Financial Services Association, June 2 (Reporter Fu Jing) Qunxing Toys (002575.SZ), which announced its entry into the computing power circuit at the beginning of the year, appeared quite “low-key” since responding to the exchange that “the company does not have a hot concept situation”, but two consecutive announcements were issued tonight: the actual controller Wang Sanshou is cooperating with the Beijing public security authorities to assist in the investigation; Wang Sanshou (the company's shareholders acting in concert) Shenzhen Xinghe Data Technology Co., Ltd. (“Shenzhen Xinghe” for short) will be auctioned off by the judicial holding, or lead to the control of the actual shareholders and actual shareholders of the holding company People change.

Qunxing Toys issued an announcement on important matters today. Up to now, the company has received no written notice from the public security authorities to assist in the investigation of the specific matters involved, nor is it aware of the specific matters involved in Wang Sanshou's assistance in the investigation. According to the disclosure, Wang Sanshou did not hold any position at Qunxing Toys, which did not affect the company's normal business operations. Currently, the company's production and operation are normal.

Meanwhile, another announcement from Qunxing Toys shows that 66.66% of Shenzhen Galaxy's shares will be judicially auctioned due to Wang Sanshou's private loan dispute. According to reports, Wang Sanshou was sued by Li due to a private loan dispute with Li and tried by the Hangzhou Intermediate People's Court of Zhejiang Province. The case has now entered the execution process. Li has applied for an auction of 66.66% of Wang Sanshou's shares in Shenzhen Xinghe.

According to the announcement, the auction matters are currently still in the publicity stage. The future may involve auctions, payment, court enforcement of legal procedures, and equity changes and transfers. The company will fulfill the corresponding information disclosure obligations in accordance with the law according to the progress.

A CFA reporter noticed that as of the end of the first quarter of this year, Shenzhen Galaxy held 7.85% of Qunxing Toys' shares. According to business information, up to now, Wang Sanshou is the actual controller of Shenzhen Galaxy and is also the company's executive director and general manager.

In January of this year, Qunxing Toys announced that it plans to sign a contract with Zhejiang Mobile to purchase computing power services from Zhejiang Mobile. According to reports, the fixed total price portion of the contract is 276 million yuan for GPU computing power integration service fees (tax included).

In view of the fact that Qunxing Toys is currently mainly engaged in alcohol sales, private property leasing, property management, and venture park operation services, it has suddenly entered the popular computing power rental industry, triggering the Shenzhen Stock Exchange to quickly issue a letter of concern.

The company responded that it is expected that the disposable capital will cover the early construction investment of this computing power leasing project. The implementation of the project is feasible, and there are no hot concepts. However, the company also admits that the cash flow situation was tight at the beginning of the project, and liquidity pressure will decrease as subsequent computing power resources generate revenue. Judging from operating performance, the company's net profit has continued to decline by double digits year-on-year since 2021.

A Financial Services Association reporter combed through and found that since it announced its entry into computing power, Qunxing Toys has always kept a low profile. Up to now, no announcements relating to the signing of contracts with intended customers have been disclosed, and no new developments related to the computing power business have been revealed in the company's annual report.

According to previous media reports, Qunxing Toys was originally engaged in toy R&D and production. It tried cross-border transformation into various fields such as mobile games, energy, environmental protection, military industry, data, the Internet, medical care, education, and high-end equipment manufacturing, but all ended to no avail; the original toy business had already been divested.

The company has changed its name many times before. Previously, the name involved measuring instruments, electronic plastic toys, etc. Since this year, many investors have also asked Qunxing Toys on interactive platforms if it will change its name.

Some investors have asked: If you notice that the English name on your company's official account is “Turing Engine,” it means that listed companies may change their name to “Turing Engine” in the future.

Notably, on the evening of January 22 this year, Qunxing Toys revealed that its subsidiary, Suzhou Yisheng Wanwu Electronic Technology Co., Ltd., plans to increase the capital of its wholly-owned subsidiary Hangzhou Turing Engine Technology Co., Ltd. by 90 million yuan in cash. After the project was completed, the registered capital of Turing Engine was changed to RMB 100 million. Turing Engine was newly established on January 8 this year. Its business covers computing power support, AI technology application, and R&D.

However, in response to this, the company only answered, “If a listed company plans to change its name, it should be reviewed by the board of directors, reviewed by the shareholders' meeting, and approved by the Shenzhen Stock Exchange. The name of a listed company shall not be changed at will. The changed company name shall match the company's main business, and the changed name shall not be used to influence the company's stock price or mislead investors.”