华立股份公告显示，公司于1月16日召开董事会并签署收购协议，升辉清洁则披露，协议实际签署于当 日盘后。按照常理，若交易协议在收盘之后敲定，市场不应提前出现反应。但当日交易数据显示，升辉 清洁早盘涨幅已超15%，午后涨幅一度逼近30%；华立股份也在午盘后迅速封死涨停板。 从股价异动节奏来看，升辉清洁股价率先启动，随后华立股份才出现跟涨行情。然而相较于华立股份当 日3.85亿元的成交规模，升辉清洁仅录得1600多万港元成交额，具有明显的"小金额拉涨带大金额后 涨"特征。在交易协议尚未对外公开的背景下，到底是哪些资金精准布局，推动两家公司股价大涨？ 其次，华立股份折价收购的定价合理性存疑，相关方关于股份流动性限制的解释难以服众。 本次交易的折价幅度远超市场预期。升辉清洁19%股权对应的二级市场市值约3.93亿港元，而华立股份 的收购价仅为4750万港元，且收购价不仅低于升辉清洁历史最低价，还低于其每股净资产，属于"破 净"收购。 1月16日，华立股份（SH603038，股价17.84元，市值47.93亿元）披露公告，宣布子公司拟以4750万港 元收购港股上市企业升辉清洁（HK02521，股价0.83港元，市值16. ...

Core Viewpoint - The announcement by Huali Co., Ltd. regarding the acquisition of a 19% stake in Shenghui Clean by its subsidiary for HKD 47.5 million has raised regulatory concerns due to unusual stock price movements prior to the announcement [1][4] Group 1: Stock Price Movements - Both Huali Co., Ltd. and Shenghui Clean experienced significant stock price increases before the acquisition announcement, with Huali hitting the daily limit and Shenghui rising by 26.19% [1] - The trading volume of Huali Co., Ltd. on the day of the announcement was HKD 385 million, while Shenghui Clean only recorded a trading volume of approximately HKD 16 million, indicating a "small amount driving a large amount" phenomenon [2] Group 2: Acquisition Pricing Concerns - The acquisition price represents a substantial discount of approximately 87% compared to Shenghui Clean's market value of HKD 393 million for the 19% stake, raising questions about the reasonableness of the pricing [3] - The acquisition price is below Shenghui Clean's historical lowest price and its net asset value per share, categorizing it as a "broken net" acquisition [3] Group 3: Regulatory Response - The regulatory authorities have requested Huali Co., Ltd. to disclose specific timelines and participant details related to the acquisition, as well as to conduct a self-examination of recent trading records of relevant parties to verify any potential insider information leaks [4] - The incident highlights a broader issue in the capital market regarding the perception of acquisitions as positive news, often leading to pre-announcement stock price movements that may indicate insider trading [3][4]

每经编辑｜金冥羽 魏官红 1月16日，华立股份披露公告，宣布子公司拟以4750万港元收购港股上市企业升辉清洁19%股权。蹊跷的是，当日公告披露前，两家上市公司股价出现同 步异动：A股华立股份强势涨停，港股升辉清洁涨幅更是高达26.19%。 由于收购价大幅低于升辉清洁二级市场股价，叠加股价提前大涨的反常走势，该事项迅速引发监管关注。公告披露后的周末（1月18日），上交所便下发 问询函。1月19日，两家公司股价应声重挫，华立股份盘中跌幅一度超7%，升辉清洁跌幅更是扩大至38%以上。 本次交易的折价幅度远超市场预期。升辉清洁19%股权对应的二级市场市值约3.93亿港元，而华立股份的收购价仅为4750万港元，折价率高达约87%，且 收购价不仅低于升辉清洁历史最低价，还低于其每股净资产，属于"破净"收购。 主营物业清洁服务的升辉清洁，在两个月前曾突然披露跨界收购计划，拟收购AI软件系统公司重庆好活不少于51%的股权。这一与主业毫无关联的布局， 时间节点恰与公司股价走强形成共振。在股价从低位飙升后，原股东随即以远低于市价和每股净资产的价格转让股权，其中的时间线耐人寻味。华立股份 与升辉清洁究竟何时就收购事项展开接触，成为 ...