Group 1 - New Dazheng plans to issue shares and pay cash to acquire at least 51% of Jiaxin Liheng Facility Management (Shanghai) Co., Ltd, which is expected to constitute a major asset restructuring [2][3] - The stock of New Dazheng was suspended from trading due to the uncertainty surrounding the acquisition, with a trading halt effective from September 15, 2025, and a disclosure of the transaction plan expected within 10 trading days [2] - Prior to the announcement, New Dazheng's stock experienced a two-day limit-up, reaching a price of 13.08 yuan per share and a market capitalization of 3 billion yuan [2] Group 2 - Jiaxin Liheng Facility was established in June 2020 and operates in engineering construction and property management, with TS Capital Facility Management Holding Company Limited as the largest shareholder [2][3] - The acquisition is seen as a horizontal expansion of the industry chain for New Dazheng, which focuses on property services for urban public buildings and smart city operations [3] - New Dazheng's performance has been under pressure due to macroeconomic conditions and the real estate industry's adjustment, prompting a shift from scale expansion to quality improvement [3] Group 3 - In the first half of the year, New Dazheng undertook restructuring, exited low-efficiency projects, accelerated digital transformation, and advanced its urban partner program, resulting in a 0.9 percentage point increase in gross margin year-on-year [3] - The company has actively pursued acquisitions to expand its business boundaries, including the 100% acquisition of Sichuan Minxing Property Management Co., Ltd in 2021 and other acquisitions in 2023 [3] - A previous major asset restructuring plan in early 2023 to acquire 80% of Yunnan Cangheng Investment Co., Ltd for 788 million yuan was terminated due to delays and disagreements over performance commitments [3]