重大资产重组，老牌房企溢价40%收购“小巨人”

Core Viewpoint - Shahe Industrial Co., Ltd. announced a major asset restructuring plan to acquire 70% of Shenzhen Jinghua Display Electronics Co., Ltd. for 274 million yuan, which will make Jinghua a subsidiary and included in the consolidated financial statements [1][2]. Group 1: Transaction Details - The acquisition involves a premium purchase, with Jinghua's net asset value at 278 million yuan and an assessed value of 391 million yuan, resulting in a 40.58% appreciation [2][3]. - The transaction is structured as a cash purchase, avoiding any changes in the shareholding structure of Shahe Industrial [1]. Group 2: Company Background - Jinghua Electronics is recognized as a national-level "little giant" enterprise, focusing on human-computer interaction displays and intelligent control systems for nearly 40 years, with applications in smart homes, industrial automation, and smart medical sectors [1]. - The company had previously attempted an IPO in 2023 but withdrew its application in March 2024 [1]. Group 3: Financial Impact - Post-transaction, Shahe Industrial expects to diversify its business beyond real estate into advanced manufacturing, which could open new avenues for growth [2]. - Financial metrics indicate that as of September 30, 2025, total assets will increase from approximately 231.85 billion yuan to 278.04 billion yuan, while total liabilities will rise from 67.56 billion yuan to 113.31 billion yuan, leading to an increase in the asset-liability ratio from 29.14% to 40.75% [4].