美克国际家居（ST美克）终止重大资产重组，进入预重整阶段，后续合作仍有可能
【关键信息摘要】
- 公司董事会于2026年7月22日审议通过，决定终止发行股份及支付现金购买深圳万德溙光电科技有限公司（简称“万德溙”）100%股权并募集配套资金的重大交易。
- 本次交易原计划通过发行股份及支付现金方式收购万德溙，交易对方包括深圳万德亚盛科技企业（有限合伙）、李少锋、深圳市达士通投资有限公司等。
- 由于公司收到债权人申请预重整的通知，法院已对公司预重整进行备案并指定预重整辅助机构；司法和监管程序难以协调，导致交易推进条件尚不成熟。
- 公司及交易对方友好协商一致同意终止交易，未签署正式协议、未支付对价，不存在违约责任。
- 终止交易不会对公司生产经营和财务状况造成重大不利影响。
- 公司承诺终止事项披露后1个月内不再筹划重大资产重组。
- 公司将召开投资者说明会，投资者需关注后续公告。
【详细内容梳理】
美克国际家居用品股份有限公司（600337，ST美克）于2026年7月22日召开第八届董事会第四十四次会议，审议并通过《关于终止发行股份及支付现金购买资产并募集配套资金暨关联交易的议案》。公司决定终止此前拟以发行股份及支付现金方式收购深圳万德溙光电科技有限公司100%股权，并拟向不超过35名特定投资者发行股份募集配套资金的重大资产交易。
本次交易原本不构成重大资产重组或重组上市，但属于关联交易。自2025年12月交易筹划以来，公司已多次公告交易进展，并于2026年1月5日复牌后，持续进行尽职调查、审计、评估等工作。
终止原因：
2026年4月8日，公司收到债权人无锡筷乐商业管理有限公司送达的通知，债权人以公司无法清偿到期债务且具有重整价值为由，向乌鲁木齐市中级人民法院申请对公司进行重整并启动预重整程序。4月29日，法院对预重整申请进行了备案登记，并指定北京金杜（海口）律师事务所及新疆巨臣律师事务所为预重整辅助机构。随着预重整工作的推进，公司及中介机构、交易对方多轮论证后认为，在预重整及重整期间推进原有交易方案，司法程序与证券监管程序存在实质性困难，相关条件尚不成熟。
各方经审慎研究、充分沟通，决定友好终止本次交易。因交易尚处于预案阶段，未签署正式协议、未支付对价，双方均无需承担违约责任。
后续影响及承诺：
公司表示，终止本次交易不会对公司日常生产经营和财务状况造成重大不利影响，不存在损害公司及中小股东利益的情形。目前公司正集中资源配合预重整辅助机构和法院推进预重整工作，并保持日常经营正常进行。公司与交易对方建立了良好互信基础，未来仍可能在公司重整及产业转型过程中探讨业务层面合作。
公司承诺，自终止事项披露之日起至少1个月内不再筹划重大资产重组事项，后续如有重大事项将严格履行信息披露义务。
内幕信息及投资者提示：
公司已按相关法规进行内幕信息知情人登记及自查，并将向中国证券登记结算有限责任公司上海分公司申请查询，待取得数据后披露内幕知情人在自查期间的交易情况。
公司拟召开投资者说明会，进一步解释终止交易相关内容，投资者可关注公司在上海证券交易所网站及指定媒体的后续公告。
【对投资者的影响与潜在股价影响】
- 终止重大资产交易，短期内可能影响市场对公司重组及资产注入预期，带来短期股价波动。
- 公司进入预重整阶段，未来重整及产业转型进展将成为影响公司价值和股价的关键变量。
- 公司生产经营未受重大影响，重整期间将保持正常运营，并有望在未来探索新的业务合作机会。
- 投资者需关注公司后续重整进展、债务处理及管理层关于产业转型的进一步信息。
投资者请理性判断投资风险，密切关注公司公告。
免责声明：本文仅基于公司公告信息整理，不构成任何投资建议。投资者据此操作，风险自担。
Mak International Home Furnishings (ST Mak) Terminates Major Asset Restructuring and Enters Pre-restructuring, Future Cooperation Still Possible
Key Highlights
- The company’s Board resolved on July 22, 2026, to terminate the planned major transaction involving the acquisition of 100% equity of Shenzhen Wan De Tai Optoelectronics Technology Co., Ltd. and supporting fund-raising via share issuance and cash payment.
- The original plan involved acquiring Wan De Tai through a combination of shares and cash, with counterparties including Shenzhen Wandeya Sheng Technology Enterprise (Limited Partnership), Li Shaofeng, and Shenzhen Dashitong Investment Co., Ltd.
- Due to a creditor’s application for pre-restructuring, the court has filed the case and appointed pre-restructuring support institutions; difficulties in coordinating judicial and regulatory procedures rendered implementation conditions immature.
- All parties have amicably agreed to terminate the transaction, no formal agreement was signed, and no consideration paid, so no party bears liability for breach of contract.
- Termination of the transaction does not materially affect the company’s operations or financial status.
- The company commits not to plan any major asset restructuring within one month of this disclosure.
- An investor briefing will be held, and investors should watch for follow-up announcements.
Detailed Review
Mak International Home Furnishings Co., Ltd. (600337, ST Mak) on July 22, 2026, held its 44th meeting of the eighth board of directors and approved the termination of its plan to acquire 100% equity of Shenzhen Wan De Tai Optoelectronics via share issuance and cash, and to raise supporting funds from no more than 35 specific investors.
This transaction, while not a major asset restructuring or backdoor listing, would have been a related-party transaction. Since planning began in December 2025, the company has provided multiple progress updates and resumed trading on January 5, 2026, with ongoing due diligence, audit, and evaluation.
Reason for Termination
On April 8, 2026, the company received a notice from creditor Wuxi Kuaile Commercial Management Co., Ltd. that it had applied to the Urumqi Intermediate People’s Court for restructuring due to the company’s inability to pay matured debts and its restructuring value. The court filed the pre-restructuring application on April 29 and appointed legal support institutions. As pre-restructuring progressed, it became clear that advancing the original transaction plan was practically impossible due to regulatory and judicial coordination issues.
After careful consideration and full communication, all parties agreed to terminate the transaction amicably. As the plan was still a proposal, with no formal agreement or payment, no party is liable for breach.
Follow-up Impact and Commitment
The company states that this termination will not materially affect its daily operations or financial condition, nor harm the interests of the company or minority shareholders. The company will focus resources on working with the court and support agencies during pre-restructuring and maintain normal operations. There is potential for future cooperation with the counterparties as the company pursues restructuring and industrial transformation.
The company promises not to plan any major asset restructuring within one month of this disclosure and will strictly adhere to disclosure obligations for future developments.
Insider Information and Investor Tips
The company has registered and self-checked insider information per regulations and will apply to the China Securities Depository and Clearing Shanghai Branch for verification, with plans to disclose related transactions after data is obtained.
An investor briefing will be held to further explain the termination. Investors are advised to watch for announcements on the Shanghai Stock Exchange website and other designated media.
Potential Impact on Investors and Share Price
- Termination of the major transaction may dampen short-term market expectations for restructuring or asset injection, causing near-term stock price volatility.
- The company’s entry into pre-restructuring means future progress in restructuring and transformation will be key to valuation and share price direction.
- Operations remain unaffected, and normal business continues during restructuring, with potential for new business partnerships in the future.
- Investors should closely monitor future restructuring progress, debt handling, and management’s plans for industrial transformation.
Investors should make rational decisions and closely monitor company disclosures.
Disclaimer: This article is based solely on public company disclosures and does not constitute investment advice. Investors take full responsibility for their decisions.
