Core Viewpoint - The major asset restructuring of *ST Yushun (002289) is nearing completion with a significant acquisition of a data center, while its major shareholder, Shanghai Fengwang, has initiated a new investment in Bingji Technology, raising questions about potential asset injection and competition between the two companies [1][2] Group 1: Investment and Acquisition - Shanghai Fengwang has signed a strategic investment framework agreement to inject 300 million yuan into Bingji Technology, expected to be completed within a 30-day exclusivity period [1] - The acquisition of Zhong'en Cloud by *ST Yushun is close to completion but still requires approval from the shareholders' meeting and other processes [2] Group 2: Business Operations and Competition - Bingji Technology, established in July 2020, is a leading AI computing power service provider with a current capacity of no less than 20,000P and plans to expand to at least 50,000P [1] - The major shareholder believes that the investment in Bingji Technology will not lead to competition with *ST Yushun, as their business operations are fundamentally different; Zhong'en Cloud focuses on data center operations while Bingji Technology specializes in intelligent computing centers for AI training and inference [2]

Core Viewpoint - The strategic investment framework agreement between Shanghai Fengwang and Bianji Technology aims to enhance collaboration in the artificial intelligence computing power industry, with an investment of 300 million yuan expected to be completed within 30 days [2]. Group 1: Company Developments - Bianji Technology, established on July 1, 2020, is a leading AI computing power service provider in China, currently operating an AI computing power cluster of no less than 20,000 P and planning to expand to at least 50,000 P [2]. - Bianji Technology has the capability for full-scenario topology coverage and is steadily progressing towards managing a large-scale cluster [2]. - Shanghai Fengwang's subsidiary, Yushun Electronics, is undergoing a significant asset restructuring to acquire computing power center assets, with a cash payment of 3.3 billion yuan planned [4][5]. Group 2: Market Context - The AI computing center is recognized as a critical infrastructure in the smart era, currently experiencing a high-speed construction cycle driven by policy support and market demand [3]. - The Ministry of Industry and Information Technology has emphasized the need for a systematic and high-quality development of computing power networks, indicating a favorable environment for investments in computing centers [3]. Group 3: Financial Performance - The three companies from which Yushun Electronics plans to acquire data center assets reported revenues of 735 million yuan, 815 million yuan, and 218 million yuan for the years 2023, 2024, and the first quarter of 2025, respectively, with net profits significantly exceeding Yushun Electronics' current performance [4][5]. - For instance, in 2024, Yushun Electronics' revenue was 220 million yuan, while the target companies' revenue was 3.7 times higher [5].