Bangyan Technology (688132) Chang Jiang Shang Bao·2025-05-26 17:23Core Viewpoint - The asset restructuring plan of Bangyan Technology (688132.SH) has been terminated due to a lack of consensus among the parties involved, which raises concerns about the company's future performance and strategic direction [1][2]. Group 1: Restructuring Details - Bangyan Technology announced the termination of its asset restructuring plan on May 25, 2024, after failing to reach an agreement on the final cooperation scheme [1]. - The company had planned to acquire 100% of Shenzhen Xingwang Xintong Technology Co., Ltd. (Xingwang Xintong) and raise supporting funds through the issuance of shares and cash payments [1][2]. - Xingwang Xintong is a key partner of Huawei and provides integrated communication solutions primarily to financial institutions and government agencies [2]. Group 2: Financial Performance - Bangyan Technology's financial performance has been under pressure since its listing in September 2022, with a decline in revenue and a shift to losses in the following year [3]. - The company reported revenues of 3.7 billion, 1.81 billion, and 3.47 billion from 2022 to 2024, with year-on-year growth rates of 20.04%, -51.18%, and 91.98% respectively [3]. - Net profits for the same period were 411.18 million, -522.5 million, and -366 million, reflecting significant losses and a decline in profitability [3]. - In the first quarter of 2025, the company reported revenues of 277.06 million, a decrease of 78.38%, and a net loss of 272.06 million, a reduction of 177.02% year-on-year [4].