① Hi-Tech Development announced late at night, and the major takeover was pending; ② Hongbo Co., Ltd.'s performance changed dramatically, and the subsidiary team's conflict intensified; ③ The Annel contract was terminated, and the China-Bay Communications Order was “counterfeited”.
Finance Association, April 18 (Edited by Shen Chao and Zhou Ying). In recent years, with the rapid development of artificial intelligence technology, computing power, as its core support, is gradually becoming a hot topic in the capital market. In order to seize the opportunities of industry development, some A-share listed companies have begun to lay out the computing power industry across borders in an attempt to get a share in this emerging market. However, due to a series of issues such as technical thresholds, market competition, and performance pressure, these cross-border companies face a series of challenges and risks in the actual operation of the company even though their stock price “rises” once.
Early this morning, Hi-Tech Development issued an announcement announcing that it had been planning for more than half a year to acquire 70% of the shares of Sichuan Huakun Zhenyu Intelligent Technology Co., Ltd. (“Huakun Zhenyu”), but ultimately failed to reach an agreement with some counterparties on the transaction price.
Hi-Tech Development announced late at night, major acquisitions in the air
Hi-Tech Development stated in the announcement that the company previously planned to acquire 70% of the shares of Sichuan Huakun Zhenyu Intelligent Technology Co., Ltd. As of the date of disclosure of this announcement, the target company's industry was affected by the internal and external environment, and market expectations were high. The company was unable to reach an agreement with some counterparties on the price of this transaction, and the company was unable to issue a notice to convene a shareholders' meeting within six months (before April 19, 2024) after the announcement of the first board resolution to issue shares to purchase assets. The company is in negotiations with the counterparty on whether to terminate the transaction. It is expected that the transaction will probably not proceed according to the current plan. Whether to change the plan or terminate the transaction will be announced on April 19, 2024 in accordance with relevant regulations.
According to public information, the main business of Chengdu Hi-Tech Development Co., Ltd. is the construction industry and power semiconductor business. The company's main products include building construction, smart city construction, operation and related service businesses, futures and related businesses. By the end of the reporting period, Senwei Technology had obtained 33 authorized patents as an applicant or co-applicant.
On September 26, 2023, Hi-Tech Development announced that it is preparing to enter AI computing power and plans to issue shares to purchase control of Huakun Zhenyu.
Subsequent acquisitions showed that Hi-Tech Development valued Huakun Zhenyu's 100% equity at no more than 3 billion yuan. Among them, the price of the issued share portion was not less than 80% of the average trading price of the company's stock in the 20 trading days before the pricing benchmark date, which was determined to be 12.24 yuan/share.
Specifically, the company plans to purchase 30% of Huakun Zhenyu's shares held by Chengdu Gaotou Electronics Group by issuing shares, 25% of Huakun Zhenyu's shares held by Gongqingcheng Huakun Zhenyu Investment Partnership (limited partnership), and 15% of Huakun Zhenyu's shares held by Pingtan Yunchen Technology Partnership (limited partnership) by issuing shares and paying cash. After the transaction is completed, Hi-Tech Development will hold 70% of Huakun Zhenyu's shares.
According to Huakun Zhenyu's official website, the company is a leading enterprise in the domestic intelligent storage integrated computing power industry. Huakun Zhenyu, 60% of which is owned by state-owned assets, undertakes the task of strategic transformation and upgrading of Changhong's computing industry, focusing on “new computing and new storage” infrastructure applications, and is fully responsible for the design, production, sales and service of “Tiangong” own-brand servers, storage, PC, machine vision and other products based on Huawei's “Kunpeng + Shengteng” processors.
It is worth noting that Hi-Tech Development has performed well in the secondary market. Since announcing its entry into AI computing power in September last year, the stock price increase was once close to 400%, making it the brightest in the two markets. Although the increase has narrowed since late March, by the close of April 17, that is, before the announcement of the failure of Huakun Zhenyu's merger and acquisition plan, the stock once again had a rise or fall, reaching 10CM, which attracted widespread attention in the market.
Today, the opening of Hi-Tech Development dropped to a halt. As of today's midday close, Hi-Tech Development fell 9.99%.
Big computing power stocks: Another “big computing power stock”, Hongbo Shares's performance has changed dramatically
In addition to high-tech development, Hongbo Co., Ltd., another “big computing power stock” that lays out AI businesses across borders, is also mired in many disputes.
The subsidiary team's conflict intensified, and the AI business of Hongbo Co., Ltd. suffered a setback
Recently, the new computing power business of Hongbo Co., Ltd. has faced challenges. The conflict between the company and the management team of Beijing Yingbo Digital Technology Co., Ltd. (hereinafter referred to as “Yingbo Digital Technology”), a wholly-owned subsidiary, has intensified and intensified.
On April 16, social media broke out that InBev Digital CEO Zhou Weiwei and others were dismissed. The office area was guarded by multiple security guards, and the employees worked from home for two days. This attracted strong attention from investors. Hongbo Co., Ltd. was able to stand on the computing power cusp precisely because of InBev Mathematics' business, and Zhou Weiwei is a key person in the company's ability to connect with Nvidia.
On the evening of April 16, Beijing Yingbo Digital Technology Co., Ltd. (hereinafter referred to as “Yingbo Digital Technology”) issued a clarification notice on the official WeChat stating that the company had dismissed some employees in accordance with relevant regulations.
Source: Yingbo Mathematical Science's official WeChat
Specifically, Yingbo Digital Technology stated in the announcement that it noticed false information about the company on social media, which attracted public attention and discussion, and the company issued a clarification notice on this.
InBev Digital said that the company has dismissed some employees from their positions in accordance with relevant regulations, and after the work of the relevant employees has been adjusted, their remarks and actions do not represent the position and views of InBev Mathematics.
According to the company's official website, Yingbo Digital Technology is a wholly-owned subsidiary of Hongbo Co., Ltd., and is positioned as a service operator providing computing power services, architecture and implementation scenario solutions for professional AI computing power requirements and large model training for the market.
The “big change in face” of performance may become a direct trigger
Meanwhile, Hongbo Co., Ltd. recently mentioned InBev Mathematics in the reason for the “big change of face” in the performance forecast. Perhaps the adjustment of the 2023 performance forecast was the direct trigger for this incident.
On January 10, Hongbo Co., Ltd. announced the “2023 annual results turn loss into profit”, predicting that net profit attributable to shareholders of listed companies in 2023 will be a profit of 37.4 million yuan to 56.1 million yuan, an increase of nearly 150% over the same period of the previous year. Net profit after deducting non-recurring profit and loss is between 28.4 million yuan and 42.6 million yuan, an increase of more than 130% over the same period last year.
On April 13, Hongbo Co., Ltd. issued the “2023 Annual Results Forecast Revision Notice”. According to the announcement, the company expects net profit attributable to shareholders of listed companies in 2023 to be corrected to a loss of 50 million yuan to 58 million yuan, and a loss of 65 million yuan to 75 million yuan after deducting non-net profit; previously, net profit attributable to shareholders of listed companies was expected to profit of 37.4 million yuan to 56.1 million yuan, after deducting non-net profit profit of 28.4 million yuan to 42.6 million yuan.
On April 15, Hongbo Co., Ltd. announced that the company and relevant personnel received a warning letter from the Fujian Securities Regulatory Bureau. The announcement stated that the above situation in the company's disclosure of the revised performance forecast was in violation of relevant regulations. The Fujian Securities Regulatory Bureau decided to take administrative supervision measures to issue warning letters against the company's timely chairman Ni Hui and financial director Pu Wei, and record them in the securities and futures market integrity file database. The company received a letter of concern on the same day, and the Shenzhen Stock Exchange will then initiate disciplinary proceedings against Hongbo Co., Ltd. and related parties. However, on the same day and the next day, the stock price of Hongbo Co., Ltd. all fell to a halt.
In early trading today, Hongbo shares opened more than 5% lower. As of today's afternoon close, the decline in Hongbo shares narrowed to 2.23%.
Annell's contract terminated, China and Bay Communications's big order was “counterfeited”
While the rapid development of the computing power industry has attracted the participation of many listed companies across borders, frequent “oolong” incidents should also attract investors' attention. Two companies, Annel in the clothing industry and Sino-Bay Communications in the telecommunications industry, experienced a similar incident when they set up the computing power industry across borders.
On December 15 of last year, it was announced that the company plans to use 440 million yuan in cash to acquire 22% of the shares of Shenzhen Innovation Technology Co., Ltd. (“Innovation Technology for short).” Since then, the company's stock price has ushered in a “bright moment” and has become a major stock in the market's attention.
According to data, Innovation Technology, founded in 2005, is a high-tech enterprise based on a big data storage system integrating data centers, cloud services and big data services.
If the above acquisition is completed, it means that Anna will cross borders into the big data circuit based on her main business of children's clothing.
As Annelle announced her foray into the big data field, its stock is once again popular with capital. In just 14 trading days from February 8 to March 6, Annel's stock price rose strongly 169%, winning seven consecutive gains and losses.
In the risk alert announcement on the evening of March 6, Annelle revealed that since other shareholders of the target company's Innovation Division have priority purchasing rights, whether Innovate shareholders exercise priority purchasing rights is a prerequisite for this transaction. “As of the disclosure date of this announcement, Anna has not received written notice from counterparty Zhuoyun Zhichuang on whether other shareholders of Innovation Technology will exercise priority purchasing rights, so there is still uncertainty about this transaction.”
On the evening of April 7, ANEL announced the termination of the acquisition of 22% of Shenzhen Innovation Technology Co., Ltd. shares.
According to the announcement, the company held the 11th meeting of the 4th board of directors and the 10th meeting of the 4th board of supervisors on April 3, 2024 to review and pass the “Proposal to Terminate the Acquisition of 22% Shares in Shenzhen Innovation Technology Co., Ltd.”
Regarding the reason for terminating the acquisition, Annelle said that whether Innovation Technology's other shareholders exercised priority purchasing rights was a prerequisite for this transaction. The company repeatedly requested Innovation Technology to provide clear responses and supporting documents on whether its relevant shareholders exercised priority purchasing rights, which was not provided for nearly 3 months from December 26, 2023 to March 31, 2024.
Furthermore, the responses provided by Innovation Technology and Zhuoyun Zhichuang on April 1, 2024 were seriously inconsistent with previous responses, and the company was unable to confirm the authenticity of their responses. If the company's shareholders' meeting reviews and approves it, there may be situations where other shareholders of Innovation Technology claim that they have previously indicated that they want to exercise priority purchasing rights, thus making the share transfer impossible, which in turn will lead to the termination of this equity transaction.
On April 8 and April 9, Anna, who has “unlimited scenery” in the secondary market, all fell to a standstill. As of today's midday close, Annel's cumulative decline had reached 25%.
Due to the popularity of the concept of computing power in recent years, Sino-Bay Communications was once the biggest hashrate stock in 2023, and its biggest increase in that year was close to 400%. However, there are frequent “incidents” between China and the Bay of China Communications due to credit disclosure issues.
On April 10, Zhongbei Communications announced that it signed a “Computing Power Service Contract” with Jinan Supercomputing Center Co., Ltd. on April 8, with a contract amount of about 730 million yuan.
In this announcement, Jinan Supercomputing Center Co., Ltd. is abbreviated as “Jinan Supercomputing Center”. As a result, the public and investors mistakenly believed that SinoBei Communications had established a cooperative relationship with the Jinan National Supercomputing Center. Because, the abbreviation “Jinan Supercomputing Center” generally refers to the latter.
On April 11, the Jinan National Supercomputing Center issued a statement saying that the “Jinan Supercomputing Center” mentioned in the Sino-Bayesian Communications announcement had nothing to do with it.
On the morning of April 12, China Beihai News Agency apologized. The company stated in its apology announcement that Jinan Supercomputing Center Co., Ltd. was abbreviated as “Jinan Supercomputing Center” to facilitate reading.
Affected by this news, the stock price of Sino-Bay Communications fell 4.01% on the same day, falling short of its market value of 10 billion dollars. As of today's midday close, China Bay Communications had a cumulative decline of nearly 5%.
