Shang Hai Zheng Quan Bao·2025-11-04 13:09Core Viewpoint - The ownership transfer plan of Shankai Intelligent (300897) is facing difficulties due to the recent issues surrounding key figure Li Yajun, who is linked to the buyer, Hubei Changjiang Aerospace Technology Investment Co., Ltd. [1][6] Group 1: Ownership Transfer Plan - In July 2025, Shankai Intelligent announced a plan to transfer control to Hubei Changjiang, which would make the Wuhan New District State-owned Assets Supervision and Administration Commission the new controlling entity [1][2]. - The transfer agreement states that Changjiang Aerospace will acquire a 19.70% stake at a price of 20.7 yuan per share [2][3]. - Li Yajun, chairman of Shanghai Linxin Investment Management Co., is a significant figure in this transaction, holding key positions in both Linxin Investment and Changjiang Aerospace [5][6]. Group 2: Li Yajun's Situation - Li Yajun has reportedly been detained for over a month, which has not been disclosed by Shankai Intelligent [1][9]. - His absence has been noted in another company, Chongqing Road and Bridge, where he is unable to fulfill his duties as general manager due to personal reasons [7][10]. - The lack of updates regarding Li Yajun's status raises concerns about the stability of the ownership transfer plan [10]. Group 3: Financial Performance - Shankai Intelligent's financial performance has been declining, with a 28.96% year-on-year drop in revenue to 236 million yuan in the first half of 2025, and a 48.36% decrease in net profit [11][12]. - The company's third-quarter report shows a 22.56% decline in revenue to 380 million yuan and a 59.34% drop in net profit [12]. - The company's accounts receivable reached 372 million yuan, which is 457% of the net profit, indicating potential issues with profit quality [12]. Group 4: Market Concerns - Prior to the suspension of trading, Shankai Intelligent's stock price experienced significant fluctuations, rising 38% over 13 trading days [13][14]. - New shareholders appeared in the top ten list just before the stock price surge, raising suspicions of insider trading [13][14]. - The combination of declining performance, unusual stock activity, and the high premium paid by state-owned entities for the acquisition has led to skepticism about the transaction [14].