Core Viewpoint - *ST Yushun (002289.SZ) has become a market focus due to a significant acquisition proposal worth 3.35 billion yuan, aimed at acquiring 100% equity of three companies that constitute the "Beijing Fangshan Zhong'en Cloud Data Center" [1] Group 1: Acquisition Details - The acquisition involves three companies: Beijing Shenhui Biyuan Cloud Computing Technology Co., Ltd., which holds land and property rights; Zhong'en Cloud (Beijing) Data Technology Co., Ltd., which owns core infrastructure; and Zhong'en Cloud (Beijing) Data Information Technology Co., Ltd., which holds a key operating license [1] - The projected revenues for these companies are 735 million yuan, 815 million yuan, and 218 million yuan for the years 2023, 2024, and the first quarter of 2025, respectively, with net profits of approximately 94.78 million yuan, 173 million yuan, and 44.91 million yuan [1] Group 2: Seller and Asset Valuation - The seller is controlled by Gaw Capital Partners, a well-known international real estate private equity fund, and the core asset was sold to them for 463 million yuan five years ago [3] - The asset's valuation has surged due to the scarcity of data center resources in Beijing, where new constructions are heavily restricted [4] Group 3: Client Dependency and Risks - The target companies derive 100% of their revenue from a single client, referred to as "Internet Client A," raising concerns about the stability and credit risk associated with this client [4] - The contract with this client allows for termination with a 90-day notice after the seventh year, introducing uncertainty into the revenue stream [4] Group 4: Financial Condition of *ST Yushun - *ST Yushun has reported a net loss of 17.57 million yuan for 2024, with a negative cash flow of approximately 40.12 million yuan [5] - The company’s financial situation raises questions about the source of funds for the acquisition, particularly a promised 1.7 billion yuan loan from its controlling shareholder, Shanghai Fengwang, which has negative net assets and zero revenue [6][7] Group 5: Corporate Governance and Risk Management - The governance structure of *ST Yushun has undergone significant changes, including a board restructuring that faced legal challenges, and the hiring of a new accounting firm to mitigate audit risks [8] - Key individuals in the company are also linked to another listed company, Jiao Da Ang Li (600530.SH), indicating potential conflicts of interest [8]