Zhong Guo Jing Ji Wang·2025-09-08 07:27Core Viewpoint - Yihuatong (688339.SH) announced the termination of the share issuance for asset acquisition and related fundraising due to a lack of consensus among transaction parties, prioritizing the long-term interests of the company and its investors [1] Group 1: Transaction Details - The company planned to acquire 100% equity of Danzhou Xuyang Hydrogen Energy Co., Ltd. through share issuance and raise supporting funds [1][2] - The transaction was expected to constitute a major asset restructuring as per the regulations but did not qualify as a restructuring listing [1] - The total amount of supporting funds was not to exceed 550 million yuan, with the number of shares issued not exceeding 30% of the total share capital before issuance [4] Group 2: Financial Performance - Yihuatong has reported continuous losses for five and a half years, with revenues from 2020 to the first half of 2025 showing a decline, and net profits remaining negative [5] - The company's revenue figures were 572.29 million yuan in 2020, 629.37 million yuan in 2021, 738.12 million yuan in 2022, 800.70 million yuan in 2023, 366.67 million yuan in 2024, and 71.93 million yuan in the first half of 2025 [5] Group 3: Shareholder Structure - Prior to the proposed transaction, Yihuatong's controlling shareholder was Zhang Guoqiang, and post-transaction, it was expected to change to Xuyang Group [3] - Xuyang Group is indirectly wholly owned by China Xuyang Group [3][4]