多家A股公司开启保壳大战

Core Viewpoint - The A-share market is entering the fourth quarter, prompting several companies on the brink of delisting to engage in protective measures to maintain their listings, including asset divestiture, debt restructuring, and strategic investments [1] Group 1: Asset Divestiture - Many listed companies are opting to divest loss-making assets to quickly improve their financial statements and escape delisting risks. For instance, *ST Nan Zhi plans to transfer real estate-related assets and liabilities worth 13.357 billion yuan for 1 yuan to an affiliate, aiming to shift from a loss-making real estate business to a light-asset urban operation service [3][4] - After the transaction, *ST Nan Zhi's total assets and revenue will significantly decrease, but its equity and net profit will increase substantially, with a projected net profit of 225 million yuan for 2024, an increase of 2.463 billion yuan compared to before the transaction [3] - Similarly, *ST Bu Sen announced plans to sell a 35% stake in its subsidiary for cash to focus on its core apparel business, which is expected to improve liquidity and optimize asset structure [4][5] Group 2: Mergers and Acquisitions - Some companies are looking to reverse their fortunes through acquisitions. For example, *ST Fan Li intends to acquire a 60% stake in Guangzhou Feng Teng for up to 28.8 million yuan to enhance its position in the internet marketing sector [7] - The acquisition includes performance assessment clauses requiring the target company to achieve specific revenue and profit targets from 2025 to 2027, indicating a strategic move to mitigate delisting risks [7][8] Group 3: Seeking Strategic Investors - In the context of ongoing adjustments in the liquor industry, *ST Yan Shi is actively seeking strategic investors to optimize resources and support sustainable operations, as it faces delisting risks following a significant loss in revenue and profit [10] - The company has implemented measures to clear inventory and focus on B-end customers, indicating a shift in strategy to adapt to market conditions [10] Group 4: Long-term Trends - Analysts suggest that while asset divestiture, mergers, and strategic investments may provide short-term relief from delisting pressures, the long-term trend of declining shell resource scarcity will persist. Companies must focus on core business, technological innovation, and governance optimization to survive in a competitive environment [11]