Meiyan Jixiang’s 100 Million Yuan “Cross-Border” Acquisition Faces Inquiry—Target Company’s Property Is Rented, Fixed Assets Only Include Two Cars (Part 1)

On the evening of August 18, Meiyan Jixiang announced its plan to acquire 65% of the equity of Shanghai Xinjiyu Information Technology Service Co., Ltd. (hereinafter referred to as “Shanghai Xinjiyu”) for 106 million yuan, thereby achieving control. Shanghai Xinjiyu primarily engages in customer service and e-commerce outsourcing businesses. The listed company intends to enter the service outsourcing industry through this acquisition.

A Securities Times·e Company reporter noted that in this transaction, the valuation of all shareholders’ equity of Shanghai Xinjiyu was 163 million yuan, representing a 266.03% increase over its book value. According to the appraisal report, the property used by Shanghai Xinjiyu is leased, and its fixed assets consist of only one Mercedes-Benz and one BMW passenger car each.

This high-premium “cross-border” acquisition of a light-asset company has drawn the attention of regulators. On the evening of August 18, the Shanghai Stock Exchange promptly issued an inquiry letter to the company, requesting further verification and explanation regarding the necessity of the transaction and the rationality of the valuation.

The announcement shows that Shanghai Xinjiyu was established in 2013 with a paid-in registered capital of 10 million yuan. Hou Xinggang and Wu Haiyan hold 65% and 35% of the shares, respectively. After the completion of Meiyan Jixiang’s acquisition, the equity structure of Shanghai Xinjiyu will change to: Meiyan Jixiang holding 65%, Hou Xinggang holding 20%, and Wu Haiyan holding 15%.

Shanghai Xinjiyu primarily engages in customer service and e-commerce outsourcing businesses. An article published on the company’s official WeChat account in April this year stated that its headquarters is located in Minhang District, Shanghai, with 7 major workplaces and 18 service stations nationwide, capable of accommodating over 3,500 seats.

In 2024, Shanghai Xinjiyu reported revenue of 171 million yuan and a net profit of 7.4357 million yuan. In the first five months of 2025, the company’s revenue was 66.7574 million yuan, with a net profit of 4.9221 million yuan. As of the end of May this year, the company’s total assets were 97.8965 million yuan, and its net assets were 44.5941 million yuan.

According to the appraisal report, as of the appraisal基准 date, Shanghai Xinjiyu’s current assets were 87.4088 million yuan, and its current liabilities were 46.6122 million yuan. The current assets primarily consisted of approximately 29.0991 million yuan in purchased bank wealth management products and structured deposits. Among the non-current assets of 10.1877 million yuan, 6.8518 million yuan was attributed to properties leased by the company in Shanghai, Tai’an, and other locations. Additionally, fixed assets of 72,200 yuan included one Mercedes-Benz and one BMW passenger car each acquired through finance leases.