YSDZ(SZ:002289) Jing Ji Guan Cha Wang·2025-09-19 08:43Core Viewpoint - The major asset restructuring of *ST Yushun (002289) is nearing completion with a significant acquisition of a data center, while its major shareholder, Shanghai Fengwang, has initiated a new investment in Bingji Technology, raising questions about potential asset injection and competition between the two companies [1][2] Group 1: Investment and Acquisition - Shanghai Fengwang has signed a strategic investment framework agreement to inject 300 million yuan into Bingji Technology, expected to be completed within a 30-day exclusivity period [1] - The acquisition of Zhong'en Cloud by *ST Yushun is close to completion but still requires approval from the shareholders' meeting and other processes [2] Group 2: Business Operations and Competition - Bingji Technology, established in July 2020, is a leading AI computing power service provider with a current capacity of no less than 20,000P and plans to expand to at least 50,000P [1] - The major shareholder believes that the investment in Bingji Technology will not lead to competition with *ST Yushun, as their business operations are fundamentally different; Zhong'en Cloud focuses on data center operations while Bingji Technology specializes in intelligent computing centers for AI training and inference [2]