中化装备定增15亿高溢价收购高负债资产“输血”关联方？63亿并购曾致7年亏超70亿

Core Viewpoint - Sinochem Equipment is in the final stages of a 1.5 billion share issuance to acquire assets from related parties, raising concerns due to its previous failed cross-border acquisition and the high debt levels of the new targets [1][4]. Group 1: Previous Acquisition Issues - In 2018, Sinochem Equipment spent 6.3 billion on a cross-border acquisition of Luxembourg-based equipment, which led to significant losses totaling 7 billion over seven years [2][8]. - The management expense ratio has increased from 4.8% in 2018 to 9.0% in 2024, indicating deteriorating operational conditions [10]. - The company had to divest 90.76% of its stake in the Luxembourg subsidiary to mitigate losses, marking the acquisition as a complete failure [10]. Group 2: Current Acquisition Plans - Sinochem Equipment plans to raise 1.5 billion through a share issuance to acquire 100% stakes in Yiyang Rubber Machinery and Beihua Machinery, both subsidiaries of its indirect controlling shareholder, China Sinochem [4][11]. - Yiyang Rubber Machinery reported a revenue of 789 million in 2024, a 69.7% increase, but has a debt ratio of 79.62% as of August 2025 [12]. - Beihua Machinery's revenue was 1 billion in 2024, a 36.8% decline, with a debt ratio of 68.84% [13]. Group 3: Valuation Concerns - The acquisition valuations for Yiyang Rubber Machinery and Beihua Machinery are significantly high, with increases of 444% and 107% respectively, raising questions about the rationale behind these high premiums [4][14]. - The market is concerned whether this acquisition is a means of "blood generation" or a disguised "blood transfusion" to related parties, given the high debt levels of the targets and the company's previous acquisition failures [14].