Core Viewpoint - Chen'an Technology is planning to issue A-shares to Hefei State-owned Capital Venture Investment Co., Ltd., which may lead to a change in company control, aimed at enhancing cooperation and resource integration in the public safety industry [1] Group 1: Company Announcement - The issuance requires approvals from antitrust authorities, state-owned asset supervision departments, the company's board and shareholders, as well as reviews by the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission [1] - The stock will be suspended from trading starting November 28, 2025, for a period not exceeding two trading days to ensure fair and timely information disclosure [1] - After the issuance, the current controlling shareholder, China Telecom Group Investment Co., Ltd., will maintain its shareholding, continuing to play a significant role as an important shareholder [1] Group 2: Current Shareholding and Financial Performance - Hefei State-owned Capital currently holds 7.22% of Chen'an Technology's shares, and it is fully controlled by Hefei Construction Investment Holding Group Co., Ltd., which is 100% owned by the Hefei State-owned Assets Supervision and Administration Commission [1] - In 2024, Chen'an Technology's performance declined sharply, with revenue of 1.401 billion yuan, a year-on-year decrease of 37.92%, and a net profit attributable to shareholders of -322 million yuan, a decline of 504.47% [2] - For the first three quarters of the year, the company reported total revenue of 768 million yuan, down 19.27% year-on-year, with a net loss of 140 million yuan, compared to a loss of 150 million yuan in the same period last year [2] Group 3: Business Development - The company is focusing on the industrial application of AI technology, seizing policy opportunities to deepen reforms and expand its business [2] - Chen'an Technology is actively promoting urban lifeline safety projects in various locations across the country, including cities in Anhui, Fujian, Xinjiang, Shaanxi, Inner Mongolia, and Chongqing [2] Group 4: Stock Market Reaction - On November 27, the stock price of Chen'an Technology opened significantly higher, reaching a peak increase of over 14%, but eventually closed at 26.2 yuan per share, down 2.42%, with a market capitalization of 6.1 billion yuan [3]