Changling Hydraulic(SH:605389) IPO日报·2025-07-11 12:43Core Viewpoint - Jiangsu Changling Hydraulic Co., Ltd. is undergoing a change in control, with Hu Kangqiao and his associates planning to acquire 29.99% of the company's shares and subsequently make a partial tender offer to increase their stake by an additional 12% to gain control of the company [1][4][6]. Group 1: Control Change Details - Hu Kangqiao and his associates intend to acquire 29.99% of Changling Hydraulic's shares, with a total transaction value of 1.486 billion yuan, at a price of 34.39 yuan per share [4][6]. - The current major shareholders, Xia Jifa and Xia Zemin, will see their combined holdings decrease from 70.93% to 40.94% after the transfer [4]. - A partial tender offer for 12% of the shares will be made at a price of 36.24 yuan per share, requiring a payment of 627 million yuan [6][5]. Group 2: Performance Analysis - Changling Hydraulic's performance has declined post-IPO, with revenue dropping from 9.07 billion yuan in 2021 to an estimated 8.83 billion yuan in 2024, and net profit decreasing from 2.02 billion yuan to 1.01 billion yuan over the same period [9]. - In Q1 2024, the company reported a revenue of 2.19 billion yuan, a year-on-year decrease of 2.64%, and a net profit of 308.25 million yuan, down 7.63% year-on-year [9]. - The company has experienced a significant performance drop since its IPO in March 2021, with net profits declining annually [9][11].