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Core Viewpoint - Wantong Development plans to invest 854 million yuan to acquire 62.98% equity in Shuduo Technology, marking a significant shift towards becoming a controlling subsidiary in the tech sector [2][4]. Group 1: Investment Details - The investment will be executed through capital increase and equity transfer, making Shuduo Technology a subsidiary included in Wantong's consolidated financial statements [2]. - The acquisition comes after a series of inquiries from the Shanghai Stock Exchange regarding the rationale, valuation, and potential insider trading related to the transaction [2][6]. Group 2: Target Company Overview - Shuduo Technology specializes in high-speed interconnect chip design and development, with its core product being PCIe high-speed switch chips [4]. - As of the announcement date, Shuduo Technology has developed PCIe switch chips supporting the PCIe 5.0 protocol and is in the customer introduction phase, expecting to achieve mass production by Q4 2025 [4]. Group 3: Financial Performance - Shuduo Technology's financials show it is currently unprofitable, with projected revenues of 15.81 million yuan in 2023, 32.38 million yuan in 2024, and 16.28 million yuan in the first half of 2025, alongside net losses of 62.57 million yuan, 138.79 million yuan, and 35.98 million yuan respectively [4][5]. - The company's net assets were reported at 64.6 million yuan, but its equity value was assessed at 1.272 billion yuan, indicating a substantial premium of 1869.01% [6]. Group 4: Market Reaction - Following the announcement of the investment plan, Wantong Development's stock price surged, hitting the daily limit up on the day of the announcement and continuing to rise for three consecutive trading days, with a market capitalization of 19.19 billion yuan as of August 13 [9][12]. Group 5: Regulatory Scrutiny - The Shanghai Stock Exchange has requested further disclosures regarding the valuation methods used for the investment and the rationale behind the significant premium compared to previous financing rounds [7][11].