怪兽充电拒绝高瓴溢价要约：低价私有化背后的控制权博弈与行业困局

Core Viewpoint - Monster Charging (EM.O) is facing a privatization controversy as its board rejected a $1.77 per share acquisition offer from Hillhouse Capital in favor of a lower $1.25 per share proposal from a consortium including Xincheng Capital and management, raising concerns about minority shareholder rights and reflecting the company's struggles in a stagnant growth environment and strategic transition [1][2]. Group 1: Privatization Controversy - The board of Monster Charging officially rejected Hillhouse Capital's $1.77 per ADS privatization offer, opting to pursue a $1.25 per ADS privatization plan with Xincheng Capital and management [2]. - The decision indicates management's desire to maintain control, as they hold 64.5% of the voting rights despite owning only 18.7% of the shares [2]. Group 2: Financial Crisis - Monster Charging's financial performance has deteriorated, with revenue plummeting 36% from 2.959 billion yuan in 2023 to 1.894 billion yuan in 2024, and a net loss of 14 million yuan [3]. - The company's gross margin has significantly decreased from 80.38% in 2020 to 42.59% in 2024, highlighting the impact of price wars and rising costs [3]. Group 3: Shareholder Rights Concerns - The privatization decision has sparked questions regarding the protection of minority shareholders, as the $1.25 offer is below the company's cash asset value of approximately $1.63 per ADS [4]. - The offer also represents an 85% decline from the initial public offering price of $8.5 per share [4]. - As of October 16, 2025, the company's stock price remains above $1.30 but is still significantly lower than both the IPO price and cash value [4]. Group 4: Industry Sustainability Debate - The privatization controversy raises fundamental questions about the sustainability of the shared charging industry, as rental prices have moved away from the "1 yuan/hour" era while facing declining gross margins [5]. - The board has not disclosed the detailed evaluation process for rejecting Hillhouse's offer, and the market is closely watching for an independent fairness opinion to protect minority shareholder interests [5].