华康股份并购疑云：神秘客户如何在债务危机中贡献巨额营收？

Group 1 - Huakang Co., Ltd. plans to acquire 100% equity of Henan Yuxin Sugar Alcohol Co., Ltd. for 1.098 billion yuan, with an appraisal premium of 102% compared to its net assets of 3.3 billion yuan [2][4] - The mysterious company, which is a major customer of Yuxin Sugar Alcohol, has contributed several hundred million yuan in revenue, but its identity is concealed due to "commercial secrets" [2][4] - The vice president of Yuxin Sugar Alcohol, Li Yubin, has deep connections with the mysterious company and has previously worked in sugar alcohol sales for over 20 years [2][9] Group 2 - The valuation report by Kunyuan Asset Appraisal Co., Ltd. estimated Yuxin Sugar Alcohol at 1.101 billion yuan, with a significant increase from its book value of 545 million yuan [4] - The report considered factors such as customer resources, sales networks, and product development capabilities in its assessment [4][27] - Despite the high valuation, there are concerns regarding the financial stability of the major customer, which has been facing severe debt issues [14][19] Group 3 - The major customer, Fudian Pharmaceutical, has been involved in multiple legal cases and has had its bank accounts frozen due to unpaid debts [14][15] - Fudian Pharmaceutical's financial troubles have raised questions about its ability to continue purchasing from Yuxin Sugar Alcohol [19][20] - Li Yubin's role as a key figure in both Yuxin Sugar Alcohol and Fudian Pharmaceutical raises concerns about potential conflicts of interest and the legitimacy of the transactions [29][31]