DeepGlint(SH:688207) Xin Lang Zheng Quan·2025-08-11 07:12Core Viewpoint - The article discusses the potential "double-dipping" arbitrage strategy employed by Zhao Yong, the actual controller of Geling Deep Vision, in the capital market, particularly regarding the transfer of patent technology to Yushi Technology for a nominal price of 1 yuan, while Yushi's valuation has skyrocketed. Meanwhile, Geling Deep Vision successfully listed on the Sci-Tech Innovation Board and raised substantial funds, raising questions about the authenticity of its pre-listing performance [1][4]. Summary by Sections Geling Deep Vision and Yushi Technology Relationship - Geling Deep Vision transferred six non-patented technologies to Yushi Technology for a total price of 1 yuan, which included exclusive licensing of several patent applications [2]. - Zhao Yong, as a co-founder of Yushi Technology, resigned from his board position just before Geling Deep Vision's listing, indicating a close relationship between the two entities [1][2]. Yushi Technology's Valuation Growth - Yushi Technology's post-funding valuation increased significantly, from over 500 million yuan after its angel round to 7 billion yuan after its C round, marking a 12-fold increase [5]. - The company has undergone six rounds of financing, with the latest C round in March 2023, where its pre-investment valuation reached 7 billion yuan [5]. Geling Deep Vision's Financial Performance - Geling Deep Vision's financial performance showed a stark contrast before and after its listing, with revenue plummeting by 75% in the first quarter of 2025 compared to the previous year [9][15]. - The company heavily relied on external consultants for its pre-listing performance, raising concerns about the sustainability of its growth [11][13]. Dependency on a Single Client - Post-listing, Geling Deep Vision's revenue dependency on a single client, Agricultural Bank of China, surged, with the bank accounting for 82% of total sales in 2023 [14]. - The company's revenue from Agricultural Bank significantly decreased in 2024 due to the bank's requirements for domestic product adaptation, leading to a substantial drop in overall revenue [15]. Acquisition Strategy to Boost Performance - To counteract declining revenues and avoid delisting risks, Geling Deep Vision announced plans to acquire a stake in Guokeyi Dao Technology, which specializes in domestic chip-based computing devices [16]. - The acquisition is expected to provide a new revenue stream, although concerns remain regarding the sustainability and nature of this new business [17].