Mei Ri Jing Ji Xin Wen·2025-11-17 17:05Core Viewpoint - HanJia Design (300746.SZ) faces significant uncertainty following the investigation and detention of its subsidiary's chairman, Shen Gang, less than a year after acquiring a controlling stake in Suzhou Futai Technology Co., Ltd. for a premium of 236.57% and a total consideration exceeding 580 million yuan [1][5]. Group 1: Acquisition Details - The acquisition of Futai Technology was a strategic move for HanJia Design, aimed at transforming its business model in 2024, with the deal valued at approximately 581 million yuan for 51% of the shares [2][3]. - The valuation of Futai Technology was based on a total equity value of 1.14 billion yuan, while its net asset value was only about 340 million yuan, indicating a substantial premium [2][3]. - Shen Gang and related parties committed to performance guarantees, promising a cumulative net profit of no less than 216 million yuan for 2024 and 2025, with potential compensation if targets were not met [3]. Group 2: Financial Impact - Following the acquisition, Futai Technology became a major revenue source for HanJia Design, contributing approximately 370 million yuan in revenue and 41.69 million yuan in net profit in the first half of 2025 [4]. Group 3: Governance and Control Changes - Shen Gang's detention raises concerns about the future direction of HanJia Design, as he was expected to become the new controlling shareholder following the acquisition of shares from the previous major shareholder, Zhejiang Urban Construction Group [6][7]. - The transfer of control was linked to the acquisition of Futai Technology, making it a prerequisite for Shen Gang's entry into the company's leadership [6][7]. Group 4: Regulatory and Compliance Issues - As of August 2025, the necessary share transfer registration procedures for the control change had not been completed, indicating potential regulatory hurdles [8].