Pinming Software(SH:688109) Tai Mei Ti A P P·2025-09-26 01:41Core Viewpoint - The ownership change plan of Pinming Technology (688109.SH) has been reversed, with the company terminating the control change due to disagreements between the actual controller and the transaction party. Instead, a share transfer agreement was signed with Tongzhi Qingyan, which will become the second-largest shareholder with a 15.9206% stake for a total price of 495 million yuan [2][4]. Group 1: Ownership Change and Market Reaction - The share transfer agreement involves the actual controller and four other shareholders transferring a total of 15.9206% of shares at a price of 39.504 yuan per share, approximately 20% lower than the closing price before the suspension [4][5]. - Despite the termination of the ownership change plan, the market reacted positively, with Pinming Technology's stock hitting the daily limit after resuming trading [2][4]. Group 2: Financial Performance and Future Prospects - Pinming Technology has shown a significant turnaround in performance, with a 270% increase in net profit in the first half of the year, despite a weak real estate market affecting revenue growth [4][6]. - The company has participated in major projects like the Yajiang Hydropower Station and is actively looking for merger and acquisition opportunities, indicating potential for future growth [4][6]. Group 3: Strategic Investment and Terms - Tongzhi Qingyan, as a strategic investor, has committed to not seeking control of the company for three years, despite holding a stake close to that of the actual controller [2][7]. - The performance commitment set by Tongzhi Qingyan is notably low, only requiring positive net profit over the next three years, which is considered easily achievable given the company's recent performance [3][7]. Group 4: Background of Tongzhi Qingyan - Tongzhi Qingyan is backed by the Beijing General Artificial Intelligence Research Institute, which is a non-profit research institution supported by the Beijing municipal government, focusing on strategic and foundational technological innovations in the field of general artificial intelligence [8][10]. - The institute has established collaborations with prestigious universities and has a strong research focus, indicating a potential for future synergies with Pinming Technology [8][10].