Core Viewpoint - Kesi Technology (688788.SH), referred to as "China's version of Palantir," experienced a significant stock drop following the announcement of its actual controller and director Liu Jiande being placed under investigation by a national supervisory committee [1][3]. Company Overview - Kesi Technology was established on February 27, 2004, focusing on the research, development, manufacturing, and sales of electronic information equipment, including chips, devices, and systems [5]. - The company went public on the STAR Market in October 2020 and has been compared to Palantir and Anduril due to its strategic positioning in the military electronics sector [5]. Management Changes - Liu Jiande, who has been a key figure in the company, resigned as General Manager two months prior to the investigation, citing "operational development needs and personal work arrangements" [4][5]. - Following a board reshuffle in July, Liu Jiande was not re-elected as Chairman but remained a member of the board and a committee member [4][5]. Financial Performance - Kesi Technology reported a revenue of 235 million yuan in 2024, a year-on-year decline of 0.39%, and a net loss attributable to shareholders of 268 million yuan, a significant drop of 31.94%, marking the third consecutive year of losses [5][6]. - In Q1 2025, the company achieved a revenue of 21 million yuan, a year-on-year increase of 45.24%, but still reported a net loss of 58 million yuan, down 9% year-on-year [5]. Operational Status - The company stated that the recent investigation into Liu Jiande has not significantly impacted its normal operations, with daily management being handled by senior management [4][6]. - Kesi Technology faced challenges earlier in the year, including the freezing of some bank accounts due to contractual disputes, although some accounts were unfrozen by July [6].

Core Viewpoint - Kesi Technology (688788.SH), referred to as "China's version of military industry Palantir," experienced a significant stock drop of over 13% following the announcement of its actual controller, Liu Jiande, being placed under investigation by a national supervisory committee [1][2][3]. Company Overview - Kesi Technology was established on February 27, 2004, and specializes in the research, development, manufacturing, and sales of electronic information equipment, including chips, devices, and systems [4]. - The company went public on the STAR Market in October 2020 and has been compared to Palantir and Anduril due to its strategic positioning in the military technology sector [4]. Management Changes - Liu Jiande, who has been a key figure in the company, resigned as General Manager two months prior to the investigation, citing "operational development needs and personal work arrangements" [3][4]. - Following the recent board election in July, Liu Jiande was not re-elected as Chairman, marking a significant shift in the company's leadership structure [3][4]. Financial Performance - Kesi Technology reported a revenue of 235 million yuan for 2024, a slight decline of 0.39% year-on-year, and a net loss of 268 million yuan, representing a 31.94% drop compared to the previous year, marking the third consecutive year of losses [5]. - In Q1 2025, the company achieved a revenue of 21 million yuan, a substantial increase of 45.24% year-on-year, but still reported a net loss of 58 million yuan, a 9% decline from the previous year [5]. Operational Impact - The company stated that the decline in performance was due to adjustments in final customer demand and challenges in market expansion [5]. - In April 2024, Kesi Technology disclosed that some of its bank accounts were frozen due to disputes related to contracts with Zhonghang Bit and Dixin Technology, although some accounts were unfrozen by July [5].