Core Viewpoint - The article discusses the recent turmoil faced by Wantong Development, particularly the detention of its actual controller and chairman, Wang Yihui, which has raised concerns about the company's ongoing transformation efforts and its recent acquisition plans [5][12][15]. Group 1: Company Developments - On August 18, 2023, Wantong Development announced that its chairman, Wang Yihui, was detained by the Beijing Public Security Bureau, although the investigation is reportedly unrelated to the company's daily operations [5][6]. - Following the news, Wantong Development's stock price hit the daily limit down, becoming the only non-ST stock to do so on that day [9]. - The company had recently announced plans to acquire a chip company, intending to spend over 800 million yuan, which now faces uncertainty due to Wang's absence [11][15]. Group 2: Acquisition Details - Wantong Development planned to acquire a 62.98% stake in Beijing Shuduo Information Technology Co., Ltd. for 854 million yuan, despite the target company having a valuation significantly higher than its net assets [16][19]. - The acquisition raised concerns due to the high premium, with Shuduo Technology's valuation being over 18 times its net asset value [19]. - Shuduo Technology has reported cumulative revenues of approximately 64 million yuan and losses of about 236 million yuan over the past two and a half years, with a debt ratio of 80.45% [19]. Group 3: Financial Performance - Wantong Development's revenue has been declining, with reported revenues of 422 million yuan, 487 million yuan, and 495 million yuan from 2022 to 2024, alongside increasing losses [46]. - The company's real estate sales and rental income accounted for 99.41% of its total revenue in 2024, indicating that its transition to high-tech sectors has not yet succeeded [48]. - Despite efforts to diversify, the company continues to rely heavily on its real estate foundation for survival [48].