“易主方案”披露后 中国高科连续两天跌停 “空手而来”的新控股方如何面对质疑？业内支招

Core Viewpoint - After a significant price increase of over 20% prior to the suspension, China High-Tech (SH600730) faced two consecutive trading halts following the announcement of its new ownership plan, raising questions about market sentiment towards the new controlling shareholder [2][3]. Group 1: Ownership Change and Market Reaction - The new indirect controlling shareholder, New Fangzheng Group, has only acquired the upper equity of China High-Tech without injecting any assets into the company, leading to perceptions of merely "buying a platform" rather than a substantive investment [5][21]. - Following the announcement of the ownership change, China High-Tech's stock price experienced two consecutive trading halts, despite a prior increase of 163% from 6.07 CNY to 15.91 CNY per share [7][22]. - The new shareholder, Changjiang Semiconductor, was established only a month prior and lacks operational history, which has contributed to market skepticism regarding its ability to add value to China High-Tech [8][20]. Group 2: Financial and Operational Insights - China High-Tech's financial performance has been underwhelming, with revenues remaining below 160 million CNY since 2018 and a reported loss of 13.76 million CNY in the first three quarters of the current year [22]. - The transaction price for the equity transfer is set at 1.2 billion CNY, with the new shareholders promising not to inject any assets into the company for 36 months post-transaction [21][22]. - The market views China High-Tech's value as lying in its cash reserves and real estate rather than its operational performance, suggesting that the acquisition was made at a "zero premium" for access to the A-share market [22].