晶升股份大股东减持价格高于收购发行价 刚补流不久又要募集配套资金

Core Viewpoint - The capital operations of Jing Sheng Co., Ltd. have raised market concerns regarding the potential "buy low, sell high" strategy, as the company is simultaneously planning a private placement and acquisition while facing shareholder reductions in holdings [1][2]. Group 1: Capital Operations - Jing Sheng Co., Ltd. has been active in capital operations, announcing on October 9, 2025, plans for issuing shares and cash to acquire assets while raising matching funds [1]. - The major shareholder, Xin Rui Ji Cheng, announced a plan to reduce holdings by up to 4,150,900 shares, representing 3% of the total share capital, citing "personal funding needs" [1]. - The timing of the shareholder reduction and the company's major asset restructuring announcement, which led to a trading suspension, has drawn attention [1]. Group 2: Pricing Discrepancies - The difference between the shareholder reduction price and the company's private placement price is critical in assessing the "buy low, sell high" scenario [2]. - Xin Rui Ji Cheng's minimum reduction price is set at 31.82 yuan per share, while the asset purchase issuance price is 28.93 yuan per share, indicating a 9.1% lower entry point for new investors [2]. - As of September 9, 2025, the stock price was 37.97 yuan per share, which is 31.2% higher than the private placement price and 19.4% higher than the reduction price, creating an arbitrage opportunity for private placement participants [2]. Group 3: Business Challenges - Jing Sheng Co., Ltd. faces significant challenges in its core business, reporting a revenue of 158 million yuan in the first half of 2025, a year-on-year decline of 20.29% [3]. - The company recorded a net loss of 7.45 million yuan, marking a 121.29% decline from profitability [3]. - The gross margin has drastically decreased to 3.87%, down nearly 90% from 35.22% in 2022 [3]. - The company raised 1.016 billion yuan through its initial public offering, with 540 million yuan in excess funds, and has allocated 160 million yuan of this to permanently supplement working capital, raising questions about the simultaneous push for acquisitions [3].