韩建河山收购疑云：标的业绩“过山车”，股价异动藏隐忧

Group 1 - The core point of the news is that Han Jian He Shan plans to acquire 99.9978% of the shares of Liaoning Xingfu New Material Co., Ltd. through a combination of issuing shares and cash payment, but the proposal has raised regulatory inquiries due to the target asset's volatile performance and unusual stock price movements [1][2] - Xingfu New Material's financial performance has been concerning, with revenue projected to decline from 777 million yuan in 2022 to 386 million yuan in 2025, and net profit showing significant fluctuations, including a loss of 736,700 yuan in 2024 [1] - The Shanghai Stock Exchange has issued an inquiry letter requiring Han Jian He Shan to disclose the specific reasons for the revenue decline and performance volatility of the target company, as well as to clarify its ability to maintain stable profitability [1][2] Group 2 - Han Jian He Shan's own payment capability and stock price fluctuations have also become focal points of regulatory scrutiny, with the company having only 68 million yuan in cash as of the end of Q3 2025, raising concerns about its financial stability [2] - The stock price of Han Jian He Shan experienced a sudden surge and reached the daily limit on January 20, 2026, just before the trading suspension, coinciding with the signing of the asset purchase intention agreement, leading to suspicions of insider trading [2] - The regulatory body has demanded that the company conduct a thorough self-examination and verify the trading activities of individuals with insider information to determine if there was any premature disclosure of information [2]