On November 2, Xingyun Technology Co.,Ltd. (300209.SZ) released an announcement that the company's chairman and general manager, Zhang Wen, proposed to launch a share repurchase, planning to invest 200 million to 300 million yuan to buy back company shares. A week earlier, the company's actual controller Wang Wei and his concerted parties had just completed a shareholding increase of nearly 50 million yuan, bringing the cumulative increase amount for the year to over 125 million yuan. On the same day, the central bank, together with the National Financial Regulatory Administration and the China Securities Regulatory Commission, held a symposium on relending for stock repurchases and shareholding increases to study and optimize relevant support policies. The real money invested by industrial capital and the warm regulatory policy wind have formed a resonance, sending a clear signal of value confidence to the market.
Actual Controller's Increase Quickly Fulfilled, Cumulative Investment for the Year Exceeds 125 Million Yuan
This value maintenance is not a single action, but a coherent layout of continuous escalation at the level of the actual controller. On the evening of October 23, Xingyun Technology Co.,Ltd. (300209.SZ) disclosed the shareholding increase plan of actual controller Wang Wei and his concerted party Yunyong International, planning to increase holdings with self-raised funds of 50 million to 100 million yuan within 6 months, without setting a price range for the increase. After the plan was disclosed, the increase actions were implemented at a pace far exceeding market expectations. On October 27, the company announced that within just two trading days, the concerted party had cumulatively increased holdings by 29.99 million yuan, completing nearly 60% of the lower limit of the increase plan; on the evening of October 29, it further disclosed that the cumulative increase amount had reached 49.9943 million yuan, basically touching the lower limit of the 50 million yuan plan, completing the minimum increase target within one week.
This is already the second round of real money additions by Wang Wei during the year. From February 12 to May 7, 2026, related entities had cumulatively increased holdings by 4.8851 million shares, with actual investment of 75.5182 million yuan, completing the first round of the increase plan. Combining the two rounds, the actual controller's cumulative increase investment during the year has exceeded 125 million yuan, all from self-raised funds, without occupying the listed company's operating funds. Against the backdrop of increased volatility in the technology growth sector and short-term pressure on the company's stock price, the rapid counter-trend increase action releases a strong signal of long-term value recognition.
200-300 Million Yuan Buyback Plan Launched, Building Dual Value Protection
While the actual controller's increase is approaching the lower limit, the listed company simultaneously launched a larger-scale buyback plan, forming a dual protection pattern of "shareholder increase + company buyback." According to the latest announcement on November 2, the direct trigger for this buyback proposal is the short-term deep adjustment of the stock price: from September 24 to October 30, 2026, the company's stock closing price cumulative decline reached 40.52% over twenty consecutive trading days. The total proposed buyback funds are no less than 200 million yuan and no more than 300 million yuan, with the source being the company's own funds and/or self-raised funds; the upper limit of the buyback price is no higher than 150% of the average trading price of the company's stock in the thirty trading days before the board of directors' resolution approving the buyback plan; the repurchased shares can be used to maintain company value and shareholder rights, or for employee stock ownership plans or equity incentives. In terms of duration, if used to maintain company value and shareholder rights, the buyback implementation period is 3 months; if used for equity incentives, it is 12 months.
From a market logic perspective, the actual controller's increase and the listed company's buyback form a clear complementary effect. The former reflects the core decision-maker's personal judgment on the company's long-term value, deeply binding interests with investors through own funds, while the latter is based on the listed company's operating-level capital reserves and development plans, which can not only support market expectations when the stock price deviates from intrinsic value, but also reserve share reserves for subsequent talent incentives, balancing short-term market value stability and long-term business development.
Aligning with Regulatory Policy Direction, Quality Entities Welcome Support Window
It is worth noting that this buyback proposal landed exactly at a key node of regulatory policy. On November 2, the central bank, the National Financial Regulatory Administration, and the China Securities Regulatory Commission jointly held a symposium on relending for stock repurchases and shareholding increases, convening major commercial banks to study and optimize relevant relending policies. The core direction is to expand the funding sources for listed company buybacks and shareholder increases through targeted low-cost fund support, with policy focus tilted toward market entities with excellent operating quality and genuine willingness to buy back and increase holdings. From current actions, Xingyun Technology Co.,Ltd. (300209.SZ) falls exactly within the scope encouraged by policy: the actual controller took the lead in completing real money investment, the listed company simultaneously launched a buyback plan with a clear fund scale, and all actions are based on the fundamentals of business transformation fulfillment. As subsequent relending policy details gradually land, such enterprises with genuine willingness and solid operating fundamentals are expected to be the first to benefit from low-cost financing tools, further amplifying the space and efficiency of value maintenance.
Solid Fundamental Support, Computing Power Transformation Enters Fulfillment Period
Behind a series of market value maintenance actions is the continuous verification of the company's computing power transformation effectiveness, which is also the core confidence for industrial capital to dare to continuously increase positions. The latest third-quarter report shows that in the first three quarters of 2026, the company achieved operating revenue of 1.175 billion yuan, a year-on-year increase of 1896.66%; net profit attributable to the parent company was 269 million yuan, achieving a turnaround from loss to profit year-on-year; net profit attributable to the parent company after deducting non-recurring gains and losses was 271 million yuan, and net cash flow from operating activities reached 238 million yuan, with performance growth accompanied by improved cash flow quality. The order side also continues to improve. As the core V customer's order price increased to 8.848 billion yuan, the company's total computing power agreements in hand have exceeded 20.6 billion yuan. The three core customers have cumulatively raised order prices five times during the year, and delivery capability continues to be recognized by top customers. Overall, against the backdrop of intensified market volatility, Xingyun Technology Co.,Ltd. (300209.SZ) has played a combination punch with "real money increase by the actual controller + large buyback plan by the listed company," which is not only a response to short-term market sentiment but also a firm belief in its own long-term value. As the computing power business enters a period of large-scale delivery, coupled with the continuous implementation of capital market support policies, the company's intrinsic value is expected to be gradually recognized by the market.
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