Core Viewpoint - The company, Jiarong Technology, is planning to acquire control of Hangzhou Lanran Technology Co., Ltd. through a share issuance and is expected to raise supporting funds, which may constitute a significant asset restructuring. The company's shares have been suspended since November 17, and a transaction plan is expected to be disclosed within 10 trading days [1][7]. Group 1: Company Overview - Jiarong Technology is a national high-tech enterprise focused on membrane separation technology and was listed on the ChiNext board in April 2022 [3]. - The company has been engaged in high-concentration wastewater treatment since 2009 and provides high-performance separation membrane materials, environmental equipment, and solutions for resource recycling [4]. Group 2: Financial Performance - Jiarong Technology's financial performance has been underwhelming, with revenues of 755.6 million yuan, 555.5 million yuan, and 556 million yuan from 2022 to 2024, and net profits of 107 million yuan, 58.1 million yuan, and 50.2 million yuan during the same period [4]. - In the first three quarters of 2025, the company reported revenues of 362 million yuan, a year-on-year decrease of 7.53%, while net profit increased by 12.95% to 59.3 million yuan [4]. Group 3: Acquisition Target - Hangzhou Lanran is a national high-tech enterprise specializing in the research and application of electrodialysis technology, with a focus on ion exchange membranes and related equipment [5]. - The company held an 8.88% share of the global market for electrodialysis equipment in 2021, ranking third, and maintained a leading position in the domestic market with a 41.27% share [6]. Group 4: IPO Attempt and Regulatory Issues - Hangzhou Lanran attempted to go public on the ChiNext board in June 2022 but withdrew its application in December 2022 after facing regulatory inquiries regarding its financial disclosures and operational practices [7][12]. - The company received a regulatory letter from the Shenzhen Stock Exchange in May 2023, citing violations related to income recognition and financial internal controls during its IPO application process [14].
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