值得一提的是，此次入主*ST绿康，也系王钻的首个上市平台。 （文章来源：北京商报） 北京商报讯11月24日晚间，*ST绿康（002868）披露公告称，公司股东协议转让过户完成，公司控股股 东由上海康怡投资有限公司（以下简称"康怡投资"）变更为福建纵腾网络有限公司（以下简称"纵腾网 络"），实际控制人由赖潭平变更为王钻。 公告显示，*ST绿康于当日收到康怡投资等股份转让方的通知，其与纵腾网络股份转让相关证券过户登 记手续已于11月21日办理完成，纵腾网络持有上市公司股份4660.84万股，占公司总股本的29.99%。 从业务方面看，*ST绿康是一家专注于兽药研发、生产和销售的高新技术企业，2023年公司完成收购绿 康玉山并设立绿康海宁，启动光伏胶膜项目投资建设，形成"动保产品+光伏胶膜产品"生产和销售的双 主业的发展模式。纵腾网络则以"全球跨境电商基础设施服务商"为企业定位，聚焦跨境仓储与物流，为 全球跨境电商商户、出口贸易企业、出海品牌商提供海外仓储、商业专线物流、定制化物流等一体化物 流解决方案。 ...

Core Viewpoint - *ST Lvkang is facing significant uncertainty regarding its ability to continue operations due to insolvency, while simultaneously engaging in a series of capital actions such as equity transfers that appear to be self-rescue efforts. The question arises whether the company will pursue a backdoor listing or engage in "tri-party transactions" in its capital operations, with the former being potentially more uncertain given the urgency of maintaining its listing status [1] Group 1: Financial Performance and Business Transition - Lvkang Biotech, originally focused on veterinary drug raw materials and probiotics, has seen a decline in performance since its listing in 2017, with a net profit drop of 6.97%, 13.08%, 23.73%, and 24.15% from 2017 to 2020 [2] - In 2021, the company reported a revenue of 363 million yuan, a year-on-year increase of 17.93%, but incurred a net loss of 26.04 million yuan, a decline of 160.28% compared to the previous year [2] - The company entered the photovoltaic film sector in 2022 through acquisitions, leading to a significant stock price increase from around 10 yuan to a peak of 65.9 yuan, representing a more than fivefold increase [2] Group 2: Ongoing Losses and Financial Challenges - Lvkang Biotech has continued to incur losses, with net profits of -122 million yuan, -222 million yuan, and -445 million yuan projected for 2022, 2023, and 2024 respectively, indicating a worsening financial situation [3] - The photovoltaic film business has negatively impacted the company's financial statements due to low gross margins and high financial costs associated with increased bank loans and financing leases [3] - As of December 31, 2024, the company's current liabilities exceeded current assets by over 1 billion yuan, raising significant doubts about its ability to continue as a going concern [4] Group 3: Shareholder Changes and Market Reactions - On April 24, 2025, Lvkang Biotech announced a change in control, with major shareholders transferring shares to Zongteng Network at a price of 13.73 yuan per share, totaling approximately 639.93 million yuan [5] - This transfer will increase Zongteng Network's ownership to 29.99%, surpassing the previous controlling shareholder's stake [5] - The market is speculating whether Zongteng Network's involvement indicates a backdoor listing or a different capital strategy, especially as the company also announced plans to divest its photovoltaic assets [9] Group 4: Strategic Moves and Future Outlook - Lvkang Biotech's recent capital operations, including the divestiture of its photovoltaic film business, may be aimed at clearing obstacles for future transactions [9] - The company signed an asset transfer agreement on April 24, 2025, to sell all assets and liabilities related to its photovoltaic film business to a joint venture established by its shareholders [9] - The potential for a backdoor listing or tri-party transaction remains uncertain, with regulatory hurdles and the urgency of maintaining its listing status complicating the situation [9]