In terms of stock price gains this year, Swancor Advanced Materials Co.,Ltd. (688585.SH) and Shenzhen Success Electronics Co.,Ltd. (002289.SZ) stand out. The former announced a "snake swallows elephant" asset acquisition plan and saw its stock price surge over 12 times in just one month; the latter began its rally after announcing an acquisition in April this year—first experiencing 13 consecutive 5% daily limit-ups, followed by six rounds of five consecutive trading days with 5% limit-ups.
On September 14, Bingji Technology Co., Ltd. announced that Shanghai Fengwang Industrial Co., Ltd. (the major shareholder of Shenzhen Success Electronics Co.,Ltd.) signed a strategic investment framework agreement with existing shareholders of Bingji Technology, stipulating that Shanghai Fengwang would inject 300 million yuan into Bingji Technology. The capital injection is expected to be completed within a 30-day exclusivity period. Following this announcement, Shenzhen Success Electronics Co.,Ltd.'s stock price hit consecutive daily limits again.
Why is the controlling shareholder Shanghai Fengwang initiating new acquisition activities when the previous major asset restructuring has not yet been completed? In response, Ji Min, Chairman of Shenzhen Success Electronics Co.,Ltd., responded for the first time on September 18: "The major asset restructuring of Yushun Electronics is just one step away from completion in terms of process, but the entire transaction has not yet been completed and still needs to pass shareholder approval and subsequent procedures. Before the acquisition of Zhong'enyun is completed, it's not convenient for the listed company to initiate acquisitions of other assets."
However, the market views this as a possibility that Bingji Technology might be "injected" into the listed company, responding with stock price increases. Regarding this, Ji Min stated, "As the major shareholder of the listed company, we can only say that everything is possible."
Actual Controller Responds to Second Acquisition
Industry insiders believe that A-share market M&A activities are showing unprecedented enthusiasm under policy support, and while Shenzhen Success Electronics Co.,Ltd.'s previous major asset restructuring has not ended, the major shareholder is eagerly acquiring assets when the listed company cannot conveniently "make moves."
"Either this company's assets are truly exceptional, or the major shareholder has speculation motives. However, from public behavior, Shanghai Fengwang's actions are implemented within the policy framework, with both parties agreeing to complete an exclusive cash transaction rapidly within one month. From a business perspective, one is a listed company and the other is unlisted, with their businesses being in competition," analyzed Kuang Wei, head of a Shanghai-based computing power service institution.
Regarding this, Ji Min candidly admitted during the interview that from the major shareholder's perspective, Bingji Technology is indeed exceptional and fits well with the assets Shanghai Fengwang is seeking. "Therefore, as the major shareholder, we acted decisively this time. As for market analysis, we cannot respond at present," Ji Min said.
So how excellent is Bingji Technology? According to corporate records, the company was established in 2020 and is the earliest established and largest artificial intelligence computing power service provider in Southwest China, with registered capital of 147 million yuan and paid-in capital of 67.76 million yuan. It also controls two subsidiaries: Sichuan Bingji Zhisuan Technology Co., Ltd. and Shanghai Bingji Hongyi Technology Co., Ltd.
"Currently, Bingji Technology operates nearly 30,000 computing power cards, which is definitely top-tier scale domestically. Everyone knows that NVIDIA's computing chips are important for high-end computing power. This company can obtain the latest supply of high-end computing chips, including NVIDIA's scarce computing cards. Additionally, Bingji Technology has achieved business implementation of domestic GPUs, entering the domestic computing power field and forming coordinated development of international and domestic advanced computing power," a related person from Shanghai Fengwang told reporters on September 19.
This person revealed that Bingji Technology has established joint laboratories with some top universities and recently jointly applied for and was shortlisted for the Ministry of Industry and Information Technology's computing power foundation strengthening list with several companies. Furthermore, Bingji Technology has strategic cooperation with Tianfu Cloud, successfully building the core computing power node for the "Eastern Data, Western Computing" project in Southwest China, and establishing intelligent computing centers in Xingtai, Qinhuangdao, and Zhangjiakou in Hebei Province.
"Bingji Technology's profitability is also an important consideration for our investment, but it's not convenient to disclose their profit situation currently. However, based on Bingji Technology's existing advantages, we believe this company's profitability will be very promising," Ji Min further stated during the interview.
"Shanghai Fengwang's listed company Shenzhen Success Electronics Co.,Ltd.'s acquisition target Zhong'enyun belongs to the data center and cloud computing field. Both belong to the data center industry, so Shanghai Fengwang and its listed company Shenzhen Success Electronics Co.,Ltd. may have competition concerns," pointed out Zhang Haitao, head of a member institution of the Shanghai Big Data Industry Alliance.
Regarding this question, Ji Min responded that the major shareholder's investment in Bingji Technology will not create competition with the listed company, mainly because their businesses have fundamental differences.
"Zhong'enyun's business is data center-related, while Bingji Technology engages in intelligent computing center-related business. Compared to data centers, intelligent computing is mainly used for AI training and inference work, requiring higher equipment performance. Zhong'enyun and Bingji Technology essentially do two different things and solve different customer needs," Ji Min said.
Does Not Deny Possibility of Injecting Bingji Technology
Although Shenzhen Success Electronics Co.,Ltd.'s controlling shareholder Shanghai Fengwang has provided capital injection to an "external" company, and the business synergy between the two companies remains to be observed, the market views this as a possibility that Bingji Technology might be "injected" into the listed company, responding with stock price increases.
"As the major shareholder of the listed company, we can only say that everything is possible. We welcome everyone to pay attention to the listed company's subsequent announcements," Ji Min said.
Industry insiders comment that intelligent computing centers, as key infrastructure carrying computing power in the intelligent era, are receiving frequent policy support due to high-performance chip shortages and surging GPU computing power demand. The Ministry of Industry and Information Technology recently stated it will promote high-quality development of computing power networks achieving "point, chain, network, surface" systematization.
"Yushun Electronics' original business was relatively traditional. Now the major shareholder has conducted asset restructuring twice consecutively, and it already has the trend of being A-share's first computing power stock. It's expected that the company can remove the ST designation next year. The company's first-half losses were less than 10 million yuan. After removing the ST designation, looking at the company's stock price again, we believe the risk is not significant," an investor in Shenzhen Success Electronics Co.,Ltd. said on September 20.
In this investor's view, in the computing power industry, Shanghai Fengwang's acquisition of several hundred million yuan is not considered large. Recently, the market has seen another very noteworthy acquisition news: Shanghai-listed Guangdong Hec Technology Holding Co.,Ltd. (600673.SH) announced it would acquire Chindata Group with funds as high as 28 billion yuan, also causing the company's stock price to surge continuously.
Regarding this, Kuang Wei stated that China's data center industry has entered the "early-to-mid stage of accelerated integration," but there's still distance from the oligopolistic late-stage integration. Industry data shows that over 40 M&A and acquisition events in the computing power data field were completed from 2022-2024, mostly horizontal acquisitions and expansions within the same industry. From the national policy encouragement direction, small-scale operators in the industry find it harder to expand independently, thus accelerating concentration toward leading companies.
It's worth noting that Shenzhen Success Electronics Co.,Ltd.'s stock price has been continuously speculated by funds for nearly half a year. The high stock price has made the market worry about potential risks, and the Shenzhen Stock Exchange has monitored and investigated the company's abnormal stock price movements multiple times. Statistics show that since Shenzhen Success Electronics Co.,Ltd. announced its major asset restructuring plan, the company has issued over ten abnormal stock price volatility announcements.
As of the close on September 19, Shenzhen Success Electronics Co.,Ltd.'s stock price closed at 38.72 yuan per share, reaching a high of 40 yuan, with gains of nearly ten times from the beginning of the year to now.
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