Core Viewpoint - Shanghai Suochen Information Technology Co., Ltd. (stock code: 688507) has responded to the Shanghai Stock Exchange's inquiry regarding its major asset acquisition proposal, detailing the strategic value and integration path of acquiring the target company, Likong Technology [1] Group 1: Synergy Effects - Suochen Technology and Likong Technology are both leading companies in the industrial software sector, aiming to create a comprehensive industrial software system through deep collaboration in products, technology, and application scenarios [2] - The synergy is highlighted in three aspects: 1. Technical complementarity, where Likong's real-time industrial data enhances Suochen's CAE simulation accuracy, while Suochen's AI results optimize the SCADA system [2] 2. Product collaboration, breaking down data barriers across design, production, and operation to form a full lifecycle solution [2] 3. Application expansion, with joint solutions achieving breakthroughs in low-altitude economy and smart cities [2] Group 2: Valuation of the Target - The valuation of Likong Technology's 100% equity is assessed at 324 million yuan, with an appreciation rate of 1151.92%, primarily due to its technological barriers and customer resources [3] - The transaction's price corresponds to a price-to-sales ratio of 1.49, significantly lower than the industry average of 3.66 and comparable transaction cases at 4.56, indicating fair valuation [3] - Financial data shows Likong's projected revenues for 2023, 2024, and the first half of 2025 at 249 million yuan, 217 million yuan, and 68 million yuan respectively, with net profits remaining negative due to financial costs and prior personnel expansion [3] Group 3: Historical Background and Share Structure - The announcement details the historical share buyback and pricing differences in the transaction, emphasizing that the buyback was triggered by an unfulfilled IPO and was calculated based on "investment principal + annualized 8% compound interest" [4] - The core management team and external shareholders have different pricing, with internal shareholders valuing at 271 million yuan and external shareholders between 496 million and 525 million yuan, reflecting a focus on long-term collaborative value [4] - The intermediary's review confirms that the differentiated pricing aligns with market principles and there is no benefit transfer involved [4]