TJBE(SZ:000695) Bei Jing Shang Bao·2025-11-16 15:40Core Viewpoint - Yang Xuegang's capital ambitions are facing setbacks as recent attempts to acquire A-share company Yihua Tong and restructure Binhai Energy have failed, highlighting challenges in expanding his investment portfolio [1][7]. Group 1: Binhai Energy's Restructuring Attempts - Binhai Energy announced the termination of its major asset restructuring plan to acquire 100% of Cangzhou Xuyang Chemical Co., which was expected to significantly enhance its business scope and financial performance [3][4]. - The proposed acquisition was characterized as a "snake swallowing an elephant" deal, with Cangzhou Xuyang's total assets exceeding Binhai Energy's by over ten times, indicating a substantial disparity in scale [3]. - The termination was attributed to changes in market conditions and failure to reach consensus on commercial terms among the parties involved [4]. Group 2: Financial Performance and Challenges - Binhai Energy has been experiencing continuous losses since 2020, with net profits reported as approximately -102 million yuan, -18.1 million yuan, and -28.1 million yuan for the years 2022 to 2024, respectively [5]. - For the first three quarters of 2023, Binhai Energy reported revenues of about 374 million yuan, a year-on-year increase of 2.03%, but still posted a net loss of approximately -49.4 million yuan [5]. - The company's financial health is concerning, with a cash balance of only 26.5 million yuan against total assets of about 2 billion yuan and total liabilities of approximately 1.8 billion yuan, resulting in a high debt-to-asset ratio of 90.45% [5][6]. Group 3: Broader Capital Ambitions - In addition to Binhai Energy, Yang Xuegang's attempt to gain control of A-share company Yihua Tong also ended unsuccessfully in September 2023, as the parties could not agree on the final terms of the transaction [7][9]. - Yihua Tong has also faced financial difficulties, with revenues of approximately 629 million yuan, 738 million yuan, and 800 million yuan from 2021 to 2024, and net losses of around -162 million yuan, -167 million yuan, and -243 million yuan during the same period [9].