Finance Association News, July 17th (Reporter Ren Chaoyu) Dengyun Stock (002715.SZ) announced today that the major asset restructuring that had been planned for months has been terminated. In fact, the target of Dengyun's acquisition, Speed Technology, had failed in its IPO attempt and its synergy with Dengyun had been questioned.

The major asset restructuring of Dengyun Stock began in April of this year. The company suspended trading because of it on April 15th. On April 26th, the company passed several relevant resolutions, including the Proposal for Issuing Shares and Paying Cash to Purchase Assets and Raising Supporting Funds and the Proposal Summary.

According to the plan, Dengyun Stock intends to purchase Speed Technology's shares by issuing shares and paying cash, and this transaction constitutes a related-party transaction. Dengyun's controlling shareholder, Yikericaihai, as the executing transaction partner of Speed Cloud Map (one of Speed Technology's shareholders), holds 64.87% of Speed Cloud Map's property shares; the subscription provider of supporting funds, Shanghai Huiqiu series, is a listed company controlled by the actual controller of the enterprise.

Historical data shows that Dengyun Stock's stock price has risen steadily from 6.90 yuan/share in February to a high of 20.10 yuan/share on April 12th, and then has been falling all the way down. As of the close of July 17th, the stock price was 10.62 yuan/share.

The target of the proposed acquisition, Speed Technology, was established in 2007 and is a "comprehensive solution provider for space-time big data." Its main businesses are data services, software sales and development services, and smart industrial integration services. In 2021, Speed Technology, then known as "Speed Time and Space", was still competing for the GEM IPO. However, after the second round of inquiries, Speed Technology withdrew its application on September 1st, 2022.

Speed Technology changed direction and planned to achieve its listing dream through Dengyun Stock, which has been highly questioned. Analysts believe that Dengyun's acquisition of Speed Technology is a cross-border move that is not well synergized.

In the proposal, Dengyun Stock stated that it had entered the mineral sector through mergers and acquisitions in 2021 and that Speed Technology had the basic technology and patents related to smart mines, so it would play an important role in improving the exploration efficiency of the listed company's mineral business, promoting mining operations management efficiency, and ensuring mine safety production and emergency management.

Financial Association reporter searched for Speed Technology's prospectus and found only one software copyright for "Speed Geological Mineral Resource Management System V1.0".

In fact, in 2021, Dengyun Stock entered the field of gold mining and other related business areas through acquisitions. With the recent sharp rise in gold prices, it has formed a certain bullish on the company's performance.

The 2024 semi-annual performance forecast shows that Dengyun Stock expects a non-deductible net profit growth of 151.23%-255.91%. The company said that the main reason for this is that the cost of producing valve-related products has decreased, thus raising the gross margin. Net income from gold mining and selection businesses has increased due to the rise in gold prices.

Based on the above situation, on a certain forum, some investors left a message that said, "It's good to work on gold steadily."