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万通发展跨界收购遭监管四连问,亏损标的与资金压力凸显交易风险
Xin Lang Zheng Quan· 2025-08-15 08:24
Core Viewpoint - The acquisition of a 62.98% stake in Shudu Technology by Wantong Development for 854 million yuan raises significant concerns regarding the rationale, valuation, funding arrangements, and insider information management due to the ongoing losses of both companies [1][2]. Group 1: Financial Performance and Losses - Shudu Technology has reported a cumulative net loss of 236 million yuan from 2023 to the first half of 2025, with specific losses of 62.57 million yuan in 2023, 138 million yuan in 2024, and 35.98 million yuan in the first half of 2025 [2]. - Wantong Development has also faced continuous losses, reporting a loss of 330 million yuan in 2023, 498 million yuan in 2024, and an expected loss of 64 to 75 million yuan in the first half of 2025 [2]. Group 2: Valuation Concerns - The net asset value of Shudu Technology was only 64.60 million yuan as of June 2025, yet Wantong Development's acquisition proposal values the company at 1.4 billion yuan, resulting in a valuation increase of over 20 times [2]. - The inquiry from the Shanghai Stock Exchange demands a detailed analysis of the reasons behind Shudu's losses, the competitive landscape, and the absence of performance commitments in the acquisition [2]. Group 3: Funding and Liquidity Issues - Wantong Development reported cash reserves of 1.168 billion yuan against a purchase price of 854 million yuan, alongside interest-bearing liabilities of 1.753 billion yuan, indicating a significant funding gap [3]. - The controlling shareholder has pledged 97.17% of the company's shares, with some shares frozen, highlighting severe liquidity constraints [3]. Group 4: Insider Trading Allegations - Prior to the acquisition announcement on August 9, the company's stock price surged, and it continued to rise after the announcement, raising suspicions of insider trading [3]. - The Shanghai Stock Exchange has requested a comprehensive self-examination of the company's insider information management processes and a disclosure of the list of informed personnel during the planning phase [3].