HONTRON(SZ:002379) Shen Zhen Shang Bao·2025-12-03 15:59Core Viewpoint - Hongchuang Holdings (002379) announced a significant acquisition plan involving the purchase of 100% equity in Shandong Hongtuo Industrial Co., Ltd. for approximately 63.518 billion yuan, aiming to transform its business model from a single aluminum deep processing focus to a comprehensive aluminum industry chain, enhancing its market competitiveness and financial metrics [4][7]. Group 1: Acquisition Details - The transaction is subject to approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, with uncertainties regarding the approval timeline [1]. - The acquisition involves several entities, including Weiqiao Aluminum and other investment firms, with the valuation of the target company reflecting a 48.62% increase in value [4]. - The total assets of the target company are reported at 112.724 billion yuan, while Hongchuang Holdings has total assets of only 3.023 billion yuan, leading to the characterization of this acquisition as a "snake swallowing an elephant" deal [4]. Group 2: Financial Metrics and Risks - The target company's liabilities are significant, with short-term borrowings of 16.783 billion yuan and a high debt-to-asset ratio compared to industry peers, raising concerns about financial stability [5][6]. - Post-acquisition, Hongchuang Holdings' debt-to-asset ratio is expected to rise from 38.58% to 54.89%, indicating potential financial risks associated with the transaction [6]. - The company has faced financial challenges, reporting net losses of 145 million yuan and 68.981 million yuan for 2023 and 2024, respectively, with a significant drop in revenue in 2025 [6][7]. Group 3: Market Performance - As of December 3, Hongchuang Holdings' stock price increased by 6.82%, reaching 21.92 yuan per share, with a year-to-date increase of 144.37% [8].