Group 1 - Recent significant asset restructuring plans have been initiated by several ST or *ST companies, including ST United, *ST Yushun, and *ST Huawang, marking a rare occurrence in the market in recent years [1] - The asset restructuring approaches vary, with *ST Yushun opting for cash acquisitions of three target companies involved in the Enyun Data Center project, while ST United is pursuing asset injection through a well-known mineral water brand [1] - The market's expectations for ST companies are changing, as some companies are facing *ST status due to new delisting regulations, and successful asset acquisitions before the end of 2025 could help them avoid delisting [1][2] Group 2 - The feasibility of mergers and acquisitions for ST companies is gaining attention, as regulatory scrutiny has eased, allowing these companies to participate in the current wave of mergers and acquisitions [2] - The operations of ST stocks can be categorized into two types: those that are designated as *ST after announcing acquisitions and those that are already under *ST status before announcing mergers [2] - The "merger six guidelines" introduced last year have stimulated enthusiasm in the capital market for mergers and acquisitions, with expectations for more benchmark cases to emerge by 2025 [2] Group 3 - ST companies often face challenges such as poor operating conditions and internal control issues, but many are still functioning businesses that can mitigate delisting risks through operational improvements and restructuring [3] - The willingness to improve operations and enhance quality to mitigate delisting risks has notably increased, especially with the new delisting regulations providing a one-year window [3] - It is important to differentiate between asset restructuring and stock price speculation, as past cases have shown that some restructuring efforts led to inflated stock prices without sustainable outcomes [3][4] Group 4 - While market expectations for ST companies' asset restructuring are changing, it is crucial to adopt a comprehensive and rational view of the associated risks, particularly regarding cash transactions that do not require regulatory approval [4] - For ST stocks that have already reached high valuations, achieving lasting valuation support may require significant effort and time [4]