Core Viewpoint - The Shandong Property Rights Exchange Center announced the transfer of a 10% stake in Qilu Commodity Trading Service Co., Ltd. by Zhangdian State-owned Assets Operation Co., Ltd. at a base price of 1 yuan, despite the company's negative net profit and net asset valuation [1][2]. Group 1: Company Financials - Qilu Commodity reported a revenue of 6.19 thousand yuan and a net loss of 217.43 thousand yuan for 2023, with a revenue of 0.03 thousand yuan and a net loss of 90.26 thousand yuan from January to September 2024 [2]. - As of September 30, 2024, Qilu Commodity's total assets were 866.69 thousand yuan, total liabilities were 1,090.39 thousand yuan, resulting in a net asset value of -223.7 thousand yuan [2]. - The assessed value of the transferred stake corresponds to a net asset valuation of -22.37 thousand yuan [2]. Group 2: Ownership and Control - Zhangdian State-owned Assets was established in 2016 with a registered capital of 910 million yuan, fully controlled by the Zhangdian District People's Government State-owned Assets Supervision and Administration Bureau [2]. - The other shareholder of Qilu Commodity is China New Housing Tai Tong Industrial Co., Ltd., which holds a 90% stake [3]. Group 3: Recent Investment Trends - Zhangdian State-owned Assets has been actively investing, with over 40 companies in its investment portfolio [4]. - However, in 2025, there has been a notable trend of divesting from various companies, with multiple exits recorded, amounting to nearly 3 billion yuan in total investment [5][7]. - The company has also made some new investments, such as a 2 million yuan investment in Zibo Kunpeng Cultural Tourism Development Co., Ltd. [7]. Group 4: Regulatory Context - The recent stake transfer aligns with the Shandong provincial government's directive for state-owned enterprises to focus on their core responsibilities [3]. - A regulatory document issued in August 2023 emphasized the need for stricter oversight of state-owned asset transactions and compliance with financing plans [3].