Core Viewpoint - The article discusses the first case of a private equity fund acquiring a listed company in the Shanghai market following the "924 new policy," highlighting the controversial control change of Filinger (603226.SH) and the significant price discrepancies in the share transfer [2][5][27]. Group 1: Transaction Details - Filinger's largest shareholder, Filinger Holdings, transferred 96.76 million shares (27.22% of total shares) to three institutional investors at a price of 6.73 yuan per share, totaling approximately 651 million yuan [2][6]. - The actual controller Ding Furu and his associates transferred 88.87 million shares at a price of 7.88 yuan per share, totaling around 700 million yuan, resulting in an 11.3% price discrepancy between the two transactions [2][8][6]. - The transaction involved a total of 185.64 million shares being transferred, with Ding Furu's shareholding reduced to 19.56% and the new controlling shareholder, Jin Yawei, holding 25% [7][8]. Group 2: Company Performance and Background - Filinger reported a revenue of 336 million yuan in 2024, a year-on-year decline of 14.86%, and a net loss of 37 million yuan, marking a significant deterioration in performance [5][27]. - The company has faced internal conflicts between its major shareholders, leading to a decline in performance and ultimately prompting the sale of the company [5][27]. - Filinger, a century-old German family brand, has been entangled with Chinese capital for nearly two decades, culminating in this controversial transition [5][27]. Group 3: Market Reactions and Implications - The market reacted with skepticism to the price discrepancies and the timing of the stock price surge prior to the announcement, raising concerns about potential insider trading [9][10]. - The involvement of private equity funds in the acquisition has sparked discussions about their motives, with some viewing it as a speculative move rather than a genuine investment in Filinger's long-term value [5][12]. - The transaction is seen as a significant test case for the integration of private equity in distressed M&A scenarios, potentially setting a precedent for future acquisitions in the A-share market [16][27].

文｜新财域 深陷内斗与业绩泥潭的菲林格尔，终于迎来了历史转折点。 2025年6月3日，菲林格尔实控人丁福如以及德国股东菲林格尔同时进行股份转让，结束了长达八年的治 理僵局。这场涉及两套定价体系的交易背后，暴露出外资股东与实控人长期矛盾，连续两年亏损的业绩 更凸显其业务的转型困境。 如今，新控股股东入住，带着产业资本与地方政府协同的计划，意图通过一场手术，来拯救这个家 居"老字号"。 01、两套定价体系卖股权 同次交易，两套定价体系，菲林格尔用一则公告上演了A股市场上罕见的价差交易。 更值得玩味的是，两家受让方的背景同样截然不同：安吉以清的实际控制人金亚伟系浙江省国资背景， 其控股的安吉城投集团曾主导当地绿色家居产业园建设；而接盘德国股份的三家机构则带有明显的财务 投资属性，陕国投相关产品说明书中明确标注"折价收购困境资产"策略。 这种差异化的接盘方选择，暗示新旧股东对公司价值的认知同样存在根本性差异。 从时间线上来看，这场控制权的变更，其实早有预兆。 有媒体报道，2024年年度股东大会上，德国籍董事长就曾公开质疑实控人丁福如控制的企业用高于市场 价的方式承接公司订单。而在2024年9月，因工程建设事项关联交易 ...