12月29日晚间，河化股份发布公告称，公司收到公司债权人宁波银亿控股有限公司（以下简称"银亿控 股"）与宁波中哲瑞和企业管理咨询有限公司（以下简称"中哲瑞和"）联合出具的债权转让通知书。 根据该通知书，银亿控股与中哲瑞和签署了《债权转让协议》，由中哲瑞和受让银亿控股截至2025年8 月31日对本公司享有的债权合计人民币46，109，987.41元。据此，银亿控股与本公司的债权、债务关 系结清，中哲瑞和与本公司建立相应的债权、债务关系，本公司直接向中哲瑞和履行债务。 上述债权债务产生的原因，是河化股份今年以来筹划的实控人变更。 在河化股份两次"易主"过程中，股价与信息公布的时间点形成了"精准联动" ，这一现象引发了市场对 内幕信息泄露的质疑。7月30日晚间，河化股份首次披露"筹划股权转让"的提示性公告，白天公司股价 涨停。9月9日，当天河化股份股价再度"提前"涨停。 河化股份的第一次控制权变更方案在不到十天内即宣告失败。8月6日晚间，公司披露了详细的控股权变 更计划：银亿控股全体股东拟将所持银亿控股100%股权转让给北京胜顶科技有限公司或其指定方，交 易总价为6.92亿元。 然而，这场交易却因一个关键条件未满足 ...

文 | 《BUG》栏目 徐苑蕾 2025年的最后两天，华与华咨询公司（以下简称"华与华"）董事长华杉再度陷入舆论漩涡。 一边是他发布亲自扫厕所视频，宣称"扫厕所是公司最高权力"，引发网友质疑其作秀动机；另一边，其 控股的上市公司读客文化筹划控制权变更，却在公告后不到一周内闪电终止。 与此同时，华杉与罗永浩之间的"录音门"纠纷仍然悬而未决，罗永浩多次喊话却未见华杉公开回应。 《BUG》栏目发现，华杉近一个月内拉黑多位网友，其微博仅允许关注100天以上粉丝评论，内容则密 集聚焦于蜜雪冰城等客户营销。 至于读客文化控股权变更一事，在公司停牌前股价异常放量上涨，引发市场对内幕信息提前泄露的质 疑。读客文化证券部相关工作人员则表示，近期不会再推进控股权变更一事，目前已经终止。 华杉扫厕所称"最高权力"，网友：作秀过头 12月29日，华杉在微博上发布了一段打扫公司卫生间的视频。视频画面显示，华杉与华与华总经理肖征 共同参与卫生间清扫，华杉俯身擦拭洗手台等区域，肖征则用地拖清理地面。 除了发布视频外，华杉还配文表示，"扫厕所是华与华的最高权力。"华杉称，"每周一早扫除，是华与 华三现主义和凡事彻底的企业文化仪式，是5S管理 ...

对于上述情况，上交所火速发出了问询函，要求园林股份对上述相关问题进行回复和补充解释。而业内 多方向《华夏时报》记者指出，尽管公司声称此为"财务性投资"，但选择一家同样连续亏损且撤回IPO 的标的企业，与财务投资的稳健逻辑存在明显矛盾；在传统园林工程业绩压力下，通过参股半导体等热 门科技领域来寻求转型和新的故事题材，是其主要动机；而其股价的提前异动意味着重大信息在公开前 可能已被少数人获知。 本报记者 董红艳 北京报道 跨界布局半导体渐成上市公司破解发展瓶颈的热门路径。12月1日晚，杭州市园林绿化股份有限公司 （下称"园林股份"，605303.SH）发布公告称，拟斥资1.12亿元参股半导体企业杭州华澜微电子股份有 限公司（下称"华澜微"）。 值得关注的是，本次交易标的华澜微不仅评估增值率高达265.23%，且近年业绩持续亏损，与"财务性 投资"的稳健逻辑存在矛盾；更蹊跷的是，园林股份股价在交易公告发布前已提前涨停，叠加交易所需 资金对其现金流的潜在压力，多重疑问引发市场广泛关注。 苏商银行特约研究员武泽伟在接受《华夏时报》记者采访时表示，尽管公司声称此为"财务性投资"，但 选择一家同样连续亏损且撤回IPO的标的 ...

Core Viewpoint - Yongyue Technology (603879.SH) experienced a decline in stock price following the announcement of its actual controller Chen Xiang being placed under residential surveillance due to allegations of improper disclosure of important information [1][2]. Group 1: Company Background - Yongyue Technology was established in 2011 and went public on the Shanghai Stock Exchange in 2017, primarily engaged in the production and sale of unsaturated polyester resins and drone products [1]. - The company's unsaturated polyester resin business includes the research, production, and sales of synthetic resins, while its drone business focuses on complete product sales, diversified application services, and advanced drone technology research [1]. Group 2: Regulatory Issues - Chen Xiang has faced multiple regulatory actions over the past year, including being investigated, penalized, and publicly reprimanded [2]. - On August 15, 2024, the China Securities Regulatory Commission (CSRC) issued an administrative penalty decision against Yongyue Technology for misleading statements in major contract announcements and failure to disclose related party non-operating fund occupation, resulting in significant omissions [3]. - Chen Xiang received a five-year market ban from the CSRC due to these violations [3]. - On December 4, 2024, Chen Xiang received a notice of administrative penalty from the CSRC for leaking insider information regarding a significant contract related to the company's drone business [4][5]. Group 3: Financial Performance - In the first half of 2025, Yongyue Technology reported a revenue of 149 million yuan, a year-on-year decline of 6.16%, and a net loss attributable to shareholders of 6.17 million yuan, compared to a loss of 24.94 million yuan in the same period last year [7].

Core Viewpoint - The acquisition of a 62.98% stake in Shudu Technology by Wantong Development for 854 million yuan raises significant concerns regarding the rationale, valuation, funding arrangements, and insider information management due to the ongoing losses of both companies [1][2]. Group 1: Financial Performance and Losses - Shudu Technology has reported a cumulative net loss of 236 million yuan from 2023 to the first half of 2025, with specific losses of 62.57 million yuan in 2023, 138 million yuan in 2024, and 35.98 million yuan in the first half of 2025 [2]. - Wantong Development has also faced continuous losses, reporting a loss of 330 million yuan in 2023, 498 million yuan in 2024, and an expected loss of 64 to 75 million yuan in the first half of 2025 [2]. Group 2: Valuation Concerns - The net asset value of Shudu Technology was only 64.60 million yuan as of June 2025, yet Wantong Development's acquisition proposal values the company at 1.4 billion yuan, resulting in a valuation increase of over 20 times [2]. - The inquiry from the Shanghai Stock Exchange demands a detailed analysis of the reasons behind Shudu's losses, the competitive landscape, and the absence of performance commitments in the acquisition [2]. Group 3: Funding and Liquidity Issues - Wantong Development reported cash reserves of 1.168 billion yuan against a purchase price of 854 million yuan, alongside interest-bearing liabilities of 1.753 billion yuan, indicating a significant funding gap [3]. - The controlling shareholder has pledged 97.17% of the company's shares, with some shares frozen, highlighting severe liquidity constraints [3]. Group 4: Insider Trading Allegations - Prior to the acquisition announcement on August 9, the company's stock price surged, and it continued to rise after the announcement, raising suspicions of insider trading [3]. - The Shanghai Stock Exchange has requested a comprehensive self-examination of the company's insider information management processes and a disclosure of the list of informed personnel during the planning phase [3].

Core Viewpoint - The company, Liangpinpuzi, is undergoing a potential change in control due to significant operational challenges, leading to a stock suspension and regulatory scrutiny following unusual trading activity prior to the announcement [2][3][5][18]. Group 1: Company Announcement and Stock Suspension - Liangpinpuzi announced on July 10 that its controlling shareholder, Ningbo Hanyi Venture Capital Partnership, is planning a major matter that may lead to a change in control [2]. - The company's stock was suspended from trading starting July 11, with an expected suspension period of no more than two trading days [3]. Group 2: Stock Price Movement and Regulatory Response - On the day of the announcement, Liangpinpuzi's stock price surged to the daily limit of 13.71 yuan per share, with a significant increase in trading volume and a turnover rate of 7.26%, raising suspicions of insider trading [5]. - The Shanghai Stock Exchange quickly issued a regulatory letter to Liangpinpuzi regarding the stock price surge prior to the major announcement, addressing various stakeholders including the company, its executives, and shareholders [6]. Group 3: Financial Performance and Shareholder Actions - Liangpinpuzi has faced declining financial performance, reporting a revenue drop and a net loss of 46 million yuan for the year 2024, marking its first annual loss since going public [10]. - In the first quarter of 2025, the company experienced a 29.34% year-on-year decline in revenue and a 157.85% drop in net profit [10]. - Major shareholders, including Today's Capital and Hillhouse Capital, have been reducing their stakes in the company, indicating a lack of confidence in its future prospects [10][15]. Group 4: Industry Context and Challenges - The snack food industry is becoming increasingly competitive, with new players using aggressive pricing strategies to capture market share from traditional brands like Liangpinpuzi [17]. - The company is under pressure to innovate and optimize its supply chain to meet evolving consumer preferences for quality, taste, and health attributes [17]. Group 5: Future Outlook and Regulatory Focus - The specifics of the control change remain unclear, and the market is watching to see what new strategies the potential new controlling shareholder will bring [18]. - The ongoing investigation into the stock price surge prior to the announcement is a critical focus, as any findings of insider trading could have severe repercussions for the company and its reputation [18].