Core Viewpoint - The acquisition plan by Baicheng Co., Ltd. to purchase 55% of Shanghai Canxi Engineering Equipment Co., Ltd. has been terminated due to the inability to reach an agreement on key terms of the transaction within a short period of 10 days [1][3]. Group 1: Acquisition Details - Baicheng Co. announced the termination of the acquisition plan on October 10, following a suspension of trading that began on September 30 [1]. - The company had previously signed an investment cooperation framework agreement with several parties, including Zhou Huajie and Tai Qing, to facilitate the acquisition [3]. - The transaction was not expected to constitute a major asset restructuring or related party transaction, nor would it lead to a change in the actual controller of the company [3]. Group 2: Financial Performance - Baicheng Co. has experienced a continuous decline in financial performance, with a 14.7% decrease in net profit in 2023 and a further 0.8% decline projected for 2024 [4]. - The company's revenue for the first half of 2025 was reported at 2.424 billion yuan, a year-on-year decrease of 3.14%, while the net profit attributable to shareholders fell by 16.1% to 83.4953 million yuan [6]. - The decline in profit is attributed to an increase in the provision for bad debts related to contract assets, with asset impairment losses reaching 50.8 million yuan, a 55% increase compared to the same period last year [6].
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