Bingo Software (SH:688227) Nan Fang Du Shi Bao·2025-11-21 10:39Core Viewpoint - On November 21, 2023, Pingao Co., a domestic software company listed on the Sci-Tech Innovation Board in Guangzhou, announced significant changes including the resignation of its general manager, an investment of 400 million yuan in Jiangyuan Technology, and a 12% equity transfer, leading to a 20% stock price surge and a total market value of 5.542 billion yuan [1][3][5]. Group 1: Management Changes - The current general manager, Huang Hai, resigned to focus on his role as chairman and to enhance the company's long-term strategic planning and governance [3][4]. - Li Miaomiao, who joined the company in July 2023, has been appointed as the new general manager [3][4]. Group 2: Investment in Jiangyuan Technology - Pingao Co. plans to invest 400 million yuan in Jiangyuan Technology, acquiring a 15.4182% stake, making it the second-largest shareholder [5][6]. - The investment is part of a broader strategy to establish a deep strategic partnership with Jiangyuan Technology, which focuses on domestic AI chip development [6][9]. Group 3: Financial Overview of Jiangyuan Technology - Jiangyuan Technology, established in November 2022, has not generated revenue in 2022 and 2023, with projected revenues of 30 million yuan in 2024 and 35.6165 million yuan from January to October 2025 [9]. - The company reported a net loss of 146.6328 million yuan for 2024 and 120.6158 million yuan for the first ten months of 2025 [9]. Group 4: Strategic Collaboration - The partnership between Pingao Co. and Jiangyuan Technology aims to develop a unified computing architecture for domestic AI chips, promoting the localization of software and hardware ecosystems in the AI sector [9]. - Both companies have previously launched the "Pinyuan AI All-in-One Machine" series in July 2025 as part of their collaboration [9].