Investment Analysis Report on Control Rights Change of ST Sunshine (600673)

's controlling shareholder is planning a control rights change, which may result in changes to the company’s controlling shareholder and actual controller. The company’s shares have been suspended from trading since , with the expected suspension period not exceeding 2 trading days [0][1].

From a market performance perspective, ST Sunshine’s stock price has fluctuated significantly recently. As of the close on January 6, 2026, the company’s stock price closed at

, with a single-day increase of , and a cumulative increase of approximately in the last 5 trading days. Trading volume surged significantly to 18.56 million shares, indicating the market’s high attention to this suspension event [0].

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Indicator Category	Indicator Name	Value	Evaluation
Profitability	Net Profit Margin	6.77%	Average level, showing an improving trend
Profitability	ROE	10.35%	Average, maintaining stability
Liquidity	Current Ratio	0.93	Low, with short-term debt repayment pressure
Solvency	Asset-Liability Ratio	Approx. 65%	High, debt risks require attention
Cash Flow	Free Cash Flow	-576 million yuan	Net outflow, needs improvement
Valuation Level	Price-to-Earnings Ratio (PE)	81.27x	Overvalued

:

• The company has been subject to
  Other Risk Warning (ST)
  , indicating certain issues in financial compliance
• Debt risk rating is
  High Risk
  , financially conservative but with tight liquidity
• Operating cash flow continues to be in net outflow, with high dependence on external financing
• The PE ratio is as high as 81x, reflecting a premium from the market’s restructuring expectations [0]

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• Possibility of Asset Injection
  : After the new controlling shareholder takes over, it may inject high-quality assets into the listed company to improve the company’s business structure and profitability
• Business Transformation Opportunities
  : Referring to cases like ST Zhongdi, control rights changes often come with expectations of transformation into
  strategic emerging industries such as semiconductors and new energy
• Debt Restructuring Promotion
  : The new shareholder may bring capital support to help resolve the company’s debt crisis [2][3]

Case Company	Control Rights Change Time	New Entrant	Performance After Resumption	Transformation Direction
ST Zhongdi	November 2025	Tianwei Microelectronics	Stock price soared from 4.5 yuan to over 12 yuan	Semiconductor Packaging and Testing
ST Xinyuan	December 2025	Industrial Investors	Pre-restructuring in progress	Resumption of Production and Operation

• The stock price rose 11.04% before the suspension, showing that funds had already laid out in advance
• If the restructuring plan exceeds expectations after resumption, there may be a
  continuous limit-up
  trend
• The control rights stabilization period (usually no reduction in holdings for 18 months) provides confidence for holding shares [2]

Time Horizon	Opportunity Index	Core Logic
Short-term (1-3 months)	65/100	Valuation recovery driven by restructuring expectations
Medium-term (3-6 months)	75/100	Clarification of asset injection plan
Long-term (6-12 months+)	80/100	Emergence of business transformation results

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• ST companies face
  financial delisting risks
  (continuous losses, negative net assets, etc.)
• There are
  trading-based delisting risks
  (stock price below par value, insufficient trading volume, etc.)
• If restructuring progress falls short of expectations,
  mandatory delisting
  may be triggered [3]

• Regulatory approval uncertainty: Asset injection plans may face inquiries or approval delays
• Integration risks: Transforming from traditional businesses to new fields faces challenges in management team and cultural integration
• Failure to meet performance commitments: The future performance of injected assets may fall short of expectations [2]

• Historical data shows that ST companies often experience
  extreme price fluctuations
  after resumption
• Pre-positioned funds may sell on good news, leading to a
  price surge followed by a drop
• Need to be alert to
  “pump-and-dump”
  risks and avoid chasing high prices and getting trapped

Risk Type	Specific Performance	Impact Level
Liquidity Risk	Current ratio 0.93 < 1, short-term debt repayment pressure	High
Cash Flow Risk	Sustained negative free cash flow	High
Information Asymmetry	Small and medium-sized investors find it difficult to obtain restructuring progress in a timely manner	Medium
Valuation Bubble	PE ratio of 81x is overvalued, with large correction space	Medium-High

Time Horizon	Risk Index	Main Risk Factors
Short-term (1-3 months)	70/100	Delisting risk, sharp fluctuations after resumption
Medium-term (3-6 months)	55/100	Uncertainty in restructuring approval
Long-term (6-12 months+)	40/100	Business transformation results, performance fulfillment

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┌────────────────────────────────────────────────────────┐
│                    Investment Position Recommendations │
├────────────────────────────────────────────────────────┤
│  Conservative Investors: 0% - 5% position or wait-and-see │
│  Moderate Investors: 5% - 10% position, participate with light position │
│  Aggressive Investors: 10% - 15% position, strictly set stop-loss │
├────────────────────────────────────────────────────────┤
│  Stop-loss Suggestion: 15%-20% drop from purchase cost price │
│  Take-profit Suggestion: Take profits in batches when target return of 30%-50% is achieved │
└────────────────────────────────────────────────────────┘

Time Node	Focus	Operation Suggestion
First Trading Day After Resumption	Trading volume, absorption capacity, restructuring plan	Observe, do not chase high prices
3-5 Trading Days After Resumption	Capital flow, theme sustainability	Decide to hold or sell
Within 1 Month	Restructuring progress announcements, regulatory inquiries	Assess risks
Within 3 Months	Asset injection plan, performance commitments	Adjust position

• Set stop-loss orders
  : Strictly enforce discipline to avoid deep traps
• Build positions in batches
  : Do not go all-in at once, reserve space for additional positions
• Diversify investments
  : Control the position in a single ST company to no more than 20% of total holdings
• Monitor announcements
  : Obtain restructuring progress information in a timely manner to avoid information lag

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Driver Type	Proportion	Typical Scenarios
Debt Resolution	40%	Judicial auction, debt-to-equity swap
Industrial Integration	35%	M&A in upstream and downstream industrial chains
Shell Resource Transaction	15%	Backdoor listing
Strategic Adjustment	10%	Mixed-ownership reform of state-owned enterprises, transformation of private enterprises

:

• The new entrant is an
  industrial leader
  or has
  state-owned background
• Shareholding lock-up commitment (usually no reduction in holdings for 18 months)
• Clear asset injection timetable
• Historical legacy issues have been properly resolved [2][3]

:

• The new entrant is a
  financial investor
  without industrial background
• Frequent share transfers, suspected of “shell flipping”
• Concealment of major issues, delayed information disclosure
• Frequent regulatory inquiry letters, internal control defects

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:

1. Short-term
   : The control rights change brings trading opportunities, but need to be alert to sharp fluctuations after resumption
2. Medium-term
   : Focus on the background of the new controlling shareholder, asset injection plan and performance commitments
3. Long-term
   : The effectiveness of business transformation is the fundamental factor determining investment returns

:

• Suitable for investors with
  higher risk tolerance
  to participate
• Must
  participate with light positions
  and strictly set stop-loss levels
• Continuously
  track restructuring progress
  and adjust investment strategies in a timely manner
• Maintain
  rational expectations
  and avoid blind chasing of rises and panic selling

: Investment in ST companies is a high-risk, high-return product. Investors should make prudent decisions based on their own risk tolerance. Control rights changes do not necessarily lead to stock price increases, and restructuring failures may lead to significant losses.

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[0] Jinling AI Financial Database - Company Profile and Market Data of ST Sunshine (600673)

[1] Securities Times - “Evening Announcements | These Announcements Are Worth Watching on January 5” (https://news.qq.com/rain/a/20260105A07GMA00)

[2] Eastmoney Stock Bar - “In-Depth Analysis: Reasons for ST Designation and Progress of Its Removal” (https://guba.eastmoney.com/news,000609,1641260442.html)

[3] 21st Century Business Herald - “ST Xinyuan Faces Delisting Pressure Amid Illegal Rectification, Auction of Controlling Shareholder’s Shares Concluded” (https://www.21jingji.com/article/20260106/herald/2c2d7c4cc40d2375d680eedcf2999eeb.html)