HONTRON(SZ:002379) Xin Lang Cai Jing·2026-01-06 11:11Core Viewpoint - The "Weiqiao System" has completed a significant internal asset restructuring worth 63.5 billion yuan, marking a substantial capital operation for the global aluminum giant, with the core aluminum assets successfully transferred and the restructuring entering a practical implementation phase [1][30][35]. Group 1: Asset Restructuring - The restructuring involves two listed companies, Hongchuang Holdings (002379.SZ) and China Hongqiao (1378.HK), whose stock prices have been rising, significantly increasing the wealth of the Zhang Bo family, now among China's top ten richest [1][30][38]. - Hongchuang Holdings announced the acquisition of 100% equity in Shandong Hongtuo Industrial Co., Ltd. for approximately 63.5 billion yuan, which has received approval from the China Securities Regulatory Commission [5][35]. - The acquisition has been completed with the equity fully transferred to Hongchuang Holdings, which will now need to navigate subsequent procedures such as share issuance and business changes [5][35][36]. Group 2: Market Performance - As of January 6, Hongchuang Holdings' stock price rose by 8.46% to 27.31 yuan per share, with a total market value of 31 billion yuan, while China Hongqiao's stock increased by 6.14% to 35.26 HKD per share, totaling a market value of 350.2 billion HKD [2][31][39]. - The stock prices of both companies have shown significant growth, with Hongchuang Holdings increasing by 166.67% and China Hongqiao by 197.19% over the year [8][38]. Group 3: Challenges Ahead - Despite the successful acquisition, Hongchuang Holdings faces challenges in share issuance, capacity integration, and market fluctuations, which are critical for the long-term success of this restructuring [6][7][36]. - The company must issue approximately 11.9 billion shares at a price of 5.34 yuan per share, and any significant drop in market price could trigger additional lock-up periods, increasing uncertainty [7][36]. - The integration of Hongtuo Industrial's various operational aspects, including compliance with environmental standards and management systems, poses further challenges that could affect the anticipated synergies [6][36]. Group 4: Wealth and Valuation - The Zhang Bo family has seen their wealth increase significantly, with a reported net worth of 25.4 billion USD (approximately 180.9 billion yuan), ranking them tenth on the 2025 Forbes list of China's richest [8][39]. - Following the acquisition, the combined shareholding of Zhang Bo and his siblings in China Hongqiao and Hongchuang Holdings is expected to exceed 220 billion yuan, indicating a substantial market valuation [9][39][48]. - The strong performance of the subsidiary is anticipated to lead to a reevaluation of the parent company's value, similar to past instances in the market [10][39].