbo Boda Satellite Technology, holds 90.05% [1]. - Ningbo Boda plans to transfer 40% of Bostong's shares to Ningbo Linfan Enterprise Management Partnership for 8 million RMB, with a subsequent capital increase of 60 million RMB to be fully subscribed by Ningbo Boda [2][5]. - After the transaction, Bostong's registered capital will increase from 60 million RMB to 120 million RMB, and Haiweitong's stake will decrease to 4.975% [2][5]. Group 2: Financial Performance - Bostong has been experiencing continuous losses, with a negative net asset value of -57.46 million RMB as of December 31, 2024 [5][6]. - The company reported an operating income of 98.51 million RMB for the audited year 2024, with a net profit of 13.76 million RMB [5]. Group 3: Industry Context - The satellite broadband communication industry for fishing vessels is highly competitive and has been facing industry-wide losses in recent years [2][8]. - The business model is capital-intensive with long payback periods and many uncontrollable factors, contributing to the uncertainty of Bostong's future development [6][8]. Group 4: Strategic Implications - The transaction aims to enhance the motivation and creativity of Bostong's management team, aligning their interests with those of the employees, and improving the company's financial situation [8]. - The decision to waive preferential rights was made after considering Bostong's operational status, industry outlook, and the need for team incentives [8].