YSDZ(SZ:002289) Jing Ji Guan Cha Wang·2025-09-14 00:48Core Viewpoint - *ST Yushun is nearing the completion of a significant asset restructuring involving the acquisition of data center assets valued at 3.35 billion yuan, marking it as the largest transaction among ST companies in the A-share market [2][6]. Group 1: Asset Acquisition Details - The asset acquisition involves purchasing 100% equity of three companies that constitute the "Beijing Fangshan Zhong'en Cloud Data Center," with a total transaction value of 3.35 billion yuan [6]. - The acquisition will be financed through a two-phase cash payment plan, with the first phase being 10% (335 million yuan) and the second phase being 90% (3.015 billion yuan) [3][4]. Group 2: Funding Sources - The funding for the acquisition will come from two main sources: a loan from the controlling shareholder, Shanghai Fengwang Industrial Co., Ltd., amounting to 1.7 billion yuan, and a potential bank loan from Minsheng Bank not exceeding 2.76 billion yuan [4][5]. - The controlling shareholder has provided proof of sufficient funds, with a bank deposit of 1.753 billion yuan as of August 20, 2025, ensuring the ability to support the acquisition [4]. Group 3: Financial Performance of Target Assets - The target assets have shown strong financial performance, with net profits reaching nearly 200 million yuan in 2024, and revenues of 735 million yuan, 815 million yuan, and 218.1 million yuan for the years 2023, 2024, and the first quarter of 2025, respectively [7]. - In contrast, *ST Yushun's revenue for 2024 was only 220 million yuan, highlighting the potential for growth through this acquisition [7]. Group 4: Strategic Importance - The acquisition aligns with *ST Yushun's strategic goal to expand its business into the data center sector, leveraging its financing capabilities to enhance the growth of the data center operations [7].