Legal analysis: Under normal circumstances, the acquirer and the original shareholders' meeting agreed in the equity acquisition agreement that the debts before the base date shall be borne by the original shareholders, and the debts after the base date shall be borne by the new shareholders (acquirers). This kind of agreement is essentially that the target company transfers the debt to the original shareholders or new shareholders, which is a debt transfer agreement.
Legal basis: Article 174th of the Company Law of People's Republic of China (PRC). When a company is merged, the creditor's rights of each party shall be inherited by the surviving company or the newly established company after the merger.