Xinhua Media Warns Audit, Valuation of Jiemian Cailianshe Deal Not Yet Complete

The disclosure that audit and valuation work remains unfinished is a procedural checkpoint, not a valuation anchor, and it sits awkwardly against a share price that has already run hard on the deal's narrative. The gap between the company's trailing multiple and the industry average is the more telling signal: the market appears to be pricing the acquisition's completion and its perceived strategic value well before the underlying numbers exist to test that view. Whether the pending audit and valuation work, once disclosed, supports or complicates that re-rating is the open question.