China Fund News Taylor
Good morning brothers and sisters, wow, I urgently tell you a bad news, an announcement on the high-tech development of big bull stocks, like a thunderclap, woke up a large group of shareholders!
The good has become negative, and the transaction is going to be yellow?
In the early morning of the 18th, the high-tech development suddenly announced that the company previously planned to acquire 70% of the equity of Sichuan Huakun Zhenyu Intelligent Technology Co., Ltd., as of the date of disclosure of this announcement, the target company is in the industry affected by the internal and external environment, the market expectation is high, the company failed to reach an agreement with some counterparties on the transaction price, the company issued shares to purchase assets within six months after the announcement of the first board resolution announcement (before April 19, 2024) can not issue a notice of convening a general meeting of shareholders.
The Company is negotiating with the counterparty whether to terminate the transaction, which is expected to be unable to proceed with 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.
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.
After the news came out, the stock bar was all fried.
An acquisition
The stock price soared nearly 5 times ahead of schedule
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, real estate development and operation, and the acquisition of Senwei Technology and Xinwei Semiconductor in 2022 to officially enter the power semiconductor industry. In the first half of 2023, Senwei Technology achieved revenue of 68 million yuan, a year-on-year increase of 66.5%;
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.
The subsequent acquisition shows that the valuation given by High-tech Development to 100% of Huakun Zhenyu's equity is no more than 3 billion yuan. 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.
Specifically, the company intends to purchase 30% of the equity of Huakun Zhenyu held by Chengdu High-tech Investment Electronics 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. After the completion of the transaction, High-tech Development will hold 70% of the equity of Huakun Zhenyu.
According to the official website of Huakun Zhenyu, the company is a leading domestic leader in the integrated computing power industry of intelligent computing and storage. Huakun Zhenyu is 60% owned by state-owned assets, undertakes the strategic transformation and upgrading of Changhong's computing industry, focuses on the infrastructure application of "new computing and new storage", and is fully responsible for the design, production, sales and service of "Tiangong" self-owned brand servers, storage, PCs, machine vision and other products based on Huawei's "Kunpeng + Ascend" processor.
Boosted by the news of entering the computing power industry, on October 19, the resumption of trading of high-tech development was blocked by hundreds of millions of huge orders, and the stock price responded to the 11 price limit, and the stock price of high-tech development once soared nearly 5 times!
On March 19, High-tech Development regularly disclosed the announcement of the progress of the acquisition, and the announcement only mentioned that all parties were actively promoting the work of this major asset restructuring. From that day on, the stock price of High-tech Development reached a maximum value of 95.7 yuan per share, and then the stock price began to turn downward.
On the evening of April 8, High-tech Development updated the risk warning. According to the announcement, the parties to the transaction have not yet reached a final agreement on the negotiation of the transaction price. The resulting uncertainty may lead to the failure of the transaction to convene a general meeting of shareholders within the statutory time limit, resulting in the need to re-determine the pricing benchmark date for the payment of consideration for the issuance of shares, which may lead to the risk of termination of the transaction.
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.