300051，重大资产重组终止

Core Viewpoint - Liansheng Technology announced the termination of its acquisition of a controlling stake in Xingshu Century due to failure to reach an agreement on key terms such as transaction price [1][2]. Group 1: Acquisition Details - Liansheng Technology planned to acquire 69.71% of Xingshu Century's shares through a combination of issuing shares and cash payments, alongside raising matching funds [3]. - The acquisition was expected to constitute a major asset restructuring and related party transaction [1][3]. - Xingshu Century is primarily engaged in photovoltaic power generation and has a strong asset-liability structure and profitability, with projected revenues of CNY 1.037 billion and CNY 980 million for 2023 and 2024, respectively [3][4]. Group 2: Financial Performance - Liansheng Technology has faced continuous losses, reporting a net profit loss of CNY 39.73 million in 2023 and an anticipated loss of CNY 110 million in 2024 [7]. - The company's revenue for the first half of 2025 was CNY 209 million, a year-on-year increase of 35.90%, but the net profit loss was CNY 50.16 million, a decline of 18.24% year-on-year [7][9]. - As of mid-2025, the company's debt pressure has increased, with a current ratio of 0.3 and a debt-to-asset ratio of 76.69% [7]. Group 3: Market Reaction - The market reacted positively to the initial acquisition announcement, with Liansheng Technology's stock hitting the daily limit on the day of its resumption of trading [5].