SUNFLOWER(SZ:300111) 财联社·2026-01-15 01:16Core Viewpoint - The article highlights the negative impact of "deceptive" restructuring on investors of Xiangrikui (300111.SZ), as the company faces an investigation by the China Securities Regulatory Commission (CSRC) for information disclosure violations, leading to the termination of its restructuring plan [1][2]. Group 1: Regulatory Response - The CSRC's investigation reflects a zero-tolerance policy towards "deceptive" restructuring practices, emphasizing the regulatory body's commitment to maintaining order in the M&A market and protecting the interests of small investors [1]. - Following a report by Caixin, Xiangrikui's stock price dropped by 10%, marking the second-largest decline in the Shenzhen market on that day [1]. Group 2: Issues with Xiangrikui's Restructuring - Xiangrikui's restructuring was undermined by undisclosed issues, including the lack of actual production capacity and hidden related-party transactions, which were part of the operational logic of the controlling individuals of Xiangrikui [2]. - The company had hoped to "beautify" its asset profile through acquisitions, but the termination of the restructuring has rendered these efforts futile [2]. Group 3: Acquisition of Jiangsu Fumait - Xiangrikui acquired Jiangsu Fumait Materials Technology Co., Ltd. for 80 million yuan, but this acquisition was not publicly disclosed and only found in corporate records [4]. - Jiangsu Fumait has been inactive for over three years, lacking production capabilities and requiring extensive repairs and re-certifications to resume operations [9][10]. Group 4: Production Challenges - The factory of Jiangsu Fumait is currently non-operational, with expired safety and hazardous materials permits, indicating significant hurdles to restarting production [12][15]. - Industry experts note that the complexity of restoring production capabilities, especially for hazardous materials like tetrafluoroethylene, poses a substantial challenge for Xiangrikui [15]. Group 5: Implications for Investors - The termination of the restructuring leaves investors with unresolved issues regarding their rights and interests, highlighting the risks associated with such corporate maneuvers [16].