1.8亿购入资产36万元甩卖 *ST花王高溢价并购走向何方？

Core Viewpoint - *ST Huawang plans to sell its wholly-owned subsidiary, Zhongwei International Engineering Design Co., Ltd., for 360,000 yuan, despite having invested 182 million yuan in its acquisition, highlighting the company's struggle with past acquisitions and ongoing financial difficulties [1][2][3]. Group 1: Acquisition and Financial Performance - The acquisition of Zhongwei International was initially valued at 1.82 billion yuan, with a high premium based on optimistic performance projections [3][4]. - Zhongwei International's financial performance deteriorated significantly after 2020, with losses of 280,390 yuan in 2020 and 1.25 million yuan in 2021, and projected losses of 2.78 million yuan for 2024 [4][10]. - The company's net assets dwindled to 27,600 yuan, with outstanding debts of 367,800 yuan that it could not repay [4]. Group 2: Corporate Restructuring and New Ownership - Following a bankruptcy restructuring, Suzhou Chenshun became the new major shareholder, but the change in control has not led to significant operational improvements [1][11]. - The restructuring involved a capital injection of 507.7 million yuan from new investors, with commitments for future revenue targets [11][12]. - The company has shifted its focus to new investments, including a controversial acquisition of a 55.5% stake in Niwei Power, valued at 666 million yuan, which raises concerns about potential goodwill impairment [12][13]. Group 3: Market Position and Future Outlook - *ST Huawang's history of high-premium acquisitions has resulted in significant financial burdens, with past investments failing to yield sustainable growth [8][10]. - The company is now attempting to optimize its asset and business structure through divestitures and new acquisitions, but the effectiveness of these strategies remains uncertain [2][14]. - The ongoing challenges and restructuring efforts indicate a critical period for the company as it seeks to stabilize its operations and improve financial health [11][14].