Zhong Guo Zheng Quan Bao·2025-08-15 15:37Core Viewpoint - ST Jinggu plans to transfer its 51% stake in Tangxian Huiyin Wood Industry Co., Ltd. to its controlling shareholder, Zhou Dafu Investment Co., Ltd., or its designated affiliates, aiming to divest non-performing assets and alleviate operational burdens [2][5]. Group 1: Transaction Details - The transaction is expected to constitute a major asset restructuring and related party transaction, but will not change the controlling shareholder or actual controller of the company [2]. - The transaction will be settled in cash, with the price expected to be no less than 133 million yuan, based on asset evaluation results [5]. - The transfer aims to isolate debts, lawsuits, and operational risks associated with Huiyin Wood, thereby optimizing the asset structure and improving financial conditions [5][6]. Group 2: Financial Impact - Huiyin Wood's revenue is projected to account for 87.02% of ST Jinggu's total revenue in 2024, indicating a significant impact on the company's main business scale post-sale [5]. - The company anticipates that the transaction will lower its asset-liability ratio and enhance its ongoing operational capacity [5]. - ST Jinggu recorded a goodwill impairment of 83.3187 million yuan due to Huiyin Wood's failure to meet profit commitments in 2024 [10]. Group 3: Legal and Operational Challenges - Huiyin Wood has faced multiple legal challenges, with six property preservation cases this year, totaling approximately 66.9 million yuan, which represents 70.34% of ST Jinggu's latest audited net assets [11]. - The company has been involved in lawsuits primarily stemming from private lending issues, further complicating its operational landscape [10][11].