TIP Group(SH:605255) Chang Jiang Shang Bao·2026-01-18 23:44Core Viewpoint - The market's expectations regarding Tianpu Co., Ltd. (605255.SH) may be disappointed as the company reiterates that there are no plans for asset injection, despite significant stock price increases driven by speculation about a reverse merger with AI chip company Zhonghao Xinying [1][4][7]. Group 1: Company Background and Ownership Changes - Tianpu Co., Ltd. underwent a change of control in August 2025, with Zhonghao Xinying acquiring a 68.29% stake, making Yang Gongyifan the actual controller of the company [5][6]. - The acquisition involved a three-step process, including share transfers and capital increases, with a total investment of 15.21 billion yuan [5]. - Following the acquisition, the board of directors was rapidly restructured, with most of the original management replaced by Zhonghao Xinying executives [1][5]. Group 2: Financial Performance - As of September 2025, Tianpu Co., Ltd. reported total assets of 865 million yuan and a low debt-to-asset ratio of 6.76% [3][8]. - The company experienced a decline in revenue and net profit for the first three quarters of 2025, with revenues of 230 million yuan and a net profit of 17.85 million yuan, both showing year-on-year decreases [3][14]. Group 3: Regulatory Scrutiny and Market Reactions - Tianpu Co., Ltd. has faced unprecedented regulatory scrutiny, including inquiries and investigations from the Shanghai Stock Exchange and the China Securities Regulatory Commission due to abnormal stock trading and potential information disclosure violations [2][12]. - The company has repeatedly stated that it will not change its main business and that Zhonghao Xinying will not pursue a reverse merger within three years, despite market skepticism [2][7][13]. Group 4: Strategic Implications - Analysts suggest that Yang Gongyifan's acquisition of Tianpu Co., Ltd. may represent a strategic move to provide new momentum for a traditional manufacturing company while offering a buffer for the core technology business [15]. - The future of Tianpu Co., Ltd. will depend on the development and strategic needs of the core technology business under Yang Gongyifan's leadership [15].