“蛇吞象”金泰克，开普云连收两个“20%”涨停

Core Viewpoint - The company, Kaipu Cloud, announced a significant asset acquisition and related party transaction, intending to purchase a 30% stake in Nanning Taike from Shenzhen Jintaike and raise supporting funds through the issuance of A-shares [1] Group 1: Acquisition Details - Kaipu Cloud plans to acquire a 70% stake in Nanning Taike, with Shenzhen Jintaike transferring its operational assets related to storage products to Nanning Taike as a prerequisite for the cash transaction [1] - The storage products of Jintaike are considered to be at a leading level domestically, facilitating domestic substitution in enterprise-level DDR memory products [1] - The acquisition aims to enhance Kaipu Cloud's high-performance storage capabilities in the AI infrastructure sector, achieving a more integrated AI hardware and software layout [1] Group 2: Market Reaction - Following the announcement, Kaipu Cloud's stock experienced two consecutive trading days of a 20% limit-up, with the stock price reaching 94.75 yuan and a market capitalization of 6.397 billion yuan [1] Group 3: Financial Projections - Preliminary unaudited financial data for the transferred operational assets indicates projected revenues of 2.366 billion yuan and a net profit of 136 million yuan for 2024, with 1.313 billion yuan in revenue and 49 million yuan in net profit for the first half of 2025 [1] Group 4: Company Performance Comparison - In contrast, Kaipu Cloud's own projected revenues for 2024 are 618 million yuan, with a net profit of 20.59 million yuan, and for the first half of 2025, revenues are expected to be 160 million yuan with a net profit of 3.78 million yuan [2] - This acquisition is characterized as a "snake swallowing an elephant" scenario, indicating a significant disparity in size between the two entities involved in the transaction [2] Group 5: Shareholding Changes - The transaction includes a condition where Kaipu Cloud's controlling shareholder, Wang Min, along with other parties, will transfer a total of 20.73% of Kaipu Cloud's shares to Shenzhen Wugufengdeng Semiconductor Partnership, with a transfer price of 52.64 yuan per share, totaling 737 million yuan [2] - Post-transaction, Wugufengdeng will hold 20.73% of Kaipu Cloud, making it the second-largest shareholder after Wang Min, who will see his stake reduced from 27.48% to 21.48% [2] - To mitigate risks of a change in control, Wugufengdeng's controlling shareholder, Li Chuangfeng, has committed not to seek the position of the largest or controlling shareholder for 60 months [2]