Sunway Communication's Zero-Premium Acquisition: A Rational Risk Pricing, Not Market Rejection

I noticed an interesting detail: Sunway Communication's announcement stated they would acquire a 55% stake for "no more than 1.1 billion yuan in cash," followed by a subsequent capital increase of 1 billion yuan, totaling 2.1 billion yuan invested. Based on this funding ratio, the implied valuation for the target, Sunway Electronic Technology, at 100% equity is approximately 2 billion yuan. So what is Sunway Electronic Technology's book net asset value? According to public financial data, as of the reference date, net assets were about 1.95 billion yuan. In other words, the acquisition price is almost equal to the net asset value—zero premium. Yet the market immediately voted with its feet, giving it a -4% drop the next day.