Bangyan Technology (SH:688132) Sou Hu Cai Jing·2025-05-27 11:30Core Viewpoint - The company, Bangyan Technology, has terminated its acquisition of StarNet Technology, which reflects challenges in its transformation strategy and ongoing financial difficulties, including continuous net profit losses since its listing [3][4]. Group 1: Termination of Acquisition - Bangyan Technology announced the termination of the issuance of shares and cash payment for the acquisition of 100% of StarNet Technology's shares, along with the associated fundraising [3]. - The decision was made during the board meeting on May 25, 2025, due to the inability of the parties involved to reach a consensus on the final cooperation plan [3]. - The termination of this transaction is not expected to change the actual control of the company [3]. Group 2: Financial Performance - As of the end of the first quarter, Bangyan Technology reported an accumulated loss of over 200 million in undistributed profits and has not issued dividends since its listing [4]. - Despite the financial losses, the company has increased the salaries of its executives, with the actual controller's salary reaching a new high of 2.14 million and 1.6 million for his brother, marking increases of approximately 620,000 and 400,000 respectively [4]. Group 3: Business Impact - The termination of the acquisition is seen as a setback for Bangyan Technology's transformation efforts and may complicate its ability to address ongoing operational challenges [4]. - The company asserts that the termination will not have a significant adverse impact on its current production and operational activities or its strategic development [4].