Core Viewpoint - Chenfeng Technology is advancing its private placement plan of 430 million yuan, which has raised concerns regarding the legitimacy and necessity of its capital operations and acquisitions [1][2][3] Group 1: Capital Operations - In May 2023, Chenfeng Technology initiated a private placement plan, transferring control to Ding Min through a discounted share transfer [2] - Ding Min acquired 20% of the company's shares at a price of 9.93 yuan per share, totaling 336 million yuan, while also signing an agreement to subscribe for shares worth 448.7 million yuan [2] - Following the completion of the private placement, Ding Min's shareholding will increase to 38.46% [2] Group 2: Acquisitions - Chenfeng Technology plans to acquire seven companies controlled by Ding Min for a maximum of 360 million yuan, which are involved in the development and operation of incremental distribution networks and renewable energy projects [2][3] - The valuation of the acquired companies shows a significant premium, with an overall appraisal value of 380.46 million yuan and an appraisal increase rate of 172.49% [3] - Notably, two of the acquired companies have appraisal increase rates of 311.19% and 414.13%, raising concerns about the valuation accuracy [3] Group 3: Financial Performance - Chenfeng Technology's original lighting business has faced challenges, reporting a net loss of 40.48 million yuan in 2022 [3] - In 2023, the company achieved a net profit of 22.85 million yuan, but this was only about 30% of the profit level in 2021 [3] - By 2024, the company's revenue further declined to 1.27 billion yuan, with a net profit of 11.09 million yuan, and in the first half of 2025, revenue dropped by 7.31% year-on-year [4]