WBC(SZ:200706) Di Yi Cai Jing Zi Xun·2026-02-24 12:51Core Viewpoint - The B-share company Wazhou B (200706.SZ) is undergoing a comprehensive tender offer initiated by its controlling shareholder, Wafangdian Bearing Group Co., Ltd., aiming to delist from the capital market, marking another exit for B-shares following *ST Shanhang B [1][2]. Group 1: Tender Offer Details - Wazhou Group plans to acquire 158.6 million shares, representing 39.39% of Wazhou B's total share capital, with a tender offer price of 2.86 HKD per share [2]. - The tender offer period is set for 39 days, from January 20, 2026, to February 27, 2026, with a total market capitalization of Wazhou B at 1 billion HKD as of February 24, 2026 [2]. - The tender offer will be effective if the number of shares tendered exceeds 39.05 million, resulting in public shareholding dropping below 10%, triggering delisting conditions [2]. Group 2: Company Performance and Challenges - Wazhou B has faced continuous losses and deteriorating operational conditions, with a projected net loss of 40 million to 75 million CNY for the year 2025 [3]. - The company reported a more than 50% decline in export revenue, despite efforts to adjust product sales and reduce procurement costs [3]. - The controlling shareholder's decision to initiate the tender offer is framed as a responsibility to protect shareholder interests amid increasing financial risks [3]. Group 3: B-share Market Context - B-shares were created under specific historical economic conditions to attract foreign capital, but their significance has diminished with the opening of China's capital markets [4][5]. - Since the early 2000s, B-share issuance and refinancing have stagnated, leading many companies to explore various exit strategies, including B-to-A and B-to-H conversions [5][6]. - The decline in B-share importance is evidenced by the fact that 35 B-shares have delisted since 2001, leaving only 79 in the market [1].