Core Viewpoint - *ST Yushun plans to acquire all operational assets of Beijing Fangshan Zhong'en Cloud Data Center for a total cash consideration of 3.35 billion yuan, despite being a loss-making company with total assets of less than 500 million yuan and a projected revenue of only 220 million yuan in 2024 [1][7]. Transaction Design - The acquisition is structured as a cash purchase, which avoids the key conditions for a reverse merger, thus maintaining the current shareholding structure and control by the existing major shareholder, Shanghai Fengwang [2][8]. - The target company is significantly more profitable, with projected revenues of 815 million yuan and a net profit of 173 million yuan in 2024, compared to *ST Yushun's losses [2][8]. Financial Puzzle - The cash consideration of 3.35 billion yuan is substantial for *ST Yushun, which had only 12 million yuan in cash as of Q3 2025. The target company also has significant long-term debts [3][9]. - A complex financing chain has been designed, involving a 1.7 billion yuan loan from the major shareholder and a loan application of up to 2.76 billion yuan from Minsheng Bank [3][9]. Client Dependency and Performance Risks - The target company's revenue is entirely dependent on a single anonymous client, which poses a significant risk if the client decides to terminate the contract [4][11]. - There are no performance guarantees or compensation arrangements in the acquisition deal, increasing investment risks despite the target company's historical profit growth [5][11].