As third-quarter earnings reports wrap up and the year-end window approaches, asset sales by A-share listed companies are appearing in clusters, involving both companies under risk warnings and ordinary listed companies.
Reporters found that among these cases, many involve transfers at a nominal price of one yuan.
Industry insiders believe that in such transactions, the transferor aims to divest loss-making assets and improve operating metrics, while the transferee takes on hidden costs such as debt and litigation by acquiring the loss-making target, making the deal logic worthy of attention.
Cases of asset transfers with one-yuan opening bids are increasing.
On October 28, ST Chuangyi announced that it had signed a Property Rights Transaction Contract with Siwei Engine, transferring its 100% equity in Guangzhou Bangxun to Siwei Engine for 134 million yuan, after which Guangzhou Bangxun will no longer be included in the company's consolidated financial statements.
ST Chuangyi stated that this move will help the company focus on its core main business, optimize resource allocation, improve operating quality, and provide financial support for future development.
On the same day, ST Funeng announced that its board of directors had approved a plan to transfer its 21% stake in Guangzhou Fengyun through a public listing process at the Guangdong United Property Rights Exchange Center at a transaction price of no less than 122 million yuan, and the transaction will not cause the scope of consolidated financial statements to change.
The purpose of the transaction is also to recover working capital and optimize the cash flow structure.
ST Jinhong said on October 23 that it would sell its 100% equity in Weihai Gas Co., Ltd., and the transaction is expected to constitute a major asset sale, aiming to focus on its core gas main business, optimize the regional asset layout, revitalize existing assets, recover funds, and improve cash flow.
Financial data shows that as of the end of June 2026, Weihai Gas had total assets of 111 million yuan and net assets of 90.5151 million yuan; its net profits in 2025 and 2024 were 3.3521 million yuan and 2.2303 million yuan, respectively; and its net profit for the first half of 2026 was a loss of 664,500 yuan.
It is worth noting that there have recently been many transfer cases with one yuan as the opening bid.
On November 5, *ST Yingfei released a major asset sale plan, intending to publicly list and transfer 100% equity in two wholly owned subsidiaries—Yingfeituo (Hangzhou) Information System Technology Co., Ltd. and Xinpu Internet (Beijing) Technology Co., Ltd.—on the Taobao asset disposal bidding platform with a floor price of one yuan, and the transaction is expected to constitute a major asset restructuring.
The reason for the sale is that both wholly owned subsidiaries have continued to lose money.
As of the end of June 2026, the book values of the owners' equity of the two target companies were -846 million yuan and -547 million yuan, respectively.
On October 8, Meichen Technology announced that it would publicly list and transfer its 100% equity in Hangzhou Saishi Landscape Group Co., Ltd. at the Shandong Property Rights Exchange Center to divest the core source of losses, and the company had simultaneously completed the filing of the state-owned asset evaluation project and obtained state-owned asset approval for a public listing transfer with a floor price of one yuan.
Regarding the core purpose of risk-warning companies密集 selling assets at year-end, Gao Chengyuan, CEO of Tiaoyuan Consulting, said: first, to eliminate the direct delisting trigger of negative net assets; second, to cut off the source of continuous losses.
Even if a loss-making subsidiary is not the main cause of negative net assets, its operating losses will directly reduce consolidated net profit and squeeze the room for meeting combined revenue and profit targets; third, to secure a time window for "removing the star and hat."
Multiple considerations exist for transferees of loss-making targets.
One-yuan or nominal one-yuan transfers are not unique to risk-warning companies, and this transaction arrangement has appeared in more asset disposal cases of listed companies.
According to incomplete statistics, since 2026, more than ten A-share listed companies have disclosed transfers of subsidiary equity or asset packages with one yuan or no less than one yuan as the listing floor price or negotiated consideration.
On October 26, Zhejiang Youbang Integrated Ceiling Co., Ltd. announced that, in order to optimize its asset structure and improve asset operating efficiency, it planned to transfer 62% equity in Zhejiang Fuqiu Intelligent Technology Co., Ltd. to Shanghai Qiming Hexin Industrial Co., Ltd. for one yuan, and after the transaction is completed, Fuqiu Intelligent will no longer be included in Youbang Ceiling's consolidated financial statements.
According to the announcement, as of the end of September 2026, Fuqiu Intelligent's net assets were -87,500 yuan; in the first three quarters of 2026, its net profit was a loss of 1.16 million yuan.
In addition, in September, Dasheng Culture stated that, in order to implement the company's strategic development plan and optimize its asset structure, it would transfer its 100% equity in Zhonglian Transmission through a public listing at a property rights exchange for one yuan.
As of the end of the first half of 2026, Zhonglian Transmission's net assets were negative.
From these cases, it can be seen that the target companies generally suffer from insolvency and continued losses.
From the perspective of transaction logic, the transferor chooses to sell at one yuan mainly considering achieving the removal of negative assets from the books through debt-assuming transfers, blocking loss-making subsidiaries from continuing to drag down consolidated financial statements, and possibly recognizing disposal gains in accounting treatment, thereby improving net assets and profit indicators.
It should be noted that the one-yuan price may only be nominal consideration, and the transferee usually also has to bear hidden costs such as target debt, employee placement, and litigation.
Regarding the transaction logic of the transferee bearing hidden costs and accepting an insolvent target company, Gao Chengyuan said that two natures need to be distinguished: first, "valuing residual value" under commercial logic.
The target currently has negative net assets, but it may have qualifications, technical accumulation, customer relationships, or synergies with the transferee's own business.
The transferee obtains equity for one yuan while assuming corresponding debts, and its true consideration is "taking over debt" in exchange for control or integration possibilities over specific resources; second, arranged takeover.
For example, in the *ST Yingfei case, the transferee that signed the letter of intent is the executive partner of the company's pre-restructuring industrial investor.
The transferee may not obtain commercial returns from the asset itself, but may be connected to the overall arrangement of the listed company's restructuring and shell preservation.
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