Core Viewpoint - Liansheng Technology announced the termination of its acquisition of a 69.71% stake in Xingshu Century due to failure to reach an agreement on key terms such as transaction price [2][5][6]. Group 1: Acquisition Details - In April 2023, Liansheng Technology planned to acquire control of Xingshu Century through a combination of issuing shares and cash payments, which was expected to constitute a major asset restructuring and related party transaction [5][8]. - The acquisition aimed to leverage synergies between Liansheng Technology and Xingshu Century, particularly in the photovoltaic and energy storage sectors, enhancing competitive advantages and market opportunities [11]. Group 2: Financial Performance - Xingshu Century reported revenues of CNY 1.037 billion and CNY 980 million for 2023 and 2024, respectively, with net profits of CNY 75.89 million and CNY 192 million [8]. - Liansheng Technology has faced continuous losses, reporting a net loss of CNY 39.73 million in 2023 and an expected loss of CNY 110 million in 2024 [15]. - As of mid-2025, Liansheng Technology's revenue was CNY 209 million, a year-on-year increase of 35.90%, but it still reported a net loss of CNY 50.16 million, a decline of 18.24% year-on-year [15][17]. Group 3: Market Reaction - The market reacted positively to the initial announcement of the acquisition, with Liansheng Technology's stock hitting the daily limit up on April 21, 2023, after the resumption of trading [12].

Core Viewpoint - Liansheng Technology announced the termination of its acquisition of a 69.71% stake in Xingshu Century due to failure to reach an agreement on key terms such as transaction price [1][3]. Group 1: Acquisition Attempt - In April 2023, Liansheng Technology planned to acquire control of Xingshu Century through a combination of issuing shares and cash payments, which was expected to constitute a major asset restructuring and related party transaction [2][3]. - The acquisition was aimed at leveraging synergies between Liansheng Technology and Xingshu Century, which specializes in photovoltaic power generation and integrated energy storage systems [4][3]. Group 2: Financial Performance - Xingshu Century projected revenues of CNY 1.037 billion and CNY 980 million for 2023 and 2024, respectively, with net profits of CNY 75.89 million and CNY 192 million [4]. - Liansheng Technology has faced continuous losses, reporting a net loss of CNY 39.73 million in 2023 and an expected loss of CNY 110 million in 2024 [7]. - The company's financial situation remains challenging, with a current ratio of 0.3 and a debt-to-asset ratio of 76.69% as of mid-2025 [7]. Group 3: Market Reaction - The market reacted positively to the initial announcement of the acquisition, with Liansheng Technology's stock hitting the daily limit on the day it resumed trading [5].