长龄液压要约收购资金明细曝光：核芯破浪核心团队近1.27亿出资依赖胡康桥借款

Core Viewpoint - The acquisition funding structure for Changling Hydraulic (605389.SH) has undergone significant changes, particularly regarding the funding sources of key partners in the acquiring entity, Wuxi Core Wave Technology Partnership, which deviates from the original plan disclosed in the updated tender offer report on August 1, 2025 [1][2]. Group 1: Funding Structure Changes - The funding source for core partner Hu Kangqiao has changed significantly, with his own funds increasing from 242.5 million yuan to 303.5 million yuan due to the transfer of shares from Shanchuang Zhizhi and Lu Xing [1]. - The self-raised funds decreased to 52.2358 million yuan, and the borrowing source was adjusted to an existing partner, Xie Xin, instead of the originally planned loans from Chen Jiazhen and Wang Hanjun [1]. - The contribution structure of the core management team members Hu Jianfei, Zhang Peng, and Wang Xin has also been adjusted, with their own funds reduced to only 4 million yuan, relying heavily on Hu Kangqiao's increased loan support totaling 126.8226 million yuan [1]. Group 2: Business Considerations - The adjustments were made primarily for two business considerations: to ensure the stability of the core technology team by alleviating personal financial pressure on key members, and to optimize the funding source structure through asset transfers to enhance funding certainty [2]. - The company reiterated that all funds have been fully paid in, and the adjustments do not constitute significant information disclosure flaws, nor do they affect Hu Kangqiao's control over Core Interconnect [2].