HAILUN PIANO(SZ:300329) Xin Lang Cai Jing·2025-12-31 10:24Core Viewpoint - The acquisition of Helen Piano by Alltop Zhodai for 548 million yuan marks a significant shift in control from a struggling traditional piano manufacturer to a tech company focused on "data + AI" [1][4] Group 1: Financial Performance - Helen Piano has faced continuous losses, with a cumulative net profit loss of approximately 217 million yuan from 2023 to the first three quarters of 2025 [1][4] - The company's revenue in 2024 plummeted by 46.47% to only 159 million yuan, marking its worst performance since its IPO [1][4] - According to the Growth Enterprise Market listing rules, the company risks delisting if it reports negative annual net profit and revenue below 100 million yuan [1][4] Group 2: Shareholder Actions - The founder, Chen Helen, and his family opted to cash out, transferring 23.83% of their shares to Alltop Zhodai for 548 million yuan [1][4] - Despite retaining some shares, the Chen family relinquished control through a combination of share transfer and the abandonment of voting rights [1][5] Group 3: Market Reactions - The stock price of Helen Piano surged dramatically before the announcement of the control change, with an increase of 11.97% on the day of the announcement and a cumulative rise of 27.51% over the preceding four trading days [2][5] - Following the acquisition, the new owner, controlled by Cui Yongqing, realized a paper profit of approximately 480 million yuan as the stock price exceeded the acquisition cost of 9.09 yuan [2][5] Group 4: Acquisition Structure - Alltop Zhodai was established shortly before the acquisition, on March 7, 2025, and is perceived as a platform specifically created for this transaction [2][5] - On the day of the trading suspension, Alltop Zhodai increased its registered capital from 400 million yuan to 600 million yuan, coinciding with the acquisition amount [2][5]