从交易形式看，这并非一笔需要提交股东大会审议的重大资产重组。1月16日，华立股份披露拟以0.128 港元每股的价格，受让升辉清洁19%股权，总对价为4750万港元。交易完成后，公司将成为升辉清洁第 二大股东。华立股份在公告中称，本次参股系战略投资，旨在在国际化、智能化及市场化层面与标的形 成协同。 但这笔交易迅速引发监管关注，并非偶然。将时间线拉长可以发现，在过去一年多时间内，华立股份已 连续三次抛出跨界并购或并购尝试，涉及的行业跨度明显扩大。 登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文|新浪财经上海站 十里 一笔看似价格极低的跨界参股交易，再次将华立股份推到监管与市场关注的焦点。 1月16日晚，华立股份公告称，公司拟以4750万港元收购港交所上市公司升辉清洁19%股权一事，1月18 号时隔两天便收到上海证券交易所下发的问询函。 该问询函披露后，市场情绪迅速降温。1月19日，华立股份股价低开低走，收盘报18.61元每股，下跌 5.39%，总市值回落至50亿元。 第一次跨界发生在2024年9月。彼时，华立股份公告拟以3.58亿元 ...

点击蓝字关注我们 长江商报记者 徐佳 3个月内两次抛出跨界投资计划，且股价均出现异动，华立股份（603038.SH）成为监管关注重点。 蹊跷的是，披露收购公告当日，华立股份股价涨停，升辉清洁同日涨幅为26.19%。不仅如此，此前发布收购中科汇联公告当日，华立股份股价也出现涨 停，这其中是否存在内幕信息提前泄露的情况？ 针对上述问题，1月18日，上交所对华立股份发出问询函，对公司短期内再度跨界投资的合理性及必要性、公司股价异动情况、升辉清洁业绩下降等多个 方面展开详细问询。 超低价投资升辉清洁必要性遭疑 1月16日晚间，华立股份抛出收购计划，公司全资子公司华立（亚洲）实业有限公司（以下简称"华立亚洲"）以4750万港元自有或自筹资金购买日出清洁 所持有的升辉清洁19%的股份。交易完成之后，华立股份将通过华立亚洲拿下升辉清洁第二大股东席位。 对于本次收购的目的，华立股份称，公司本次战略参股升辉清洁，旨在依托各自核心资源与能力，多维协同合作，在国际化、智能化与市场化三个层面形 成战略合力，提升双方核心竞争力与行业影响力。 长江商报记者注意到，本次交易中，升辉清洁每股作价0.128港元。但2025年6月，升辉清洁曾按 ...

长江商报消息 ●长江商报记者 徐佳 3个月内两次抛出跨界投资计划，且股价均出现异动，华立股份（603038.SH）成为监管关注重点。 1月16日晚间，华立股份发布公告称，拟以4750万港元收购港交所上市公司升辉清洁19%股权。交易完 成后，华立股份将成为升辉清洁的第二大股东。 长江商报记者注意到，半个月前，华立股份刚刚宣布终止收购政务软件企业中科汇联科技股份有限公司 （以下简称"中科汇联"）51%股权。如今再次计划收购升辉清洁股权，对于主打装饰复合材料业务的华 立股份而言，无疑又是一笔跨界投资。 蹊跷的是，披露收购公告当日，华立股份股价涨停，升辉清洁同日涨幅为26.19%。不仅如此，此前发 布收购中科汇联公告当日，华立股份股价也出现涨停，这其中是否存在内幕信息提前泄露的情况？ 针对上述问题，1月18日，上交所对华立股份发出问询函，对公司短期内再度跨界投资的合理性及必要 性、公司股价异动情况、升辉清洁业绩下降等多个方面展开详细问询。 超低价投资升辉清洁必要性遭疑 1月16日晚间，华立股份抛出收购计划，公司全资子公司华立（亚洲）实业有限公司（以下简称"华立亚 洲"）以4750万港元自有或自筹资金购买日出清洁所持有 ...

Core Viewpoint - The recent cross-border acquisition plan by the company has raised regulatory scrutiny due to stock price movements prior to the announcement, leading to questions about the rationale and transparency of the transaction [1][2][3]. Group 1: Acquisition Details - The company announced on January 17 that its wholly-owned subsidiary plans to acquire a 19% stake in the Hong Kong-listed company, Shenghui Clean, for 47.5 million HKD [1]. - The acquisition is positioned as a strategic investment rather than a financial one, with the company claiming it will bring core technology and market channels to Shenghui Clean [2]. - The acquisition price of 0.128 HKD per share represents a significant discount, approximately 12% of the market price at the time of the announcement [2]. Group 2: Regulatory Concerns - The Shanghai Stock Exchange has raised questions regarding the rationale behind the cross-border investment, the performance of the target company, and the management of insider information [1][3]. - The company is required to provide additional details on the decision-making process for the acquisition and the reasons for pursuing another cross-border investment shortly after a previous attempt failed [3]. Group 3: Financial Health of the Company - The company's financial situation is concerning, with a negative net cash flow from operating activities of 90 million CNY and rising accounts receivable of 576 million CNY [5]. - Despite these financial challenges, the company is proceeding with the acquisition, prompting regulatory questions about the necessity and rationale of the transaction [5]. Group 4: Performance of the Target Company - Shenghui Clean has also shown signs of financial strain, with a 21.78% decline in net profit despite a 10.14% increase in revenue for the first half of 2025 [6]. - The target company's accounts receivable have increased significantly, raising concerns about its cash flow and overall financial health [6]. Group 5: Strategic Implications - The company believes that the acquisition will enhance its profitability and risk resilience, allowing it to tap into overseas markets [7]. - However, the financial difficulties faced by both the company and Shenghui Clean cast doubt on the potential success of the acquisition [7].

Core Viewpoint - Huali Co., Ltd. is facing regulatory scrutiny following its announcement of a cross-border acquisition of a Hong Kong company, Shenghui Cleaning, which has led to significant stock price fluctuations for both companies involved [2][4]. Group 1: Acquisition Details - Huali Co., Ltd. announced on January 17 that its wholly-owned subsidiary, Huali Asia, plans to acquire a 19% stake in Shenghui Cleaning for 47.5 million HKD, making it the second-largest shareholder [3]. - The acquisition is characterized as a strategic investment rather than a financial one, with Huali Co. claiming it will provide core technology and market channels to Shenghui Cleaning [4]. Group 2: Regulatory Concerns - The Shanghai Stock Exchange has issued an inquiry regarding the rationale behind the acquisition, the performance of the target company, pricing basis, and potential insider information leaks [2][4][7]. - Huali Co. is required to clarify the decision-making process for the acquisition and address concerns about the significant price discount offered in the deal [4][7]. Group 3: Financial Performance and Risks - Huali Co. reported a negative cash flow of -90 million CNY for the first three quarters of 2025, raising questions about the financial viability of the acquisition [8]. - Shenghui Cleaning has also shown signs of financial distress, with a 21.78% decline in net profit despite a 10.14% increase in revenue for the first half of 2025 [9]. - Both companies are experiencing challenges with accounts receivable and cash flow, prompting the exchange to request further justification for the acquisition's necessity and potential risks [8][9]. Group 4: Market Reactions - Following the announcement of the acquisition, Huali Co.'s stock fell by 5.39% to 18.61 CNY per share, while Shenghui Cleaning's stock dropped by 33.96% to 0.700 HKD per share [2][4]. - The stock price movements prior to the announcement have raised suspicions of insider trading, leading to increased regulatory scrutiny [4][7].

Core Viewpoint - The company, Huali Co., Ltd., announced its intention to acquire a 19% stake in Shenghui Clean, aiming to enhance strategic collaboration and core competitiveness through internationalization, intelligence, and marketization [1] Group 1: Acquisition Details - On January 16, Huali Co. announced plans to acquire the stake for 47.5 million HKD, which would make it the second-largest shareholder of Shenghui Clean [1] - This acquisition does not constitute a related party transaction or a major asset restructuring, and it does not require shareholder approval [1] - This is the second acquisition plan announced by Huali Co. within three months, following a previous attempt to acquire a 51% stake in Beijing Zhongke Huilian Technology [2] Group 2: Financial Performance and Concerns - Shenghui Clean reported a 10.14% increase in revenue for the first half of 2025, but a 21.78% decline in net profit [3] - The company's accounts receivable and notes increased significantly, with a 15.40% rise to 268 million CNY by the end of 2024 and a further 16.99% increase to 322 million CNY by mid-2025 [3] - The Shanghai Stock Exchange raised questions regarding the strategic clarity and business synergy of Huali Co.'s multiple acquisitions, especially given its negative cash flow of -90 million CNY in the first three quarters of 2025 [3] Group 3: Insider Information Management - The stock price of Huali Co. hit the limit up on the announcement day, closing at 19.67 CNY per share, with a total market value of 5.285 billion CNY [4] - The Shanghai Stock Exchange requested Huali Co. to disclose the process of the current and previous acquisition attempts, including key timelines and insider trading activities [4] Group 4: Future Business Diversification - Huali Co. plans to increase investment in the digital sector while seeking strategic partnerships with companies that have strong capabilities in big data and artificial intelligence [5]

Core Viewpoint - Huali Co., Ltd. announced a plan to acquire a 19% stake in Shenghui Clean Group for HKD 47.5 million, marking its second acquisition attempt in three months, with both companies experiencing significant stock price increases on announcement days [1][2]. Group 1: Acquisition Details - The acquisition does not constitute a related party transaction or a major asset restructuring and does not require shareholder approval [1]. - Huali's stock hit the daily limit on the announcement day, while Shenghui Clean's stock rose by 26.19% [1]. - The previous acquisition attempt involved a 51% stake in Zhongke Huilian Technology, which was later terminated due to a lack of consensus on key terms [1]. Group 2: Regulatory Inquiry - The Shanghai Stock Exchange requested Huali to disclose the details of the previous acquisition attempt and the current acquisition process, including key timelines and involved personnel [2]. - Huali is also required to investigate recent stock trading activities of insiders to check for potential information leaks [2]. Group 3: Strategic Intent - Huali aims to leverage core resources and capabilities through this strategic investment to enhance competitiveness and industry influence in internationalization, intelligence, and marketization [2]. - The financial performance of Shenghui Clean shows revenue of approximately CNY 674 million and net profit of CNY 49.23 million for 2024, with a decline in net profit for the first half of 2025 [2]. Group 4: Financial Performance Concerns - Shenghui Clean's revenue increased by 10.14% year-on-year in the first half of 2025, but net profit decreased by 21.78% [3]. - The company has seen a continuous rise in accounts receivable, with a 15.40% increase to CNY 268 million by the end of 2024 [3]. - Operating cash flow was negative for both 2024 and the first half of 2025, indicating financial strain [3]. Group 5: Justification for Investment - Huali is required to explain the reasons for the performance decline at Shenghui Clean and assess the potential ongoing impact on the company's performance [4]. - The necessity of the acquisition is questioned given the significant differences between Huali's main business and Shenghui Clean's operations, prompting a need for clarity on strategic alignment and resource sharing [5].