公司在今日晚间发布的公告中表示，自筹划重大资产重组事项以来，公司积极组织交易双方以及中介机构稳步推进各项工作，但最终双方对标的公司的估值、本次交易的相关商业条款未能达成一致。① Hangzhou Gaoxin announced tonight that it has terminated its plan to acquire a 51% stake in Fujian Nanping Sun Cable; ② In 2017, Hangzhou Gaoxin invested to hold a 51% stake in Fujian Nanping Sun Cable, which was later sold in April 2020; ③ The legal representative and chairman of the trading party Hangzhou Ruixin previously held positions such as director and general manager at Hangzhou Gaoxin.
According to Caijing Lianhe News on January 2 (reporter Chen Kang), due to "the parties failed to reach an agreement on the Company Valuation of the symbol and the related commercial terms of this Trade," the major asset restructuring being planned by Hangzhou Gaoxin (300478.SZ) was announced to be terminated just 20 days after its initiation. The symbol Fujian Nanping Sun Cable is a subsidiary that was sold by the company four years ago.
On the evening of December 12, 2024, Hangzhou Gaoxin announced its plan to purchase a 51% stake in Fujian Nanping Sun Cable (referred to as "Fujian Nanping Sun Cable") held by Hangzhou Ruixin Cable Materials Partnership (referred to as "Hangzhou Ruixin") through Cash / Money Market.
The company stated in the announcement released tonight that since planning the major asset restructuring, it has actively organized both parties to the Trade as well as intermediary Institutions to steadily advance various tasks, but ultimately the two sides could not reach an agreement on the Company Valuation of the symbol and the related commercial terms of this Trade.
Public information shows that more than four years ago, Fujian Nanping Sun Cable was a subsidiary of Hangzhou Gaoxin. The company was established with a joint investment of 30 million yuan by Hangzhou Gaoxin and Fujian Shanghang Copper Co., Ltd. in January 2017, with Hangzhou Gaoxin holding a 51% share.
In April 2020, Hangzhou Gaoxin sold its 51% stake in Fujian Nanping Sun Cable to Hangzhou Ruixin for a transaction price of 30.406 million yuan. After the transaction was completed, Hangzhou Gaoxin no longer held shares in Fujian Nanping Sun Cable.
Before it was sold, Fujian Nanping Sun Cable was on the edge of a turnaround from loss to profit. Hangzhou Gaoxin's previous annual reports indicate the company's Net income for Fujian Nanping Sun Cable was -1.1427 million yuan and 1.7644 million yuan in 2018 and 2019 respectively; from the beginning of 2020 until the sale date, the Net income contributed by Fujian Nanping Sun Cable to Hangzhou Gaoxin was -0.2244 million yuan.
After the sale, the profit situation of Fujian Nanping Sun Cable seems to have improved, according to the annual report of another shareholder, Fujian Nanping Sun Cable (002300.SZ), which stated that in 2022 and 2023, Fujian Nanping Sun Cable distributed Cash dividends or profits of 2.44 million yuan and 7.35 million yuan respectively.
The reporter from the Financial Association noted that the trading partner Hangzhou Ruixin has a registered capital of 30.6 million yuan, with Lou Yongfu serving as both the legal representative and chairman. Lou Yongfu held the positions of director and general manager at Hangzhou Gaoxin from November 2004 to February 2020. Additionally, Shen Zhihua, who holds 9.05% of the shares in Hangzhou Ruixin, was previously a core staff member of Hangzhou Gaoxin.
The reporter from the Financial Association found that the company's stock price around the announcement of the major asset acquisition is quite intriguing. On the day of the announcement, December 13, Hangzhou Gaoxin's stock price closed at 12.10 yuan/share, with a drop of 0.41%, and a total market value of 1.533 billion yuan. Meanwhile, on the day before the announcement, December 12, the company's stock price increased by 8%.
