易主方案”披露后，中国高科股价“跌回去了

Core Viewpoint - The stock of China High-Tech (600730) experienced significant volatility following the announcement of a change in control, with a sharp increase prior to suspension and subsequent declines upon resumption of trading, raising questions about investor sentiment towards the new controlling shareholder, Changjiang Semiconductor [1][2][3] Group 1: Stock Performance - China High-Tech's stock price rose over 20% in the three trading days before its suspension, reaching a peak of 15.91 yuan per share, a 163% increase from 6.07 yuan on January 2 [2] - After the announcement of the new controlling shareholder, the stock faced two consecutive trading halts, with a closing drop of 8.61% on December 24 [1][2] Group 2: Shareholder Change - The new indirect controlling shareholder, Changjiang Semiconductor, is set to acquire 100% of Fangzheng International Education from Xin Fangzheng Group for 1.2 billion yuan [2] - The actual control of China High-Tech will shift to a group including the Dongyang State-owned Assets Supervision and Administration Office and several individuals [2] Group 3: Changjiang Semiconductor's Background - Changjiang Semiconductor was established only a month prior to the acquisition and currently has no operational business, focusing on integrated circuit design and manufacturing [3] - The shareholders of Changjiang Semiconductor include Shanghai Shiyu Precision Equipment Co., which specializes in semiconductor automation equipment [3] Group 4: Market Perception and Future Prospects - There is speculation that the transaction may be perceived as a "shell sale," with concerns about the lack of asset injection into China High-Tech [5][6] - High Chengyuan, CEO of Zhaoyuan Consulting, noted that the current transaction does not constitute a "backdoor listing" as no assets have been injected yet, and the focus is on potential future asset integration [6] - The company’s financial performance has been underwhelming, with revenues below 160 million yuan since 2018 and a loss of approximately 13.76 million yuan in the first three quarters of 2025 [7]