On the evening of December 16, Tsinghua Tongfang Co.,Ltd. (SH600100, price: ¥8.07, market cap: ¥27.037 billion) announced plans to publicly list the transfer of 100% equity in Shanghai Cuineng Optoelectronics Technology Co., Ltd. ("Shanghai Cuineng") held by its wholly-owned subsidiary, Tsinghua Tongfang Science Park Co., Ltd. The move aims to optimize industrial structure, revitalize assets, and improve operational efficiency.
The transaction will be conducted through a property rights exchange, with the counterparty to be determined via public bidding. Tsinghua Tongfang clarified that this does not currently constitute a related-party transaction or major asset restructuring. However, the company noted potential uncertainties regarding the final buyer and price, leaving open the possibility of related-party involvement, which would require additional review procedures if triggered.
The minimum listing price is set at ¥17.2043 million, based on post-evaluation valuations, with the final transaction amount to be determined through the exchange process.
Shanghai Cuineng, which currently has no active operations, primarily holds an industrial property in Shanghai's Minhang District now under lease. The company previously engaged in optoelectronics technology services, lighting equipment sales, property leasing, and related activities.
The valuation used the asset-based method, showing Shanghai Cuineng's audited net asset value at -¥15.6456 million as of May 31, 2025, with an assessed value of ¥17.2043 million - representing a 209.96% premium.
Post-transaction, Shanghai Cuineng will be deconsolidated from Tsinghua Tongfang's financial statements. The deal is expected to generate disposal gains, though the exact financial impact remains subject to annual audit results.
Tsinghua Tongfang Science Park, the parent company involved, primarily manages technology park development. Public records indicate preparations for this transfer began as early as April 2023, when valuation assessments were commissioned through competitive bidding processes.
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