（原标题：*ST宇顺已支付51%交易价款 将获数据中心资产实控权） 随着过半交易价款已支付完毕的消息传来，*ST宇顺（002289.SZ）投资者服下了"定心丸"。 11月24日晚，*ST宇顺披露33.5亿元现金收购三家数据中心资产100%股权交易的关键进展。根据公告， *ST宇顺已向监管账户支付暂存交易价款17.09亿元。这笔金额占到了总交易对价的51%，按照此前相关 约定，双方将执行标的公司过渡期管理措施。 对于后续49%尾款支付的安排，*ST宇顺在此次公告中披露，结合本次交易履行情况，交易对方已出具 了《确认函》。根据公告，若*ST宇顺在2025年12月31日前付清100%交易对价、履行相关义务并完成标 的公司股权解押，将不再主张截至年底的逾期违约金，且暂不要求回转过渡期管理措施。 *ST宇顺表示，本次51%对价支付及过渡期管理启动，有利于推进交易进程，若交易顺利完成，公司将 取得标的公司控制权，有望增强抗风险能力与盈利能力，改善资产质量。 从方案来看，双方确有安排会计师事务所对本次交易进行专项审计说明的计划。根据此前公告，各方一 致同意，*ST宇顺有权安排符合《中华人民共和国证券法》规定的会计师事务所对 ...

Cogent Communications FY Conference Summary Company Overview - **Company**: Cogent Communications (NasdaqGS:CCOI) - **Event**: FY Conference held on November 19, 2025 Key Points Financial Strategy and Capital Allocation - Cogent reduced its dividend by 98% to $0.02 per share to save approximately $200 million annually, indicating a shift towards deleveraging and capital allocation strategies [3][6][7] - The company has returned about $1.9 billion to shareholders over 52 consecutive quarters, but historically paid out more cash than generated, leveraging incremental EBITDA growth [4] - Following the acquisition of Sprint, Cogent's EBITDA dropped significantly, leading to a net leverage increase to 6.6 times, prompting the need for a deleveraging strategy with a target of 4.0 times [5][6] Business Performance and Growth - The legacy Cogent business has shown organic growth at a compounded rate of 10.2% per year over 17 years, but growth decelerated to 5% during the pandemic [9] - The Sprint acquisition has resulted in a decline of 24.2% in revenue from the acquired business, while the underlying Cogent business has accelerated its growth rate [10][11] - The wavelength business, a new segment for Cogent, is expected to reach a $500 million run rate by 2028, currently representing 4% of revenues and growing rapidly [12][17] Market Dynamics and Competitive Position - The market for wavelengths is growing at about 5% annually, driven by AI training and hyperscale content distribution applications [22][23] - Cogent's competitive advantages include a larger number of endpoints, faster installation times, diverse routes, and a reliable network with fewer disruptions compared to competitors [14][17] - The company is currently undercutting market prices by about 20% for wavelength services, with plans to adjust pricing if necessary [16] Sales and Customer Engagement - Cogent has a sales force of approximately 850 employees focused on various market segments, with high turnover in corporate sales but low turnover in wholesale sales [18][19] - The company is winning over 50% of bids for wave business, indicating strong customer engagement and market penetration [20] IPv4 Address Monetization - Cogent has about 23 million unleased IPv4 addresses, with a leasing business that has grown from a $10 million annual run rate to nearly $70 million [29] - The company is cautious about selling addresses due to market liquidity issues but is open to leasing arrangements to monetize these assets [30][31] Data Center Asset Management - Cogent has converted 186 data centers from Sprint, with plans to sell or lease 24 non-core facilities, expecting most to transact [32][34] - The facilities are well-suited for edge computing applications, making them attractive in the current market [37] Dark Fiber Opportunities - Cogent is considering limited dark fiber IRU deals with hyperscalers, having completed three such deals to date [38][39] Conclusion Cogent Communications is navigating a complex landscape post-Sprint acquisition, focusing on deleveraging, optimizing its core business, and expanding into new markets like wavelengths. The company is strategically managing its assets, including IPv4 addresses and data centers, while leveraging its competitive advantages to drive growth in a challenging environment.

Core Points - Shenzhen Yushun Electronics Co., Ltd. (*ST Yushun) announced significant progress in its major asset restructuring, with the first phase of the transaction payment completed [1] - The company plans to acquire data center assets consisting of 8,000 cabinets for a total consideration of 3.35 billion yuan, which will be paid in two phases [1][2] - The first payment of 3.35 million yuan, representing 10% of the total transaction price, was made ahead of the deadline of October 14 [2] Group 1 - The first phase of the transaction payment has been completed, indicating a key advancement in the asset restructuring process [1] - The total consideration for the acquisition is set at 3.35 billion yuan, with the first payment being 3.35 million yuan [1] - The payment was made to the regulatory account, with 36 million yuan already paid by one of the counterparties [1] Group 2 - The restructuring agreement is contingent upon three conditions: signatures from all parties, approval from the shareholders' meeting, and no objections from the China Securities Regulatory Commission and Shenzhen Stock Exchange [2] - The company has expedited the payment timeline, which is a positive sign for investors monitoring the transaction [2]

Core Viewpoint - *ST Yushun is making significant progress in its major asset restructuring, having completed the payment for the first phase of the transaction, indicating that the equity transfer date is approaching [1][2]. Group 1: Asset Restructuring Progress - On October 10, *ST Yushun announced that the payment for the first phase of its major asset restructuring has been completed [1][2]. - The restructuring involves the acquisition of data center assets with 8,000 cabinets for a total consideration of 3.35 billion yuan, which is to be paid in two phases [2]. - The first phase payment of 3.35 million yuan, which is 10% of the total transaction price, was made within five working days after the agreement was signed [2]. Group 2: Conditions and Timelines - The restructuring agreement's effectiveness is contingent upon three conditions: signatures from all parties, approval from the shareholders' meeting, and no objections from the China Securities Regulatory Commission and Shenzhen Stock Exchange [3]. - The shareholders' meeting on September 29 approved the restructuring transaction, allowing *ST Yushun to expedite the payment timeline, which was originally due by October 14 [3]. - The company has met all conditions for the agreement to take effect, as indicated by the early payment of the first installment [3]. Group 3: Market Reactions and Risk Considerations - On October 9, *ST Yushun issued a notice regarding unusual stock trading fluctuations, noting a cumulative decline of over 12% in stock price over three consecutive trading days [3]. - The company acknowledged potential risks related to funding arrangements in its risk warning announcement, which is a standard disclosure practice [4].