LINGYUN CORPORATION(SH:600480) Xin Lang Cai Jing·2025-12-02 09:19Core Viewpoint - Lingyun Industrial Co., Ltd. announced an internal restructuring of its subsidiaries, merging Shanghai Yada Plastic Products Co., Ltd. with Beijing Jingran Lingyun Gas Equipment Co., Ltd. to enhance operational efficiency and reduce costs [1][3] Summary by Sections Merger Details - The merger will see Shanghai Yada Plastic as the surviving entity, inheriting all assets, liabilities, and rights of Beijing Jingran, which will lose its independent legal status [1] - Shanghai Yada Plastic was established in 1993 with a registered capital of 100 million yuan, focusing on municipal pipeline products, and reported total assets of 2.78 billion yuan and a net profit of 2.30 million yuan for 2024 [1] - Beijing Jingran, founded in 2016 with a registered capital of 50 million yuan, specializes in municipal pipeline ball valve products, with total assets of 1.29 billion yuan and a net profit of 3.22 million yuan for 2024 [2] Shareholding Structure - The direct shareholders of Shanghai Yada Plastic include Lingyun Co. (30%), Australia George Fischer Industrial Pipeline Systems Co., Ltd. (30%), and a subsidiary of Lingyun Co. (40%) [2] - Beijing Jingran is equally owned by Lingyun Co. and Switzerland George Fischer Industrial Pipeline Systems Co., Ltd. [2] - The merger does not change the ultimate control or equity structure, as both companies are ultimately held by the same shareholders in equal proportions [2] Purpose of the Merger - The merger aims to leverage the advantages of Shanghai's municipal pipeline product development and manufacturing, streamline management, and reduce operational costs to promote high-quality development [3] - The company views this merger as an internal restructuring of controlled assets and liabilities, which will not materially affect the overall economic benefits reflected in the consolidated financial statements [3]