Core Viewpoint - The abrupt termination of the control change plan for BiaoBang Co., Ltd. (301181.SZ) led to a 20% drop in stock price upon resumption of trading, disappointing investors who anticipated a change in control [2][3]. Group 1: Control Change Plan - The company announced the termination of the control change plan due to failure to reach consensus on key terms between the controlling shareholder and the transaction party [2]. - The control change plan was initiated just seven days prior to its termination, with no information disclosed about the identity of the transaction party [3]. - The controlling shareholder, Jiangyin BiaoBang Network Technology Co., Ltd., and the actual controller, Zhao Qi, were involved in the plan, which coincided with a significant unlock of restricted shares [3]. Group 2: Stock Performance and Market Reaction - Prior to the suspension, BiaoBang's stock price had surged by 56% over the month, with significant trading volume indicating speculative activity [2][6]. - The stock experienced a notable increase in trading volume, with daily trading amounts rising from around 10 million to between 400 million and 600 million [7]. - Following the announcement of the termination, the stock faced a limit down on its first trading day, reflecting a lack of fundamental support for the previous price increase [6][9]. Group 3: Financial Performance and Challenges - Despite the turmoil, BiaoBang is not considered a typical "shell company," as it has shown stable performance as a leading manufacturer of automotive nylon pipelines [3]. - The company faces challenges in transitioning to the new energy sector, with key projects lagging behind schedule, none of which have progressed beyond 50% completion [6].

Core Viewpoint - The stock of Biaobang Co., Ltd. (301181.SZ) faced a trading halt and subsequently dropped by 20% to 40.96 yuan after the announcement of the termination of control rights change plans, resulting in a total market capitalization of 4.733 billion yuan [1][2]. Group 1 - Biaobang Co., Ltd. announced the termination of its plans to change control rights, which was initially proposed by its controlling shareholder, Jiangyin Biaobang Network Technology Co., Ltd. [2] - The stock was suspended from trading on October 31, 2025, after reaching a peak price of 53.96 yuan on October 28, 2025, marking a new high since its listing [2]. - The company stated that the termination of the control rights change would not have a significant adverse impact on its operational performance and financial status [2]. Group 2 - Biaobang Co., Ltd. was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on February 21, 2022, with an initial public offering of 22.5 million shares at a price of 40.25 yuan per share [3]. - The total funds raised from the IPO amounted to 906 million yuan, with a net amount of 838 million yuan after deducting issuance costs, exceeding the original plan by 271 million yuan [3]. - The funds raised are intended for expansion projects related to automotive power system connection pipes, construction of cooling systems for new energy vehicle batteries, R&D center development, and working capital supplementation [3].