Prevail(SZ:300710) Sou Hu Cai Jing·2025-12-05 02:11Core Viewpoint - Wanlong Optoelectronics is planning a significant asset restructuring by acquiring control of Zhejiang Zhongkong Information Industry Co., Ltd. This transaction is characterized as a "snake swallowing an elephant" merger due to the substantial difference in revenue size between the two companies, with Zhongkong's revenue being nearly ten times that of Wanlong [2][8]. Group 1: Acquisition Details - Wanlong Optoelectronics has signed a share acquisition letter of intent with shareholders holding a total of 53.0397% of Zhongkong Information, while negotiations with other shareholders are ongoing [2]. - The acquisition will involve both issuing shares and cash payments, with the cash portion likely relying on raised funds, indicating that the new controlling shareholder, Fu Xiaotong, may contribute financially [7][8]. Group 2: Background of Fu Xiaotong - Fu Xiaotong, known as a "bull market investor," became the third controlling shareholder of Wanlong Optoelectronics in November 2024, marking his first capital operation since taking control [3]. - Fu Xiaotong's investment history includes significant stakes in various companies, and he has a strong capital background through the Fu family, which has deep ties to the coal industry in Shaanxi [6][7]. Group 3: Previous Strategic Shifts - Prior to this acquisition, Wanlong Optoelectronics attempted to pivot towards the new energy sector, which resulted in significant losses, including a net profit decline of 1907% in 2024, leading to a record loss of 1.99 billion [9][12]. - The company had invested 200 million in establishing a partnership focused on new energy vehicles, but this venture ultimately failed, prompting a strategic shift back to infrastructure solutions [8][9]. Group 4: Zhongkong Information's Financials - Zhongkong Information's revenue for the first half of 2023 was approximately 157.12 million, showing an increase from 133.24 million in the same period of 2022 [12]. - The company faced challenges during its IPO attempt in 2023, which was ultimately withdrawn in 2024 due to performance concerns and reliance on the Zhejiang provincial market [12].