Core Viewpoint - Water Development Gas plans to acquire 65% of Qingyang Xingrui Energy for a nominal price of 0, but the project has been stalled for over a year due to funding issues [1][2][3] Group 1: Acquisition Details - The acquisition involves a cash injection of 65 million yuan after the transfer of shares, despite the nominal purchase price [1][2] - Qingyang Xingrui Energy has a registered capital of 100 million yuan, with 12.122 million yuan already paid in [2] - The acquisition aims to optimize the company's business layout and enhance its LNG market share [2][3] Group 2: Financial Status of Entities - Shanghai Saikun, the seller, has total assets of only 253.22 yuan and a negative equity of -4746.78 yuan as of September 30, 2024 [3] - Qingyang Xingrui Energy has reported zero revenue for three consecutive years and a net loss of 4.5586 million yuan as of December 31, 2024 [3][4] Group 3: Project Overview - The core project, "Qingyang Natural Gas Helium Extraction and Storage Peak Regulation Project," has a total investment of 506 million yuan and is a key project for the Gansu helium reserve base [4][5] - The project is expected to process 600 million cubic meters of natural gas annually and produce 420,000 tons of LNG, along with helium and carbon dioxide [5][6] Group 4: Future Considerations - The project has been stalled since December 2023 due to funding shortages, with an expected operational date of September 2026 if funding is secured [6]