HJHS(SH:603616) Mei Ri Jing Ji Xin Wen·2025-12-03 22:47Core Viewpoint - Han Jian Heshan's acquisition of Qingqing Environmental Equipment Co., Ltd. has culminated in a zero-value transfer and debt waiver, marking a significant financial setback for the company after seven years of investment in the environmental sector [1][3][4]. Group 1: Transaction Details - Han Jian Heshan announced the transfer of 99.9% equity in Qingqing Environmental to Qingneng Environment for a price of 0 yuan, reflecting the negative asset status of Qingqing Environmental [1][3]. - The transaction is expected to generate approximately 24.5 million yuan in net profit for Han Jian Heshan, despite Qingqing Environmental being heavily indebted and listed as a dishonest executor [1][4]. Group 2: Financial Performance of Qingqing Environmental - As of August 31, 2025, Qingqing Environmental reported total assets of approximately 237 million yuan and total liabilities of 265 million yuan, resulting in a negative net asset of 28.43 million yuan and an asset-liability ratio of 112.01% [3][4]. - Qingqing Environmental's revenue for 2024 was 138 million yuan, a 35.83% increase year-on-year, but it still incurred a net loss of 156 million yuan [4]. Group 3: Implications for Han Jian Heshan - The company has agreed to waive 3.9 million yuan of debt owed by Qingqing Environmental, retaining 750,000 yuan as a receivable, which poses a risk of becoming a financial burden [3][6]. - The remaining receivable of 750,000 yuan represents 3.23% of Han Jian Heshan's audited net assets for 2024, raising concerns about the potential for non-recovery [6][8]. Group 4: Concerns Regarding the Buyer - Qingneng Environment, the acquiring company, has a registered capital of only 100,000 yuan and reported total assets of 493,300 yuan against total liabilities of 566,700 yuan, indicating a negative equity position [8]. - The financial performance of Qingneng Environment is concerning, with zero revenue reported for 2024 and only 344,100 yuan in revenue for the first three quarters of 2025, alongside a net loss of 31,900 yuan [8].