Group 1 - The core announcement from Tianlong Co., Ltd. involves a cash investment of 232 million yuan to acquire a 54.87% stake in Suzhou Haomibow Technology Co., Ltd., marking a strategic move into the intelligent driving core perception system sector [2][4] - The Shanghai Stock Exchange has issued a second inquiry focusing on the feasibility of investment returns, revenue forecasts, insider information management, and the overall rationale behind the acquisition [3][4] - Concerns have been raised regarding the acquisition's rationale, as Suzhou Haomibow is expected to remain in a loss-making state for the next 2-3 years, potentially leading to a decline in Tianlong's performance [4][5] Group 2 - The inquiry highlights the optimistic revenue forecasts for Suzhou Haomibow, predicting an annual compound growth rate exceeding 40% from 2026 to 2030, which raises questions about the assumptions behind these projections [5][6] - Tianlong's management expressed confidence in the acquired asset's future profitability, citing advanced technology in 4D millimeter-wave radar, despite acknowledging potential short-term impacts on earnings [6][7] - The inquiry also addresses the "low-price exit" phenomenon for external investors, with a significant discrepancy between the valuation of 65 million yuan during the last financing round and the acquisition price of 35.47 million yuan [7][8] Group 3 - The inquiry raises issues regarding stock price fluctuations and insider information management, noting a 40% increase in Tianlong's stock price during the acquisition process, alongside insider trading activities [8]