1元甩卖百亿资产！*ST南置退市边缘“断臂求生”？

Core Viewpoint - *ST Nanzhi has announced a significant asset disposal plan, aiming to shift from real estate development to light asset operations, amidst ongoing financial struggles and a risk of delisting [1][4][5]. Group 1: Company Background - *ST Nanzhi, established in 1998, was once a leading commercial real estate company in Wuhan, known for projects like Fan Yue Mall and Fan Yue Hui [3]. - The company has faced severe financial losses, with a cumulative net loss of 6.8 billion yuan from 2021 to the first half of 2025, leading to a negative net asset of -1.548 billion yuan and a debt ratio of 107.64% as of June 2025 [3][4]. Group 2: Asset Disposal Plan - On September 18, 2025, *ST Nanzhi announced plans to transfer real estate development and leasing-related assets and liabilities to its controlling shareholder, Electric Power Construction Group's subsidiary, Shanghai Longlin, for a nominal price of 1 yuan [2][6]. - The transaction involves 17 equity assets and 11.579 billion yuan in other payables, with total assets involved amounting to nearly 20 billion yuan [2][5]. Group 3: Strategic Shift - The company aims to transition to commercial and urban comprehensive operations, moving away from traditional real estate development [5][8]. - Post-transaction, *ST Nanzhi will focus on business operations such as commercial management, office management, and long-term rental apartments, while retaining management-related assets [5][8]. Group 4: Financial Implications - The assets being disposed of generated 2.735 billion yuan in revenue in 2024, while the company's total revenue for the same period was 2.970 billion yuan [7]. - Following the asset disposal, the company's total assets and revenue will significantly decrease, marking a shift from heavy to light asset operations [8]. Group 5: Market Reaction - The market has shown sensitivity to *ST Nanzhi's restructuring efforts, with stock price fluctuations observed, including a recent surge to 2.47 yuan per share after a month of decline [8].