JD Capital(SH:600053) Xi Niu Cai Jing·2025-08-19 08:34Core Viewpoint - Jiuding Investment announced a significant acquisition of a 53.29% stake in Nanjing Shenyuan Intelligent Technology Co., Ltd. for 213 million yuan, raising concerns over the valuation and financial health of both companies [2] Group 1: Acquisition Details - The acquisition involves Jiuding Investment spending 213 million yuan to gain control of Nanjing Shenyuan, which will become a subsidiary post-transaction [2] - Nanjing Shenyuan specializes in core components for robots, such as six-dimensional force sensors, but reported only 2.088 million yuan in revenue and a net loss of 5.73 million yuan in 2024 [2] - The valuation of Nanjing Shenyuan surged from 200 million yuan in December 2023 to 300 million yuan, reflecting a 50% premium [2] Group 2: Financial Implications - As of the end of Q1 2025, Jiuding Investment had cash reserves of only 249 million yuan, meaning this acquisition would consume 85% of its cash [2] - The company's traditional sectors, private equity investment and real estate development, are experiencing losses, with a combined loss of 26.5 million yuan in 2024 and an expected loss of 4.4 to 5.5 million yuan in the first half of 2025 [2] Group 3: Regulatory Concerns - The Shanghai Stock Exchange raised three critical questions regarding the acquisition: the fairness of the transaction valuation, the necessity of acquiring a loss-making asset at a high premium, and whether this could be seen as a means to siphon off company resources [2]