Di Yi Cai Jing·2025-09-11 12:24Core Viewpoint - Tianpu Co., Ltd. (605255.SH) has announced another suspension for verification after experiencing 11 consecutive trading days of price increases, with its stock price reaching 76 yuan and market capitalization exceeding 10 billion yuan, driven by a shell acquisition gamble by Zhonghao Xinying Technology Co., Ltd. [2] Group 1: Acquisition and Financial Pressure - Zhonghao Xinying plans to acquire control of Tianpu Co. through a share transfer and capital increase for approximately 965 million yuan, but the acquisition funds have not yet been secured [2][3] - Zhonghao Xinying reported a loss of 143 million yuan in the first half of 2025, raising concerns about its cash flow and the feasibility of the acquisition [2][6] - The company faces a potential contingent liability of 1.642 billion yuan from previous financing agreements, with 1.071 billion yuan already receiving waiver consent [3][5] Group 2: Performance and IPO Requirements - Zhonghao Xinying must complete a qualified IPO or be acquired by December 31, 2026, to avoid triggering high repurchase penalties, including an annualized 15% premium [3][5] - The company has not yet submitted an IPO application or initiated listing guidance, with only 15 months remaining until the deadline [7] - Zhonghao Xinying's revenue and profit figures have deteriorated, with a significant loss in the first half of 2025, complicating its ability to meet regulatory requirements for independent listing [7][8] Group 3: Funding and Regulatory Scrutiny - As of August 28, 2025, Zhonghao Xinying had approximately 1.051 billion yuan in available funds, which could cover the acquisition costs, but a funding gap of about 718 million yuan remains for a full takeover [8] - The company has decided to repurpose funds from its B-round financing to cover the acquisition price, raising regulatory concerns about the transaction's background and pricing [8]