Core Viewpoint - *ST Green Kang (002868.SZ) plans to sell three wholly-owned subsidiaries to Jiangxi Raoxin New Energy Materials Co., Ltd. for a price of 0 yuan, raising regulatory concerns due to the significant loss in asset value from a previous acquisition of 95 million yuan [1][3][4]. Group 1: Transaction Details - The transaction involves the sale of 100% equity in Green Kang (Yushan), Green Kang (Haining), and Green Kang New Energy, all for a total price of 0 yuan [3][8]. - The assessment of the subsidiaries shows a negative valuation for Green Kang (Yushan) and Green Kang (Haining), with values of -648.6 thousand yuan and -28.7762 million yuan respectively, while Green Kang New Energy has a positive valuation of 8.5807 million yuan [2][4]. Group 2: Financial Performance - Green Kang (Yushan) reported losses of 14.9363 million yuan in 2022, 55.9178 million yuan in 2023, and an expected loss of 203.2536 million yuan in 2024 [5]. - The combined book value of the three subsidiaries reached -100.0508 million yuan by the end of the previous year, indicating severe financial distress [5]. Group 3: Market Context - The solar industry experienced rapid growth followed by a significant downturn, leading to overcapacity and financial challenges for *ST Green Kang [5][6]. - Despite initial optimism regarding the acquisition of Green Kang (Yushan) due to its partnership with JinkoSolar, market conditions quickly deteriorated, resulting in substantial losses [4][5]. Group 4: Operational Status - Green Kang (Haining) was established in January 2023 with ambitious plans to produce 800 million square meters of solar film but has since halted operations [6][8]. - Green Kang New Energy, founded in November 2023, also ceased operations, indicating a complete shutdown of the newly established subsidiaries [8].

Core Viewpoint - *ST Green Kang plans to sell three wholly-owned subsidiaries to Jiangxi Raoxin New Energy Materials Co., Ltd. for a price of 0 yuan, raising regulatory concerns due to the significant loss incurred from the previous acquisition of one of these subsidiaries, Green Kang Yushan [1][3][4]. Group 1: Transaction Details - The transaction involves the sale of 100% equity of Green Kang Yushan, Green Kang Haining, and Green Kang New Energy, with a total cash consideration of 0 yuan [3][8]. - Green Kang Yushan was acquired for 95 million yuan in January 2023, but is now being sold for 0 yuan, prompting questions about the fairness and reasonableness of the valuation [4][6]. - The combined book value of the three subsidiaries has reached -100.05 million yuan as of the end of last year [4][6]. Group 2: Financial Performance - Green Kang Yushan reported losses of 14.94 million yuan in 2022, 55.92 million yuan in 2023, and an estimated 203.25 million yuan in 2024 [4][6]. - Green Kang Haining and Green Kang New Energy have also ceased operations, contributing to the uncertainty of ongoing profitability [6][8]. Group 3: Industry Context - The photovoltaic industry has experienced rapid growth followed by a significant downturn, impacting the financial viability of companies like *ST Green Kang [5][6]. - The initial acquisition of Green Kang Yushan was based on its established partnership with JinkoSolar, a key player in the photovoltaic sector, but market conditions have since deteriorated [4][5].