$IVD MEDICAL(01931.HK)$IVD MEDICAL(1931.HK) After a closer look, it's a classic case of "a snake trying to swallow an elephant". $B-Soft(300451.CN) 7 billion, the current decline is likely due to the market being spooked by Xinhua Medical's share reduction.

May 2016: Huatuo International subscribed to 5.1846 million shares of Waston International Medical for 104 million yuan, with a cost per share of approximately 20.06 yuan.

• January 2019: Waston International Medical acquired 40% equity of Weishida held by Huatuo International by issuing shares, with an equity consideration of 823 million yuan, issuing 32.3391 million shares, corresponding to a cost per share of approximately 25.45 yuan.

• After the share split before Waston International Medical's IPO in 2019, Huatuo International's shareholding increased from 37.5238 million shares to 444 million shares (27.36% stake). Based on the cumulative investment cost (including Weishida equity injection) and post-split shares, the comprehensive cost per share is approximately 2.12 yuan.

• As of October 31, 2025, the book value of these shares was 1.054 billion yuan, with a book value per share of 2.38 yuan.

In conclusion, the current cost-performance ratio is excellent!