Xin Lang Cai Jing·2025-10-22 07:33Core Viewpoint - Anhui Expressway, known as the "first stock" of Anhui's highways, plans to spend 3.019 billion yuan to acquire a 7% stake in Shandong Expressway, marking its second major acquisition in 10 months [1][9]. Group 1: Acquisition Details - The acquisition involves a non-public agreement to purchase 338,419,957 shares of Shandong Expressway at a price of 8.92 yuan per share, totaling 3.019 billion yuan [6][7]. - The payment will be made in two installments: 30% (approximately 906 million yuan) within five working days of the agreement's effectiveness, and 70% (approximately 2.113 billion yuan) later [7][9]. - This transaction does not constitute a related party transaction or a major asset restructuring as per regulations [6][7]. Group 2: Financial Comparison - As of June 30, 2025, Anhui Expressway reported total assets of approximately 30.1 billion yuan and revenue of 3.741 billion yuan, while Shandong Expressway had total assets of 161.7 billion yuan and revenue of 28.4 billion yuan for the year ending December 31, 2024 [9][14]. - Shandong Expressway's net profit for 2024 was 4.05 billion yuan, compared to Anhui Expressway's profit of 1.277 billion yuan for the first half of 2025, indicating a larger scale of operations for Shandong Expressway [7][9]. Group 3: Strategic Implications - This acquisition is part of Anhui Expressway's strategy to expand its national footprint and enhance its investment portfolio in the highway sector [3][15]. - The deal is expected to strengthen strategic cooperation with Shandong Expressway, which is recognized as a leading enterprise in the industry [15][16]. - The acquisition aligns with the national trend of promoting integrated operations of highways across regions, facilitating potential future collaborations [15][16].