星标 ★ IPO日报 精彩文章第一时间推送 近期，甘肃蓝科石化高新装备股份有限公司（下称"蓝科高新"，601798.SH）公告称，公司拟以现金方式收购中国浦发机械工业股份有限公司（下 称"中国浦发"）持有的机械工业上海蓝亚石化设备检测所有限公司（下称"蓝亚检测"）100%股权及中国空分工程有限公司（下称"中国空分"） 51%股权。 本次交易预计构成重大资产重组，但不构成重组上市。本次交易不涉及上市公司发行股份，也不会导致公司控制权变更。 蓝科高新称将尽快组织中介机构开展尽职调查，并在完成相关资产的审计和评估工作后签署正式交易协议。 制图：佘诗婕 重大资产重组 据悉，蓝科高新本次的交易对方中国浦发，其与蓝科高新同为中国机械工业集团有限公司（下称"国机集团"）控制的企业，故本次交易构成关联交 易。 标的公司之一的蓝亚检测主要从事石油、化工、燃气、冶金、新能源领域设备和零部件的性能检测、特种设备定期检验、风险评估、安全评价、失 效分析、型式试验、钻采炼化设备性能检测等。 另一家标的公司中国空分是一家以技术为核心，工程设计、咨询和工程总承包业务并举的专业工程公司，业务领域涉及工业气体制备、天然气液 化、低温液体贮运、 ...

Core Viewpoint - The article discusses the significant asset restructuring announced by two listed companies under China National Machinery Industry Corporation, specifically Su Mei Da's acquisition of a controlling stake in Blue Science High-tech despite Blue Science's ongoing losses [1][2]. Group 1: Acquisition Details - Su Mei Da signed a share transfer agreement to acquire 60 million shares of Blue Science High-tech, representing approximately 16.92% of its total share capital, increasing its ownership from 4.80% to 21.72% [1]. - The share transfer price is set at 6.71 CNY per share, totaling 402.6 million CNY, which is significantly higher than Blue Science's recent trading price [2][7]. - The acquisition is classified as a related party transaction since the seller, Guo Ji Asset Management, is a wholly-owned subsidiary of Su Mei Da's controlling shareholder, China National Machinery Group [2][7]. Group 2: Strategic Rationale - Su Mei Da aims to leverage Blue Science's established advantages in the special equipment engineering sector to enhance synergy with its engineering segment [2][3]. - The acquisition is expected to clarify market perceptions of Su Mei Da's business model, transitioning from a supply chain company to a more integrated industrial chain player, potentially leading to a higher valuation [2][3]. - Su Mei Da's management believes that the valuation of Blue Science's industry is higher than that of a typical supply chain company, which could positively impact Su Mei Da's market valuation post-acquisition [2][3]. Group 3: Financial Performance - Blue Science is projected to incur losses for four consecutive years, with estimated losses of approximately 17.4 million CNY in 2021, 18.4 million CNY in 2022, 14 million CNY in 2023, and around 8.76 million CNY in 2024 [2]. - In contrast, Su Mei Da has shown steady growth in profitability, with projected earnings of 1.148 billion CNY for 2024 [2][3]. Group 4: Future Prospects - Blue Science plans to acquire 100% of Shanghai Blue Asia Petrochemical Equipment Testing Co. and 51% of China Air Separation Engineering Co., which could enhance its operational capabilities and management quality [8][9]. - The acquisition of these assets is part of a broader internal restructuring within China National Machinery Group, indicating a strategic alignment of resources [8][9]. - There are uncertainties regarding the completion of these transactions due to existing pledges and legal issues surrounding the assets, which could impact the overall acquisition strategy [9].