Zheng Quan Shi Bao Wang·2026-01-07 22:31Core Viewpoint - *ST Yangguang is undergoing a potential change in control, which may lead to a shift in its major shareholder and actual controller, as announced on January 7. The stock will be suspended from trading starting January 8, 2026, for a period not exceeding two trading days [2]. Group 1: Control Change Announcement - The control change is still in the planning stage, with parties involved discussing specific transaction plans and agreements [2]. - Recent shareholding changes indicate a trend, as 京基集团 transferred 74.99 million shares at a price of 2.42 yuan per share, reducing its stake from 29.97% to 19.97% [2]. Group 2: 京基集团's Background and Financial Pressure - 京基集团 became the controlling shareholder of *ST Yangguang in May 2020 at a price of 6.6 yuan per share, totaling 1.441 billion yuan, with a commitment to resolve competition issues within five years, which has not yet been fulfilled [3]. - In November 2025, 京基集团 re-pledged all remaining shares, indicating financial pressure, as the pledge ratio reached 100% for liquidity support [3]. Group 3: *ST Yangguang's Financial Condition - The company is currently under delisting risk, with negative profits reported for 2024, leading to a stock name change to "*ST Yangguang" in April 2025 [3]. - For the first three quarters of 2025, *ST Yangguang reported revenues of 252 million yuan, a year-on-year increase of 5.11%, but a net loss of 72.06 million yuan, a significant decline of 258.43% [3]. Group 4: Liquidity and Business Operations - As of the end of Q3 2025, the company had only 60.28 million yuan in cash against interest-bearing liabilities of 415 million yuan, resulting in a current ratio of 0.16 and cash covering only 10.07% of current liabilities [4]. - The company focuses on commercial operation management, property leasing, and residential sales, but faces challenges in market competitiveness and consumer demand [4]. Group 5: Market Analysis and Future Prospects - The planned change in control may be aimed at attracting new capital to assist in the company's transformation amid delisting risks and financial pressures [4]. - 京基集团's significant cost basis compared to the current stock price suggests a potential phased exit strategy [4]. - The success of the control change remains uncertain, including whether a new controlling shareholder can provide effective support and whether the company can improve its operational status [4]. Group 6: Stock Performance - Prior to the suspension, *ST Yangguang's stock experienced a series of trading halts, with a cumulative increase of over 32% since mid-December 2025 and over 60% since late October 2025, closing at 3.05 yuan per share [5].