Framework and Practical Points for Evaluating the Reasonableness of Wajinke (301368.SZ) Agreement Transfer Price

To avoid misleading and false information, it is necessary to clarify first: The current system has limited support for A-share data (prices, announcements, and fundamentals), and this search did not obtain authoritative announcements and the latest stock price of Wajinke (301368.SZ) regarding this agreement transfer. Therefore, I cannot assert the discount or premium level of 31.67 yuan per share relative to the market price on that day. The following provides a compliant and general evaluation framework and practical points to facilitate your own judgment based on the original announcement and public data:

1. General Evaluation Framework for Pricing Reasonableness (Need to combine specific data)

• Market Price Comparison:

  1. Benchmark Date Market Price: Use the closing price on the agreement signing date (or the agreed pricing benchmark date) as the benchmark.
  2. Compliance Lower Limit: According to the exchange’s business guidelines, the agreement transfer price is usually not lower than 80% of the closing price on the benchmark date (STAR Market/GEM) or 90% (Main Board). If 31.67 yuan per share is lower than this lower limit, attention should be paid to whether there are special approvals or exemption situations (subject to announcements or regulatory opinions).
  3. Discount/Premium Explanation: Without knowing the current market price, no percentage judgment on discount or premium is made; it is recommended that you compare the closing price on the benchmark date disclosed in the announcement, calculate and judge whether it deviates from the reasonable range.

• Fundamentals and Valuation:

  1. Same-Caliber Valuation: Refer to the P/E ratio/P/B ratio of comparable companies, the company’s historical valuation level, and the price range of recent equity transactions (such as private placements, repurchases, etc.).
  2. Performance and Expectations: Combine the company’s recent performance, industry prosperity, and future growth expectations to evaluate whether the valuation corresponding to 31.67 yuan per share deviates from the intrinsic value.
  3. Book Value: If the net asset per share is disclosed in the announcement or can be found, it can be compared with the agreement price.

• Transaction Nature and Motivation:

  1. Whether it involves a change of control or the introduction of strategic investors.
  2. The background of the transferee and expectations of resource empowerment; whether there are performance bets or lock-up arrangements.
  3. Whether it is consistent with the general discount range of agreement transfers in the market (some cases have fluctuations within 10% up or down, subject to announcements).

• Compliance and Disclosure:

  1. Whether the transaction has gone through procedures such as board/supervisory board review, independent director opinions, and information disclosure.
  2. Whether there is an evaluation report (if involving state-owned assets or complex valuation) or compliance explanation.

2. Possible Impacts and Concerns for Minority Shareholders (General Perspective)

• Short-term Stock Price Fluctuations:

  1. The market may interpret the transfer information on the stock price (e.g., when the discount is obvious, the market may have an emotional reaction), but the actual impact needs to be combined with the company’s fundamentals and subsequent implementation.
  2. If the transfer is accompanied by positive information such as cooperation, business introduction, or governance optimization, it may support the valuation in the medium and long term.

• Corporate Governance and Control:

  1. After the transfer, the original controlling shareholder’s shareholding decreases from 20.55% to 15.55%. Whether the company’s control is stable depends on the new shareholder’s shareholding ratio, concerted action arrangements, and subsequent increase/reduction plans (subject to announcements).
  2. Pay attention to whether the new shareholder enters the board of directors and its impact on the company’s operations and decision-making.

• Interest Balance and Fairness:

  1. Pay attention to whether the transfer is associated with subsequent private placements, incentives, or profit distribution arrangements, and evaluate whether there is interest bias.
  2. If there is a large gap with the secondary market price, pay attention to whether lock-up periods and reduction restrictions are set to protect the interests of overall shareholders.

• Information Acquisition and Participation:

  1. Minority shareholders can obtain more information through announcements, explanation meetings, and questions on interactive platforms.
  2. If related transactions or major matters are involved, the company should perform review procedures in accordance with regulations, and attention can be paid to the opinions of independent directors and the supervisory board.

3. Recommendations and Compliance Tips

• Recommended to Check: The original announcements on the Shenzhen Stock Exchange’s Juchao Information Network/company announcements to confirm the market price on the benchmark date, valuation basis, lock-up period, and transaction counterparty background.
• Self-Comparison: Calculate the discount/premium level based on the closing price on the benchmark date disclosed in the announcement, and compare it with the company’s fundamentals and comparable cases.
• Risk Tips: Agreement transfers may be accompanied by short-term fluctuations in the secondary market; the specific impact depends on the market’s interpretation of the company’s fundamentals and transaction purposes. Investment decisions should be comprehensively evaluated based on announcements, public data, and one’s own risk tolerance.

If needed, please provide the link to the agreement transfer announcement or the latest market price, and I can conduct quantitative and point-by-point analysis of the discount/premium, valuation deviation, and impact based on the original announcement and public data.