002123，终止重大资产重组！

Core Viewpoint - Mengwang Technology has terminated the acquisition of all shares of Bicheng Digital due to the freezing of shares held by a key shareholder, which does not comply with regulatory requirements [2][5]. Group 1: Termination of Acquisition - Mengwang Technology announced the termination of the share issuance and cash payment for the acquisition of Bicheng Digital after careful consideration and friendly negotiations with the parties involved [2][5]. - The termination was influenced by the shareholding freeze of Hangzhou Chengxiang Enterprise Management Partnership, which holds a significant stake in Bicheng Digital [5]. Group 2: Financial Details of the Transaction - The planned acquisition involved issuing shares and cash to acquire 100% of Bicheng Digital for a total transaction price of 1.28 billion yuan [6]. - The assessment of Bicheng Digital's 100% equity value was determined to be 1.312 billion yuan, reflecting an appreciation rate of 164.91% after accounting for a cash dividend of 30 million yuan [6]. - The compensation obligations included profit commitments for Bicheng Digital, with net profits expected to be no less than 90 million yuan, 108 million yuan, and 125 million yuan for the years 2025 to 2027 [6]. Group 3: Company Profile of Bicheng Digital - Bicheng Digital is recognized as a leading comprehensive e-commerce service provider, holding certifications as a Tmall Six-Star Service Provider and a Douyin Diamond Brand Service Provider [7]. - The company achieved revenues of 1.281 billion yuan and 1.363 billion yuan in 2023 and 2024, respectively, with net profits of 96.855 million yuan and 74.184 million yuan [7].