A dramatic turnaround story is unfolding in the A-share market. A company that underwent bankruptcy restructuring, changed its controlling shareholder, and strategically bet on artificial intelligence has transformed into a tech newcomer, making significant waves in the capital markets. What's the story behind this?
The company is called Xingyun Technology Co.,Ltd. (SHE: 300209), formerly known as Tianze Information and Youkeshu. As a well-known Shenzhen-based cross-border e-commerce firm, Youkeshu once thrived with its extensive product listing model. However, following adjustments by platforms like Amazon in 2021, its operations deteriorated sharply. The company reported consecutive losses from 2020 to 2023, leading to a debt crisis. It was not only labeled with special treatment (ST) in the capital markets but was also forced into bankruptcy restructuring in September 2024.
Following the restructuring, the company's actual control changed hands. In early 2026, its stock abbreviation was changed from "Youkeshu" to "Xingyun Technology".
The rebranded Xingyun Technology Co.,Ltd. has been revalued by the market. From the beginning of the year to June 5th, its share price surged over 300% in less than six months. As of the close on June 5th, the company's total market capitalisation reached approximately 23.69 billion yuan.
This market revaluation is driven by the new controller's determination to pivot towards the AI sector following the change in control. The company's subsidiaries have begun deploying computing power leasing services, and the firm plans to borrow 100 million yuan from shareholders to purchase computing power servers.
Xingyun Technology Co.,Ltd.'s operational plan for 2026 is to solidify its traditional cross-border e-commerce business while transitioning towards becoming an AI-driven modern technology enterprise. In other words, it aims for a dual-engine strategy of "Cross-border + AI Computing Power."
AI represents a major future direction for industrial development and a hot topic in capital markets. Xingyun Technology Co.,Ltd. hopes to seize this opportunity by betting on AI, creating market buzz. The key question is whether this move will ultimately improve its financial performance.
From the Brink of Delisting and Bankruptcy to Rebirth
Xingyun Technology Co.,Ltd.'s earliest predecessor was Tianze Information, which listed on the Shenzhen Stock Exchange's ChiNext board in 2011. Initially, its main business involved operational services, vehicle-mounted information terminals and accessories, and software.
In 2017, Tianze Information acquired a 99.9991% stake in Shenzhen Youkeshu for 3.4 billion yuan, facilitating Youkeshu's backdoor listing. By 2019, Youkeshu was included in Tianze Information's consolidated statements, making cross-border e-commerce its primary revenue source. Following this major asset restructuring, Youkeshu's controller, Xiao Siqing, became the second-largest shareholder of Tianze Information.
After equity changes in May 2020, Xiao Siqing became the controlling shareholder and actual controller of Tianze Information. He subsequently pushed for the company's transition towards cross-border e-commerce. In November 2022, the stock abbreviation was changed from "Tianze Information" to "Youkeshu".
In 2021, Youkeshu encountered a "black swan" event. Adverse changes in Amazon's platform policies severely impacted its plan to build a brand portfolio, causing significant operational disruption. Its 2021 financial report showed revenue down 64.91% year-on-year and a net loss attributable to shareholders of 2.676 billion yuan.
Revenues continued to decline in 2022 and 2023, with consecutive net losses. Over the four years from 2020 to 2023, the company accumulated net losses exceeding 4 billion yuan.
In April 2023, due to "negative net profits after deducting non-recurring gains and losses for the past three consecutive fiscal years, and an audit report indicating uncertainty in the company's ability to continue as a going concern for the most recent year," Youkeshu was placed under other risk warnings (ST) by the Shenzhen Stock Exchange.
In April 2024, for similar reasons related to its 2021-2023 financials, it was placed under delisting risk warnings (*ST).
Persistent poor performance and losses led to a debt crisis. By the end of 2023, the company was technically insolvent, with negative equity attributable to shareholders of approximately -400 million yuan.
In September 2024, a Changsha court accepted a restructuring application for Youkeshu, forcing it into bankruptcy proceedings. By December 2024, the court confirmed the completion of the restructuring plan.
The control structure was completely reshaped. Wang Wei and his concert parties (including Shenzhen Tianxingyun Supply Chain Co., Ltd.) acquired an 18.00% stake by subscribing to shares from a capital reserve conversion, replacing Xiao Siqing as the largest shareholder.
In May 2025, as "the uncertainty regarding its ability to continue as a going concern had been eliminated," Youkeshu successfully applied to have its delisting and other risk warnings revoked.
However, the transfer of control was not smooth. During the restructuring, a fierce internal power struggle erupted between the new investor group led by Wang Wei and the original shareholder group led by Xiao Siqing. In 2025, Wang Wei's side twice proposed convening shareholder meetings to elect a new board and gain control, but these moves were vetoed by the management led by Xiao Siqing. It wasn't until October 2025 that Wang Wei bypassed the board, convened an extraordinary general meeting himself, and successfully installed a newly nominated seventh board of directors, leading to the departure of the original core management team.
In January 2026, the actual controller of Youkeshu changed to Wang Wei, and the controlling shareholder changed to Shenzhen Tianxingyun Supply Chain Co., Ltd. In February 2026, the stock abbreviation was changed from "Youkeshu" to "Xingyun Technology".
Although the internal struggle concluded with the departure of Xiao Siqing's management team, it exposed issues of non-compliance in information disclosure. In April 2026, regulators imposed penalties. During the restructuring period, Xiao Siqing, Wang Wei, and Tianxingyun had signed relevant agreements and commitment letters. These documents, if executed, would have significantly altered the company's shareholding structure and impacted the restructuring progress, yet they were not publicly disclosed.
The actual controller Wang Wei, his concert party Shenzhen Tianxingyun Supply Chain Co., Ltd., and shareholder Xiao Siqing were publicly censured and collectively fined 10 million yuan.
From the brink of delisting to completing restructuring, and from internal power struggles to unified control, Xingyun Technology Co.,Ltd. completed the critical steps of stopping the bleeding, repairing, and restructuring in just over a year. Despite reporting losses for 2025 and the first quarter of 2026 after the name change, the company began attracting significant market attention. As of June 5th, its latest total market cap reached approximately 23.69 billion yuan, representing an increase of over three times since early 2026.
Strategic Bet on AI: Can It Deliver Genuine Value Re-creation?
With Wang Wei as the actual controller, the revamped Xingyun Technology Co.,Ltd. is expanding from cross-border e-commerce into the artificial intelligence field.
As of the end of 2025, software development and operation services, B2B business, and cross-border e-commerce sales accounted for 49.21%, 45.29%, and 3.84% of Xingyun Technology Co.,Ltd.'s revenue, respectively.
The company views 2026 as a pivotal year for implementing its strategy and initiating value re-creation. Following improvements in corporate governance and internal control systems, its operational order is gradually being restored.
Currently, the AI industry is hailed as the fourth technological revolution. In this context, Xingyun Technology Co.,Ltd. has stated it will seize development opportunities and firmly pursue strategic transformation towards AI.
According to media reports, new controller Wang Wei's plan is for Xingyun Technology Co.,Ltd. to build a new business system with AI technology at its core, based on its cross-border e-commerce foundation. Wang Wei views this strategic shift as a new entrepreneurial journey.
For 2026, the company's operational plan is to focus on AI industry development as its core strategic direction, strengthening its traditional cross-border e-commerce business while transforming into an AI-driven modern tech enterprise.
Xingyun Technology Co.,Ltd. stated it intends to focus on building a global supply system for AI hardware and related services, continuously promoting research, development, and innovation in supporting AI hardware and technologies such as computing power, liquid cooling, and chips.
Through its controlled subsidiaries Xingyun Cunsuan and Xingyun Zhileng, the company is deploying storage hardware and liquid cooling technology, respectively. It has also borrowed 100 million yuan from shareholders to purchase overseas computing power servers, accelerating the construction of computing power centers.
On May 25th this year, Xingyun Technology Co.,Ltd. announced that its subsidiary Xingyun Cunsuan signed a "Equipment Sales Framework Agreement" with Zhejiang Shenhu, involving the sale of enterprise-grade SSD hard drives for a total contract value of 321.75 million yuan (including tax). The company believes this contract helps solidify its operational foundation and drive its transformation.
On May 29th, the company announced that its wholly-owned subsidiary plans to invest 8 million yuan to establish a joint venture, Hangzhou Zhileng, with related parties. Once established, Hangzhou Zhileng will become a controlled subsidiary and be included in the consolidated statements.
Hangzhou Zhileng's future main business will be computing power container system integration. Xingyun Technology Co.,Ltd. stated this investment aligns with its long-term strategic development plans, is funded with its own capital, and is not expected to have a significant impact on its financial position or operating results.
While Xingyun Technology Co.,Ltd. continues its AI布局, the transformation brings challenges.
On one hand, the company's fundamental business performance still requires improvement. 2025 was largely a transition period post-restructuring, with many subsidiary operations struggling and several experiencing significant revenue declines. For the full year 2025, Xingyun Technology Co.,Ltd. reported revenue of 144.8 million yuan, down 62.57% year-on-year, and a net loss attributable to shareholders of 83.18 million yuan, down 246.55% year-on-year. In Q1 2026, despite revenue growth, net profit remained under pressure with a loss of 22.04 million yuan.
Furthermore, computing power center operations are capital-intensive with high upfront investment, making short-term profitability difficult and posing pressure on cash flow. The company's net operating cash flow has been consistently negative, with a net outflow of 374 million yuan at the end of Q1 2026. Cash and equivalents on its books also decreased by over 200 million yuan compared to the end of 2025.
On the other hand, the company's active exploration and布局 in AI-related new businesses have generated significant external expectations. However, the AI field is characterized by rapid technological iteration, substantial capital requirements, high R&D investment, and uncertainty in commercial application. Xingyun Technology Co.,Ltd. has already highlighted risks associated with expanding into the AI sector, such as potential failure to meet annual expansion targets within the AI产业链 or compliance risks.
From the brink of delisting to rebirth after bankruptcy restructuring, Xingyun Technology Co.,Ltd. has embarked on a new development path. In the long run, the true re-creation of its value will depend on the effectiveness of its AI strategy implementation. However, the technological transformation requires balancing short-term cash flow with long-term investment. The test for Xingyun Technology Co.,Ltd. is whether it can leverage its past cross-border e-commerce advantages to build competitive barriers in AI technology. How AI will empower its core business and contribute to future earnings growth will challenge the management team's operational decision-making capabilities.
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