值得注意的是，收购方园林股份自身也处于持续亏损状态。公司财务数据显示，2023年、2024年及2025 年1—9月，其扣非净利润分别为-1.59亿元、-2亿元、-1.13亿元。在此背景下，公司跨界参股半导体领域 持续亏损的标的，引发监管关注。 上交所问询函首先聚焦华澜微的业绩问题，要求园林股份结合其业务模式、技术壁垒、客户变化及在手 订单等，说明连续亏损及扩大的原因；对比同行业公司说明业绩是否符合行业趋势，并补充披露其撤回 IPO申报的具体原因及是否构成本次交易障碍。 交易目的与估值合理性是监管的另一关切点。本次评估采用收益法与市场法，结果分别为8.13亿元和 17.25亿元，公司最终选用市场法，对应评估增值率达265.23%。上交所要求说明选择市场法的合理性， 交易对方与公司及相关方是否存在利益安排，并量化说明估值公允性及保障中小股东利益的具体措施。 12月2日，园林股份（605303）公告，拟以1.12亿元收购杭州华澜微电子股份有限公司(下称"华澜 微")6.4969%股权。园林股份还同时披露，收到上海证券交易所就该交易下发的问询函，要求就标的业 绩、交易合理性等五大事项作出说明。12月2日开盘后，该公司 ...

据了解，园林股份从事园林工程施工、园林景观设计、花卉种苗研发生产、园林养护、生态园林及乡村 振兴建设项目运维等全产业链业务；标的公司华澜微则是国产数据存储领域的部件提供商。园林股份表 示，公司基于对华澜微及存储、半导体芯片行业未来发展的信心，决定以自有资金及自筹资金购买华澜 微股权资产。 值得一提的是，同日晚间，园林股份还披露公告称，公司于当日收到了上交所下发的《问询函》。 北京商报讯（记者 马换换 王蔓蕾）拟购杭州华澜微电子股份有限公司（以下简称"华澜微"）6.4969%参 股权一事"火速"收到上交所问询函后，12月2日，园林股份（605303）股价大跌，盘中一度触及跌停。 交易行情显示，12月2日，园林股份平盘开盘，开盘后在大量卖单砸盘下，公司股价迅速下挫，盘中一 度触及跌停，随后打开跌停板。截至北京商报记者发稿，公司股价跌幅9.74%，报21.49元/股。拉长时 间线来看，1月2日—12月1日，公司股价区间累计涨幅达214.12%。 消息面上，12月1日晚间，园林股份公告称，拟以1.12亿元购买华澜微6.4969%的参股权。本次交易不构 成关联交易、不构成重大资产重组，也无需提交公司股东会审议。 《问询 ...

Core Viewpoint - The acquisition of a 6.4969% stake in Hangzhou Hualan Microelectronics Co., Ltd. by Garden Holdings has led to a significant drop in its stock price following an inquiry from the Shanghai Stock Exchange regarding the transaction [1][2] Group 1: Stock Performance - On December 2, Garden Holdings' stock price fell sharply, reaching a decline of 9.74% to 21.49 yuan per share, with a brief touch of the daily limit down [1] - From January 2 to December 1, the company's stock had previously seen a cumulative increase of 214.12% [1] Group 2: Transaction Details - Garden Holdings announced plans to purchase the stake for 112 million yuan, stating that the transaction does not constitute a related party transaction or a major asset restructuring, and does not require shareholder approval [1] - The company is involved in a full industry chain of landscaping services, while Hualan Micro is a provider of components in the domestic data storage sector [1] Group 3: Inquiry from Shanghai Stock Exchange - The inquiry from the Shanghai Stock Exchange highlighted that Hualan Micro had previously applied for an IPO in December 2022 but withdrew the application in May 2024 [2] - Hualan Micro reported revenues of 565 million yuan in 2022 and 221 million yuan in the first nine months of 2023, with net profits of -111 million yuan and -78 million yuan respectively, indicating a trend of declining revenue and increasing losses [2] - The exchange requested explanations regarding the reasons for Hualan Micro's continuous losses, comparisons with industry peers, and the rationale behind the transaction's valuation and payment arrangements [2]

Group 1 - The core point of the news is that the Shanghai Stock Exchange has issued an inquiry letter to Garden Holdings regarding its proposed acquisition of a 6.4969% stake in Hangzhou Hualan Microelectronics for 112 million yuan, raising concerns about the target company's financial performance and the reasons for its continuous losses [1] - The target company, Hualan Micro, reported a significant decline in revenue and an increase in losses, with main business revenues of 5.65 billion yuan in 2022 and 2.21 billion yuan in the first nine months of 2023, and net profits of -1.11 billion yuan and -0.78 billion yuan respectively [1] - The inquiry letter requests clarification on the reasons for Hualan Micro's continuous losses, its business model, technological barriers, changes in major customers, and the reasons for withdrawing its IPO application [1] Group 2 - In 2024, Garden Holdings' revenue composition shows that landscape engineering construction accounts for 89.08%, maintenance and operation accounts for 5.33%, land consolidation accounts for 2.1%, landscape design accounts for 1.61%, and others account for 0.72% [2]

Group 1: Infrastructure REITs Expansion - The National Development and Reform Commission has expanded the issuance scope of infrastructure REITs to enhance the role of real estate investment trusts in revitalizing existing assets and promoting a virtuous investment cycle [1][2] - The updated list of eligible industries for infrastructure REITs includes transportation, energy, municipal, ecological and environmental protection, warehousing and logistics, park infrastructure, new infrastructure, rental housing, water conservancy, cultural tourism, consumer infrastructure, commercial office, elderly care, urban renewal, and other projects that align with national strategies and policies [2][3] Group 2: Company News - Garden Holdings announced plans to acquire a total of 6.5% of Hualan Microelectronics for a total transaction amount of 112 million yuan, with the company and its subsidiary acquiring 974,540 shares [4][5] - The Shanghai Stock Exchange has issued an inquiry regarding the acquisition, asking for explanations on Hualan Micro's financial performance, including reasons for continuous losses and the withdrawal of its IPO application [5][6] - DeepSeek released two new models, DeepSeek-V3.2 and DeepSeek-V3.2-Speciale, with the former designed for everyday use and the latter aimed at enhancing reasoning capabilities [6][8] - Tanshaner announced plans to acquire 51% of Shenzhen Betel Technology and 51% of Shanghai Tongtu Semiconductor for a total of 6.78 billion yuan [10] - Tai Long Pharmaceutical announced that its controlling shareholder is planning a share transfer that may lead to a change in control, with trading suspended for up to two days [11] - ST Suwu received a decision from the Shanghai Stock Exchange to terminate its stock listing, entering a delisting period starting December 9 [11] - Blue Si Technology announced the passing of its independent director and will follow legal procedures to appoint a new one [11] - Weiling Co. signed a share transfer agreement that will make a new entity the largest shareholder, pending regulatory approval [12] Group 3: Market Insights - Huatai Securities reports that December may see improvements in fundamental expectations and macro liquidity, suggesting an early start to the "spring excitement" in the market [12]

Core Viewpoint - The announcement by Garden Holdings (园林股份) to invest 112 million yuan in semiconductor company Hualan Micro (华澜微) has raised regulatory concerns, particularly regarding the financial performance of Hualan Micro and the rationale behind the investment given Garden Holdings' own financial struggles [1][2] Group 1: Investment Details - Garden Holdings plans to acquire a total of 6.4969% of Hualan Micro's shares through two transactions, purchasing 3.3847% from Deng Yuting and Zeng Chao, and 3.1122% from Hangzhou Feidu Information Technology Co., with each share priced at 11.50 yuan, totaling 112 million yuan [1] - The market value of Hualan Micro's total equity is reported to be 1.725 billion yuan [1] Group 2: Regulatory Concerns - The Shanghai Stock Exchange has issued a "five questions" inquiry to Garden Holdings, focusing on the poor financial performance of Hualan Micro, which had previously applied for an IPO in December 2022 but withdrew in May 2024 due to declining revenue and increasing losses [2] - The exchange is particularly interested in understanding the rationale behind Garden Holdings' investment in a loss-making entity while it is also experiencing financial difficulties [2] - Additional inquiries include the valuation of the transaction, payment arrangements, and potential insider trading related to a sudden stock price surge on November 28 [2] Group 3: Industry Context - The trend of traditional industries venturing into the semiconductor sector has become increasingly common, with several companies like Cixing Co., Mengtian Home, and Tanshan attempting similar acquisitions, often facing skepticism from the market [2]

Core Viewpoint - Daqian Ecological (603955) reported that as of November 10, 2025, the number of shareholders is expected to reach 12,851 [1] Summary by Category - Company Information - Daqian Ecological has communicated with investors regarding its shareholder count, indicating a projected total of 12,851 shareholders by November 10, 2025 [1]

格隆汇12月1日丨棕榈股份(002431.SZ)公布，截至2025年11月30日，公司通过股份回购专用证券账户以 集中竞价方式回购公司股份14,610,700股，回购股份数占公司总股本的0.81%，最高成交价为2.37元/ 股，最低成交价为2.31元/股，回购总金额为34,529,654元（不包含交易费用）。 ...

Group 1 - Daqian Ecological announced the resignation of Chairman Zhang Yuan due to personal reasons, affecting his roles in the board and strategic committee [1] - Daqian Ecological, established in October 1988, focuses on urban renewal, rural revitalization, and ecological restoration [1] Group 2 - Haili Biological plans to use up to 500 million yuan of idle funds to invest in financial products issued by banks, brokers, trusts, and fund companies [1] - Haili Biological, founded in July 1981, specializes in in vitro diagnostic reagents and oral tissue repair and regeneration materials [1] Group 3 - Xianglou New Materials' application for a private placement of shares has been accepted by the Shenzhen Stock Exchange [2] - Xianglou New Materials, established in December 2005, is engaged in the research, production, and sales of customized precision stamping new materials [3] Group 4 - Zhuochuang Information has submitted an application for H-share listing to the Hong Kong Stock Exchange [4] - Zhuochuang Information, founded in April 2004, provides market data monitoring, trading price evaluation, industry data analysis, and research [4] Group 5 - Zhongwei Company plans to reduce its shareholding by up to 626,150 shares, representing 1% of the total share capital [5] - Zhongwei Company, established in May 2004, focuses on the research, production, and sales of high-end semiconductor equipment and related products [5] Group 6 - Jiarong Technology intends to raise up to 1 billion yuan through a private placement to acquire 100% of Hangzhou Lanran [6] - Jiarong Technology, founded in February 2005, specializes in membrane separation equipment and high-performance membrane components [6] Group 7 - Dameng Data's director and general manager Pi Yu has had his detention lifted by the local supervisory committee [7] - Dameng Data, established in November 2000, provides various database software, cloud computing, big data products, and related technical services [7] Group 8 - Huayang Co. has launched a 200-ton annual production project for high-performance carbon fiber [8] - Huayang Co., founded in December 1999, is involved in coal production, power generation, and renewable energy technologies [8] Group 9 - Saintno Biological's executives plan to collectively reduce their holdings by up to 37,600 shares, which is 0.024% of the total share capital [9] - Saintno Biological, established in July 2001, focuses on the research, production, and sales of peptide raw materials and formulations [9] Group 10 - *ST Dongyi is in the process of signing a comprehensive technical service agreement worth 635 million yuan [10] - *ST Dongyi, founded in November 1996, provides comprehensive home decoration services [11] Group 11 - Jiangxi Copper is attempting to acquire all shares of London-listed SolGold, with a recent offer of 26 pence per share [12] - Jiangxi Copper, established in January 1997, specializes in copper and gold mining, smelting, and processing [12] Group 12 - China Shenhua's subsidiary has successfully completed a 168-hour trial run of its power generation unit [13] - China Shenhua, founded in November 2004, is involved in coal and electricity production and sales [13] Group 13 - Baile Tianheng's subsidiary has received a milestone payment of 250 million USD from BMS [14] - Baile Tianheng, established in August 2006, focuses on innovative biopharmaceuticals and chemical preparations [14] Group 14 - Yulide's directors plan to reduce their holdings by up to 35,000 shares, representing 0.0313% of the total share capital [15] - Yulide, founded in December 2003, specializes in the research, production, and sales of testing and measuring instruments [15] Group 15 - Aters plans to establish joint ventures with its controlling shareholder to adjust its U.S. market operations [15] - Aters, established in April 2006, focuses on lithium-ion battery separator products and sterile packaging [15] Group 16 - Enjie Co. is planning to acquire 100% of Zhongke Hualian's shares, leading to a stock suspension [16] - Enjie Co., founded in April 2006, specializes in lithium-ion battery separator products and sterile packaging [16] Group 17 - ST Tianrui's controlling shareholder is planning a change in company control, resulting in a stock suspension [16] - ST Tianrui, established in July 2006, focuses on analytical testing instruments and environmental governance [17]

Core Viewpoint - The delisting of ST Yuancheng is a result of severe financial fraud, leading to significant losses for investors and highlighting the risks in the A-share market [2][4]. Group 1: Company Overview - ST Yuancheng, primarily engaged in landscaping engineering, attempted to diversify into online gaming but faced regulatory backlash [2]. - The company was found to have inflated project costs and fabricated revenue, reporting a fictitious income of 209 million yuan and overstating profits by over 50 million yuan from 2020 to 2022 [2]. Group 2: Financial Impact - Following the revelation of financial misconduct, ST Yuancheng's market value fell below 500 million yuan for the first time on October 14, with a subsequent decline to 218 million yuan by November 5, remaining below the delisting threshold for 17 consecutive trading days [4]. - The stock price plummeted from 2 yuan to 0.58 yuan, culminating in its delisting on December 5, leaving investors with no opportunity to exit [6]. Group 3: Investor Behavior - Despite the impending delisting, the number of shareholders in ST Yuancheng increased by 23.86% in the last quarter, reaching 12,600, indicating a misguided attempt by some investors to capitalize on potential rebounds [4]. - These investors faced a harsh reality as the stock experienced 21 consecutive trading halts [5]. Group 4: Broader Industry Context - The case of ST Yuancheng is part of a larger trend, with over 60 companies in the A-share market under investigation and 13 facing delisting due to financial fraud in the past year [16]. - Other companies, such as Yongtai Energy and Tianfeng Securities, are also facing scrutiny for information disclosure violations, further contributing to investor anxiety in the market [8][11].