Bangyan Technology (SH:688132) Zheng Quan Shi Bao Wang·2025-05-26 11:28Core Viewpoint - The significant asset restructuring of Bangyan Technology has been terminated, leading to a sharp decline in stock price, prompting the controlling shareholder to propose a share buyback to restore market confidence [1][2]. Group 1: Share Buyback Proposal - The controlling shareholder, Zhu Guosheng, proposed a share buyback through centralized bidding, with a total fund of 30 million to 50 million yuan allocated for the buyback, intended for employee stock ownership plans and/or equity incentive plans [1]. - This is not the first time Zhu has proposed a buyback; in February 2024, he suggested a buyback of 28 million to 48 million yuan, which was completed on October 11, 2024, with a total of 2.2817 million shares repurchased, accounting for 1.5% of the total share capital [1][2]. Group 2: Termination of Major Asset Restructuring - On May 25, 2024, Bangyan Technology announced the termination of its plan to acquire 100% of Shenzhen Xingwang Xintong Technology Co., Ltd. due to a lack of consensus among transaction parties, committing to not plan any major asset restructuring for at least one month [2]. - The termination of the restructuring led to a significant market reaction, with the stock price dropping by 14.68% to 18.19 yuan per share, resulting in a market capitalization of 2.8 billion yuan [2]. Group 3: Business Strategy and Future Focus - Historically, Bangyan Technology's revenue has primarily come from the military sector; however, the company is now focusing on developing civilian products and expanding its market presence, launching products like Bangyan Cloud PC and AI Agent [3]. - In its 2024 annual report, the company stated its intention to enhance its civilian business scale to surpass that of military products by focusing on key industries such as finance, education, healthcare, energy, and public services through technological innovation and product upgrades [3].