DORIGHT(SZ:300950) Zhong Guo Zheng Quan Bao·2025-11-08 14:14Core Viewpoint - The company, Degute, announced the termination of its major asset restructuring plan to acquire 100% equity of Haowei Cloud Computing Technology Co., Ltd. due to disagreements among key stakeholders regarding core terms such as valuation, performance commitments, and compensation clauses [1][3]. Group 1: Restructuring Termination - Degute received feedback from Haowei Technology indicating significant disagreements among major stakeholders on the core terms of the restructuring, making it difficult to form a satisfactory proposal within the effective time window [3]. - The termination of the transaction requires multiple procedures, including further negotiations, internal review processes, and final approval from Degute's board of directors, introducing uncertainty regarding the timeline [3]. - The company committed not to plan any major asset restructuring for at least one month following the termination announcement [3]. Group 2: Background of the Restructuring - Degute initially disclosed its acquisition intention on June 29 and released a transaction proposal on July 13, aiming to diversify its business into telecommunications software development, cloud and AI software services, and industry digital solutions [4]. - As a high-tech energy-saving and environmental protection equipment manufacturer, Degute faces challenges such as intensified industry competition and limited market space [4]. Group 3: Haowei Technology Overview - Haowei Technology, a major shareholder of which is ZTE Corporation, operates internationally and has no controlling shareholder or actual controller [5]. - The top three shareholders of Haowei Technology hold 27.83%, 27.62%, and 13.85% of the shares, respectively, and the company has a significant overseas presence with multiple business lines [5]. - Financial data indicates that Haowei Technology's net profits for 2023 and 2024 are projected to be 202 million and 205 million, respectively, but it reported a loss of 133 million in Q1 2025 due to seasonal revenue characteristics [5]. Group 4: Impact on Degute's Financials - Following the announcement of the restructuring plan, Degute's stock price rose significantly, reflecting high market expectations for its cross-industry transformation [5]. - As of November 7, Degute's stock price was 32.66 yuan per share, with a total market capitalization of 4.98 billion yuan, and the stock has increased over 104% year-to-date [5]. - Degute's net profits for 2022, 2023, and 2024 were reported as 65.58 million, 38.66 million, and 96.72 million, respectively, with a 26.39% decline in net profit for the first three quarters of 2025 [7].