Core Viewpoint - The recent detention of Wang Yihui, the actual controller and chairman of Wantong Development, has raised concerns about the company's operations, despite assurances that it will not affect the acquisition of a semiconductor business [1][2][4]. Company Overview - Wantong Development operates primarily in three sectors: communication and digital technology, operational property asset management, and real estate development and sales [2]. - The company has been exploring transformation in the communication and digital technology sector but has faced challenges, as indicated by its financial performance [3]. Financial Performance - From 2022 to 2024, Wantong Development reported revenues of 422 million yuan, 487 million yuan, and 495 million yuan, respectively, showing a slight upward trend [3]. - However, the net profit attributable to shareholders showed a continuous decline, with losses of 323 million yuan, 390 million yuan, and 457 million yuan during the same period [3]. - The company has also faced investment setbacks, with long-term equity investments resulting in a recognized investment loss of 44.53 million yuan and impairment provisions of 120 million yuan [3]. Acquisition Plans - Prior to the chairman's detention, Wantong Development announced plans to invest 854 million yuan to acquire a 62.98% stake in Beijing Shudu Information Technology Co., Ltd. [4]. - Shudu Technology, established in 2020, focuses on PCIe high-speed switching chips, which are crucial in the AI sector [4]. - The company is currently in the customer introduction phase for its PCIe5.0 chip products, with expectations for mass production by Q4 2025 [4]. Valuation and Performance Commitments - The acquisition of Shudu Technology has raised eyebrows due to its high valuation, with an estimated equity value of 1.272 billion yuan, representing a 1869.01% increase over its net asset value of 64.6 million yuan [5]. - Performance commitments for Shudu Technology include minimum revenue targets of 80 million yuan, 500 million yuan, and 1 billion yuan for the years 2025 to 2027, totaling at least 1.58 billion yuan [5][6]. - The projected revenues based on the assessment method for the same period are significantly lower, indicating a potential gap of approximately 700 million yuan [5].
万通发展董事长被拘 此前正推进跨界半导体