In the early morning of April 18, high-tech development (000628. SZ) announced that the company's previous plan to acquire 70% of the equity of Sichuan Huakun Zhenyu Intelligent Technology Co., Ltd. (hereinafter referred to as "Huakun Zhenyu") may not be implemented. After the opening of the market on the 18th, the stock price of high-tech development fell to 49.90 yuan per share.
"The company is negotiating with the counterparty on whether to terminate this transaction, and it is expected that this transaction will not be able to proceed according to the current plan, and whether to change the plan or terminate the transaction will be announced on April 19, 2024 in accordance with relevant regulations. High-tech Development said in the announcement.
On September 26, 2023, High-tech Development announced that it is ready to enter the AI computing power market and plans to issue shares to purchase the control of Huakun Zhenyu. As for the reasons that may cause the failure of the acquisition, High-tech Development said in the announcement issued on the 18th that the target company's industry is affected by the internal and external environment, and the market expectation is high, and the company has failed to reach an agreement with some counterparties on the price of this transaction.
The first financial reporter tried to call High-tech Development on the 18th about the acquisition, but as of press time, the company's phone could not be connected.
Stock prices are on a rollercoaster ride
According to public information, the main business of high-tech development is the development, production and operation of high-tech products, the development and construction of high-tech industrial development zones, and the development and operation of real estate. In 2022, High-tech Development acquired Senwei Technology and Xinwei Semiconductor, and the company's business entered the power semiconductor track. On September 26, 2023, High-tech Development announced that it is ready to enter the AI computing power market and plans to issue shares to purchase the control of Huakun Zhenyu.
Huakun Zhenyu is a computing power enterprise in China that has a layout of "computing and storage integration". According to public information, Huakun Zhenyu is 60% controlled by state-owned assets, and has previously undertaken the strategic transformation and upgrading of Changhong's computing industry, and is responsible for the design, production, sales and service of servers, storage, PCs, machine vision and other products based on the "Tiangong" own brand.
The acquisition of Huakun Zhenyu by High-tech Development takes a fancy to the company's layout in the "integrated storage and computing" market, and the supply chain integration capabilities in Huakun Zhenyu's products also contribute to its layout in the field of cloud computing power and artificial intelligence computing power.
According to the announcement previously issued by High-tech Development, the company intends to purchase 30% of the equity of Huakun Zhenyu held by Chengdu High-tech Investment Group by issuing shares, and intends to purchase 25% of the equity of Huakun Zhenyu held by Gongqingcheng Huakun Zhenyu Investment Partnership (Limited Partnership) and 15% of the equity of Huakun Zhenyu held by Pingtan Yunchen Technology Partnership (Limited Partnership) by issuing shares and paying cash. In other words, if the transaction is successful, High-tech Development will hold 70% of the equity of Huakun Zhenyu.
According to the acquisition announcement previously issued by High-tech Development, the company gave a valuation of no more than 3 billion yuan for 100% of Huakun Zhenyu's equity. Among them, the pricing of the issued shares is not less than 80% of the average trading price of the company's shares in the 20 trading days before the pricing benchmark date, which is specifically determined to be 12.24 yuan per share.
After the above announcement, the stock price of high-tech development came out of 11 daily limits, and the company's stock price once soared nearly 5 times. Since the announcement of the acquisition, the number of shareholders of Hi-tech Development has increased dramatically, from less than 20,000 to nearly 100,000.
On March 19, 2024, High-tech Development regularly disclosed the progress announcement of the acquisition, and at that time, the announcement only mentioned that all parties were actively promoting the work of this major asset restructuring. From that day on, the share price of high-tech development soared to a maximum of 95.7 yuan per share, and then began to fall. As of press time, the share price of High-tech Development has shrunk by 47.86% from its previous high.
In the announcement issued on the 18th, the company said that as of the date of disclosure of this announcement, the closing price of the company's shares has increased by 239.50% compared with the closing price before the suspension of the major asset restructuring. Since this transaction is expected to be unable to proceed further, it may lead to a decline in the company's stock price, please invest rationally and pay attention to investment risks.
A number of companies cross-border computing power "hit the nail"
In the matter of cross-border computing power, high-tech development is not the first company to "hit the nail". Hongbo Co., Ltd. (002229. SZ) has recently been caught in a double public opinion storm of illegal disclosure of financial data and personnel management disputes due to cross-border computing power. Lotus Health (600186. SH) was previously questioned by the Shanghai Stock Exchange for cross-border computing power but has not yet obtained the operational qualifications required for intelligent computing power business.
Mercedes-Benz Information (300571. SZ) signed an investment agreement with the shareholders of Tianxin Electronics (Chengdu) Co., Ltd., intending to invest a total of 22.6 million yuan to hold 60% of the equity of Tianxin Electronics by way of acquisition and capital increase, and operate cross-border computing power. However, the company's latest 2023 performance forecast shows that the company's net profit attributable to shareholders of listed companies has shrunk significantly, and the year-on-year decline is expected to be between 95.92% and 94.28%.
After checking the financial report of high-tech development, the reporter found that high-tech development is currently facing a lot of operating pressure. According to the data of the 2023 annual report, the net cash flow generated by operating activities in 2023 of High-tech Development will shrink by 47% year-on-year, and at the same time, the company's long-term borrowings in 2023 will increase by 102.11% year-on-year, in addition, the net cash flow generated by the company's financing activities will also increase by 15.70% year-on-year. This shows that high-tech development may face higher capital needs, but the operating efficiency is declining.
For the market since the beginning of this year, a number of enterprises cross-border computing business but the problem of operating difficulties, Minsheng Securities analysts told the first financial reporter that the case of the royal group's stock price riding on a roller coaster after chasing the "light" is not far away, although it is happy to see enterprises actively cross the border in order to seek new business growth points, but the secondary market should also remain calm.
The reporter learned that the case mentioned by the above-mentioned securities analysts was in January 2022, when the Guangxi veteran dairy enterprise Royal Group (002329. SZ) invested in the establishment of Royal Agricultural-Photovoltaic Complementary Technology Co., Ltd. to carry out cross-border photovoltaic module related business. By the end of 2022, the company's accounts receivable and inventory were both high. A year after seeking transformation, Royal Group's accounts receivable and inventory have increased, and the company's share price has experienced a process of climbing from $4.51 at the beginning of 2022 to a peak of $11.02 before falling back to about the same level at the beginning of the year.
"Whether it is computing power or photovoltaics, whether the follow-up landing of cross-border heavy assets and low technical threshold business is a sound or a chicken feather, which needs to wait for market verification, which is also a test of the ability of enterprises to operate and respond to market challenges. The above-mentioned analysts noted.
(This article is from Yicai)