Keda Group(SH:600499) Zhong Guo Jing Ji Wang·2026-01-29 03:21Core Viewpoint - Keda Manufacturing (600499.SH) has resumed trading, opening at a limit-up price of 16.26 yuan, reflecting a 10.01% increase following the announcement of a plan to acquire 51.55% of Guangdong Tefu International Holdings Co., Ltd. through a combination of share issuance and cash payment [1][2]. Group 1: Acquisition Details - The company currently holds a 48.45% stake in Tefu International, making it the controlling shareholder. Tefu International primarily operates in the overseas building materials sector, focusing on the production and sales of ceramic tiles, glass, and sanitary ware [2][4]. - The projected revenues for Tefu International are 471.65 million yuan for 2024 and 818.65 million yuan for 2025, with net profits expected to be 57.57 million yuan and 147.35 million yuan, respectively [2][4]. Group 2: Financial Overview - As of December 31, 2025, Tefu International's total assets are projected to be 901.95 million yuan, with total liabilities of 447.91 million yuan and owners' equity of 454.04 million yuan [4]. - Keda Manufacturing's revenue for the first nine months of 2025 is reported at 1.26 billion yuan, with a net profit of 183.22 million yuan. The company has experienced a decline in net profit over the past two years [7][8]. Group 3: Fundraising and Share Issuance - The transaction involves issuing shares and cash payments for asset acquisition, with the fundraising contingent on the successful implementation of the asset purchase. The share issuance price is set at 10.80 yuan per share, and the total amount raised will not exceed 100% of the asset purchase price [5][6]. - The funds raised will be allocated for cash payments related to the transaction, transaction taxes, intermediary fees, and to supplement working capital [6].