押注“壳”价值？*ST中迪易主半导体资本，16连板狂欢下的跨界赌局

Core Viewpoint - The recent auction of a 23.77% stake in *ST Zhongdi has led to a significant change in the company's control, with Shenzhen Tianwei Investment winning the bid at 255 million yuan, raising questions about the future direction of the company and its financial health [1][3]. Group 1: Auction Details - The auction was the second attempt to sell the stake, with the initial auction on September 24 failing to attract bids at a starting price of 319 million yuan, indicating a "fire sale" mentality with a 20% price reduction in the second auction [3]. - The auction concluded dramatically, with Shenzhen Tianwei Investment placing a last-minute bid to secure the stake, which is linked to a 750 million yuan bank loan default by a subsidiary of *ST Zhongdi [3][4]. Group 2: Financial Condition - *ST Zhongdi has faced severe financial difficulties since 2020, with a cumulative net loss of 1.402 billion yuan from 2020 to 2024, and total liabilities of 1.928 billion yuan slightly exceeding total assets of 1.919 billion yuan, indicating insolvency [4]. - The company has been under "delisting risk warning" twice due to negative net profits and low revenue, although it managed to remove one warning in June 2023 [4]. Group 3: New Ownership and Market Reaction - The new owner, Shenzhen Tianwei Investment, is a newly established partnership with experienced partners from the semiconductor industry, raising speculation about a potential reverse merger for an IPO [5]. - Following the announcement of the auction result, *ST Zhongdi's stock experienced a significant surge, with a 118.16% increase from 4.24 yuan to 9.25 yuan per share, reflecting investor optimism about the new ownership and potential restructuring [6].