德尔股份收购即将落地：2.7亿元的关联交易是否会重蹈覆辙？

Core Viewpoint - Del Shares has received approval for a share issuance to acquire assets, marking the near completion of a 270 million yuan restructuring deal with Aizhuo Intelligent Technology (Shanghai) Co., Ltd. [1][4] Group 1: Transaction Details - The transaction involves Del Shares acquiring 70% of Aizhuo Technology from Shanghai Deri and receiving 30% of the shares at zero cost, making Aizhuo Technology a wholly-owned subsidiary post-transaction [1][4]. - The total assessed value of Aizhuo Technology's equity is set at 270 million yuan, reflecting a substantial appraisal increase of 392.12% compared to its book net assets [1][4]. - Aizhuo Technology is projected to experience significant growth from 216 million yuan in revenue to 365 million yuan, representing a growth rate of 68.95% between 2023 and 2024 [1][4]. Group 2: Historical Context - This marks the second time that the actual controller Li Yi has injected assets into Del Shares, with the previous instance occurring seven years ago [2][5]. - Unlike the previous acquisition in 2017, which was a cash transaction of 1.937 billion yuan for Fuxin Jiachuan, this acquisition will be conducted through share issuance, increasing Li Yi's stake in the company [2][5]. - The earlier acquisition resulted in approximately 1.1 billion yuan in goodwill, which later required significant impairment due to a drastic decline in performance from CCI, leading to losses of 423 million yuan in 2020 and 916 million yuan in 2022 [6].