HUAKANG(SH:605077) Mei Ri Jing Ji Xin Wen·2025-08-14 16:04Core Viewpoint - Huakang Co., Ltd. plans to acquire 100% equity of Henan Yuxin Sugar Alcohol Co., Ltd. for 1.098 billion yuan, with a significant valuation increase of 102% compared to its net assets of 3.3 billion yuan, indicating a major impact on the company [2][4]. Group 1: Acquisition Details - The acquisition price of 1.098 billion yuan aligns closely with the valuation of 1.101 billion yuan provided by Kunyuan Asset Appraisal Co., Ltd., which assessed Yuxin Sugar Alcohol's value based on factors such as customer resources and sales networks [4]. - Yuxin Sugar Alcohol's largest customer in 2023 and second-largest in 2024 is a mysterious company that has contributed several hundred million yuan in revenue, although its identity has been concealed by Huakang Co., Ltd. under the guise of "commercial secrets" [2][6]. Group 2: Customer Relationships - The mysterious company, referred to as "Company A," is linked to Li Yubin, the vice president of Yuxin Sugar Alcohol, who has a long history in the sugar alcohol sales industry and is also the actual controller of Yuxin Sugar Alcohol's third-largest customer, Lezhante [2][7][24]. - Company A, identified as Fudian Pharmaceutical, has been a significant customer for Yuxin Sugar Alcohol, purchasing mainly sugar alcohol products to supplement its production capacity [7][10][11]. Group 3: Financial and Legal Issues - Fudian Pharmaceutical is currently facing severe debt issues, with multiple court cases and frozen bank accounts, raising questions about its financial stability and ability to continue purchasing from Yuxin Sugar Alcohol [12][14][18]. - The debt crisis coincides with the timeline of significant purchases from Yuxin Sugar Alcohol, suggesting a potential conflict of interest or financial strain on the customer [2][12]. Group 4: Evaluation Concerns - The valuation report by Kunyuan Appraisal did not explicitly address the debt risks associated with Fudian Pharmaceutical, despite its significant financial troubles [19][20]. - Questions have been raised regarding whether the appraisal adequately considered the financial health of Fudian Pharmaceutical when determining the acquisition price [20][28].