跨市场换股吸并！603213，构成重大资产重组

Core Viewpoint - The announcement indicates that Zhejiang Hu-Hang-Yong Highway Co., Ltd. plans to conduct a significant asset restructuring with Zhenyang Development, involving a share swap to absorb Zhenyang Development [1] Group 1: Company Overview - Zhenyang Development is a subsidiary of Zhejiang Provincial Transportation Investment Group and operates in the chemical industry [3] - Zhejiang Hu-Hang-Yong is a Hong Kong-listed company primarily engaged in the construction, operation, maintenance, and management of high-grade highways [3] Group 2: Financial Performance - In 2024, Zhenyang Development achieved a revenue of 2.899 billion yuan, representing a year-on-year increase of 37.10%, while the net profit attributable to shareholders decreased by 23.21% to 191 million yuan [5] - The company forecasts a net profit of 45 million to 53 million yuan for the first half of 2025, indicating a year-on-year decrease of 50.41% to 57.89% [5] Group 3: Market Reaction and Valuation - Following the announcement, Zhenyang Development's stock price hit the daily limit, with a market capitalization of approximately 6.8 billion yuan [3] - Zhejiang Hu-Hang-Yong has a market capitalization of 44.9 billion HKD (approximately 41 billion yuan) [3] Group 4: Transaction Details - The transaction involves Zhejiang Hu-Hang-Yong issuing A-shares to all shareholders of Zhenyang Development through a share swap [1] - The transaction is still in the planning stage and requires internal decision-making processes and regulatory approvals, which introduces uncertainty regarding its implementation [5]