重大资产重组，老牌房企溢价40%收购“小巨人”

Core Viewpoint - Shahe Industrial Co., Ltd. announced a major asset restructuring plan to acquire 70% of Shenzhen Jinghua Display Electronics Co., Ltd. for CNY 274 million in cash, which will make Jinghua a subsidiary of Shahe and included in its consolidated financial statements [1][2]. Group 1: Transaction Details - The acquisition involves a premium purchase, with Jinghua's net asset value at CNY 278 million and an assessed value of CNY 391 million, resulting in a 40.58% increase in value [2]. - The transaction does not involve issuing new shares, thus maintaining the current shareholding structure and control of the company [1][2]. Group 2: Company Background - Jinghua Electronics is recognized as a national-level "little giant" enterprise, focusing on human-computer interaction displays and intelligent control systems for nearly 40 years, with applications in smart homes, industrial automation, and smart medical sectors [1]. - The company had previously attempted an IPO in 2023 but withdrew its application in March 2024 [1]. Group 3: Financial Impact - Post-acquisition, Shahe's total assets are projected to increase from CNY 231.85 million to CNY 278.04 million, while total liabilities will rise from CNY 67.56 million to CNY 113.31 million, leading to an increase in the asset-liability ratio from 29.14% to 40.75% [5]. - The acquisition is expected to diversify Shahe's business beyond real estate into advanced manufacturing, potentially opening new avenues for growth [4]. Group 4: Market Context - This transaction marks the first significant asset restructuring under the Shenzhen municipal government's initiative to promote high-quality mergers and acquisitions, aiming to invigorate the M&A market and provide a model for traditional enterprise transformation [5].