石化大厂被4410万抄底
4.1 Million Yuan Seizes Cyclical Bottom: Petrochemical Giant Acquired
在黄河入海口的东营一座占地334亩的石化巨头，悄然走到了终点。 这家名为山东仕通化工的公司，曾经也是一方角色，生产着甲基叔丁基醚、汽油、液化气等产品，但终究没能抵挡住市场的浪潮，走向了破产。 如今它名下的一切—国有土地、厂房、设备，被打包成一个整体，挂上了法拍平台，等待新的主人出现。 别看这厂子规模庞大有334亩地，但真正值钱的，并不是那几十栋没有产权证的厂房建筑。 说白了那些建筑在评估里几乎就是添头。真正的宝藏，是藏在里面的那一整套硬核工业设备。 五万吨芳构化装置十万吨芳构化装置、MTBE装置……这些才是让内行人两眼放光的“吃饭家伙”，是这个工厂的心脏。 就是这么一个看似骨肉”分明的硬资产，却经历了戏剧性的一幕。 它被连续拍卖了五次都无人问津。直到第六次，画风突变。 两个神秘买家横空出世，从早上一直厮杀到半夜零点，你来我往，硬生生加价了573轮！ 最终起拍价3238万的标的，以4410万的价格落槌，溢价高达1172万。 更有意思的是接盘的这家“东营市凯恒化工”，是一家今年7月才成立的新公司，而它的四个股东，竟然也全都是同月成立的新面孔。这背后是什么样的资本布局？引人遐想。 回头看这趟捡漏之旅简直是一波三折。 这个石化厂的起拍价从最初近一个亿的天价，一路腰斩再腰斩，跌到第五次拍卖时的4047万元，市场依旧冷淡。 可谁能想到第六次拍卖的最终成交价，竟然还比第五次的起拍价高出了三百多万。这说明什么？市场不是没钱，也不是没人识货，而是在等待一个它认为足够安全、足够有吸引力的价格。 花4410万买下一座现成的、能直接开工的石化冶炼厂，这笔买卖究竟是天降馅饼还是烫手山芋？对于局外人来说，这可能是一场豪赌。但对于深谙此道的操盘手而言，这或许正是一次精准到极致的周期抄底。
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4.1 Million Yuan Seizes Cyclical Bottom: Petrochemical Giant Acquired
A petrochemical giant covering 334 mu (approximately 22.27 hectares) in Dongying, located at the estuary of the Yellow River, has quietly reached the end of its journey.
Named Shandong Shitong Chemical Co., Ltd., this company was once a prominent player in the region, manufacturing products such as methyl tert-butyl ether (MTBE), gasoline, and liquefied petroleum gas (LPG). However, it ultimately failed to withstand the tides of the market and fell into bankruptcy.
Today, all its assets—state-owned land, workshops, and equipment—have been packaged as a single lot and listed on a judicial auction platform, awaiting a new owner.
Despite the factory's massive scale of 334 mu, the truly valuable assets are not the dozens of workshop buildings without property rights certificates.
Frankly speaking, these structures were barely considered value-adding in the evaluation; the real treasures lie in the complete set of high-performance industrial equipment housed within.
The 50,000-ton aromatization unit, 100,000-ton aromatization unit, MTBE unit... These are the "core production tools" that make insiders' eyes light up, serving as the heart of the factory.
Yet this seemingly distinct hard-asset package witnessed a dramatic twist: it went unsold through five consecutive auctions. It was not until the sixth auction that the situation shifted drastically.
Two mysterious bidders emerged out of nowhere, engaging in a fierce bidding war from morning until midnight, exchanging bids back and forth and driving up the price through 573 rounds of increments!
In the end, the lot with a starting price of 32.38 million yuan sold for 44.10 million yuan, representing a substantial premium of 11.72 million yuan.
What makes it even more intriguing is that the acquirer, "Dongying Kaiheng Chemical Co., Ltd.," is a newly established company founded only in July this year—and its four shareholders are also new entities established in the same month. This has sparked widespread speculation about the underlying capital layout.
Looking back, this "bargain-hunting journey" was fraught with twists and turns.
The factory's starting price plummeted from an initial sky-high nearly 100 million yuan, being halved repeatedly until it reached 40.47 million yuan in the fifth auction, yet the market remained lukewarm.
No one could have anticipated that the final transaction price of the sixth auction would exceed the fifth auction's starting price by over 3 million yuan. This indicates that the market is not short of capital or discerning buyers, but rather waiting for a price deemed sufficiently safe and attractive.
Is spending 44.10 million yuan to acquire a ready-to-operate petrochemical smelter a windfall or a hot potato? For outsiders, it may seem like a high-stakes gamble. But for seasoned industry operators, this could very well be an ultra-precise cyclical bottom-fishing move.
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