AYIS(SH:600569) Mei Ri Jing Ji Xin Wen·2025-09-04 14:38Core Viewpoint - Anyang Steel has shifted from a major asset restructuring plan to selling stakes in two subsidiaries to its controlling shareholder, Anyang Steel Group, due to historical issues with the assets involved in the original plan [1][3]. Group 1: Asset Restructuring and Sale - Initially, Anyang Steel aimed to expand by acquiring upstream resources through a significant asset restructuring plan, which included a swap of assets with Anyang Steel Group [2]. - The restructuring plan was abruptly terminated due to the discovery of historical issues related to the land and property rights of the target assets, making it difficult to proceed as planned [3]. - The company has now opted for a cash sale of its stakes in Yongtong Company (78.14% stake) and Yuhua Company (100% stake) to Anyang Steel Group, which is seen as a way to quickly optimize its asset structure and improve liquidity [5]. Group 2: Financial Implications - The sale is expected to provide a significant cash inflow to Anyang Steel, which is crucial for its ongoing transformation towards high-end, intelligent, and green steel production [5]. - The financial performance of the subsidiaries being sold is concerning, with Yongtong Company reporting a net loss of 1.09 billion in 2024 and a slight profit of 204.31 million in the first half of 2025, while Yuhua Company has consistently reported losses [6]. - Anyang Steel Group's financial health is also a concern, with a high debt ratio of approximately 79.98% and a net loss of 32.04 billion in 2024, raising questions about its ability to finance the acquisition [6]. Group 3: Ongoing Processes and Uncertainties - The audit and evaluation related to the asset sale are still ongoing, and the transaction contract has not yet been signed, indicating that the deal's execution remains uncertain [7]. - Anyang Steel has committed to not planning any major asset restructuring for at least one month following the announcement, but future actions will depend on market conditions and asset situations [4].