Core Viewpoint - The control change plan of Jiachuang Vision has been terminated after more than two months of planning, with the stock price rising significantly before the suspension [2][3]. Group 1: Control Change Announcement - Jiachuang Vision announced the termination of its control change plan, citing a lack of agreement on core transaction elements with the trading party [2]. - The stock was suspended from trading on August 4, 2025, after receiving a notification from the controlling shareholder, Chen Kunjian, regarding the control change [2][3]. - A framework agreement was signed on August 7, 2025, between Chen Kunjian and other parties for the transfer of control [3]. Group 2: Transaction Details - The proposed transaction involved three steps: transferring 4.6564% of shares to Li Li, delegating voting rights of 13.9692% shares to Mao Guangfu, and a capital increase not exceeding 30% of the pre-issue total share capital to raise 354 million yuan for liquidity and debt repayment [3]. - No substantial agreements were signed regarding the transaction, allowing parties to terminate without liability [3]. Group 3: Financial Performance - Jiachuang Vision has struggled financially, with revenue hovering around 100 million yuan since 2019 and significant losses reported since 2017, with 2025's first half showing a loss of over 7 million yuan [4][5]. - As of June 2025, the company had approximately 10 million yuan in cash but nearly 100 million yuan in interest-bearing short-term debt, indicating pressure on its cash flow [5]. Group 4: Market Position - As of October 9, 2025, Jiachuang Vision's market capitalization was 2.512 billion yuan [6].

Core Viewpoint - The planned change of control for Jiachuang Vision has been abruptly terminated after more than two months of preparation, with the company's stock price having surged prior to the suspension of trading [2][3]. Group 1: Control Change Announcement - Jiachuang Vision announced the termination of the control change on October 9, citing a lack of agreement on core transaction elements with the trading counterpart [2]. - The company had been suspended from trading since August 4, 2025, following a notification from its controlling shareholder, Chen Kunjian, regarding the planned change of control [2]. - A framework agreement was signed on August 7, 2025, outlining a three-step process for the transfer of control, including share transfers and a capital increase to solidify control [2]. Group 2: Stock Performance - Prior to the suspension, Jiachuang Vision's stock experienced significant gains, with a peak increase of over 13% on July 31, 2025, and a closing increase of nearly 7% [3]. Group 3: Company Background and Financial Performance - Established in October 2000 and listed on the Growth Enterprise Market in September 2011, Jiachuang Vision focuses on providing end-to-end solutions in the broadcasting industry and has expanded into various technology sectors since 2016 [3]. - Financially, the company has struggled since 2019, with revenues hovering around 100 million yuan and significant net losses reported each year, including a loss of approximately 7 million yuan in the first half of 2025 [3][4]. - As of June 2025, the company had only about 10 million yuan in cash but faced nearly 100 million yuan in interest-bearing short-term debt [4]. Group 4: Market Capitalization - As of the market close on October 9, 2025, Jiachuang Vision's market capitalization was 2.512 billion yuan [5].

Core Viewpoint - The planned change of control for Jiachuan Video has been abruptly terminated after over two months of preparation, with the company citing a lack of agreement on key transaction elements as the reason for the termination [1]. Group 1: Control Change Announcement - Jiachuan Video announced the termination of its control change plan on October 9, following a notification from its controlling shareholder, Chen Kunjiang [1]. - The company had been suspended from trading since August 4, 2025, after Chen Kunjiang informed them about the control change plans on August 1, 2025 [1]. - A framework agreement was signed on August 7, 2025, outlining a three-step process for the transfer of control, including share transfers and a capital increase to solidify control [1]. Group 2: Stock Performance - Prior to the suspension, Jiachuan Video's stock experienced a significant increase, with a maximum intraday rise of over 13% on July 31, 2025, and a closing increase of nearly 7% [2]. Group 3: Company Background and Financial Performance - Founded in October 2000 and listed on the Growth Enterprise Market in September 2011, Jiachuan Video primarily focuses on providing end-to-end solutions in the broadcasting industry and has expanded into various technology sectors since 2016 [2]. - Financially, the company has struggled since 2019, with revenues hovering around 100 million yuan and significant net losses reported each year, including a loss of approximately 7 million yuan in the first half of 2025 [2][3]. - As of June 2025, the company had only about 10 million yuan in cash, while interest-bearing short-term debts approached 100 million yuan, indicating pressure on its financial stability [3]. Group 4: Market Capitalization - As of the market close on October 9, 2025, Jiachuan Video's market capitalization was 2.512 billion yuan [4].