YSDZ(SZ:002289) Xin Lang Cai Jing·2025-10-11 08:37Core Viewpoint - *ST Yushun is undergoing a significant asset restructuring by acquiring 100% equity of three data technology companies for a total cash consideration of 3.35 billion yuan, which is part of a larger 33.5 billion yuan deal aimed at expanding into the data center business [1][3][4]. Group 1: Transaction Details - The transaction involves the acquisition of three companies: Zhong'en Cloud (Beijing) Data Technology Co., Beijing Shenhui Biyuan Cloud Computing Technology Co., and Zhong'en Cloud (Beijing) Data Information Technology Co. [1][3] - The first phase of the transaction requires a temporary payment of 3.35 billion yuan, which is 10% of the total transaction price, to be deposited into a bank-controlled account [2][3]. - The financing structure includes a significant acquisition loan of up to 27.6 billion yuan from Minsheng Bank, representing 82.4% of the total transaction price, which is notably high compared to industry standards [5][6]. Group 2: Strategic Implications - The restructuring is seen as a "snake swallowing an elephant" type of acquisition, where the assets are divided into three entities to isolate risks and facilitate financing [4]. - This acquisition is expected to transform *ST Yushun's financial performance, potentially turning its losses into profits exceeding 1.5 billion yuan annually after the transaction [8]. - The acquired companies have shown strong revenue and profit figures, with projected revenues of 7.35 billion yuan, 8.15 billion yuan, and 2.18 billion yuan for 2023, 2024, and Q1 2025, respectively, significantly outperforming *ST Yushun's recent financial results [7][8].