Sou Hu Cai Jing·2025-10-16 04:34Core Viewpoint - Tianpu Co., Ltd. (605255.SH) has experienced significant stock price volatility, with a recent surge of 317.72% following the announcement of a change in ownership, but subsequently faced a sharp decline after the disclosure of its acquisition party's plans for an independent IPO, undermining market expectations for a reverse merger [2][3][4]. Group 1: Stock Performance and Market Reaction - Tianpu Co., Ltd. has seen its stock price hit 15 consecutive daily limits since the announcement of the ownership change on August 22, 2023, but opened with a limit down today [2][3]. - The recent stock price surge was abruptly halted due to the announcement that the acquiring party, Zhonghao Xinying, has initiated an independent IPO process, which contradicts earlier market speculation about a potential reverse merger [2][4]. Group 2: Acquisition and IPO Plans - The latest disclosure confirmed that Zhonghao Xinying's capital market strategy is independent of the acquisition of Tianpu Co., Ltd., and it has entered the process of restructuring for its IPO [3][4]. - Zhonghao Xinying's decision to pursue an independent IPO rather than a reverse merger indicates a shift in strategy, as it faces challenges in meeting the conditions of its previous financing agreements [4][6]. Group 3: Regulatory Environment and Market Trends - The recent events highlight a broader trend in the market where speculative trading around acquisition announcements often leads to significant volatility, but regulatory scrutiny remains high, particularly for cases lacking business synergy [5][7]. - Similar cases, such as the acquisition attempts by Zhiyuan Robotics and Pinming Technology, illustrate the challenges faced by tech companies seeking to enter traditional industries through reverse mergers, with regulatory bodies maintaining a firm stance against such speculative practices [6][7].