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 Insights - The VR industry in Jiangxi achieved a revenue of 110 billion yuan in 2024, marking a year-on-year growth of 9.34% [1] Group 1: Industry Development Characteristics - Leading companies are accelerating their concentration in Jiangxi, with over 400 VR enterprises established, including major players like Huawei, Alibaba, Lenovo, HTC, and iFlytek [1] - Jiangxi is home to 16 of the top 50 VR companies in the country, with 9 headquartered in the province [1] Group 2: Innovation Platforms - The National Virtual Reality Innovation Center has made breakthroughs in key technologies such as liquid crystal lens zoom display, 3D reconstruction, perception interaction, eye tracking, and gesture tracking since its establishment in 2022 [2] - Several leading innovation platforms, including Qius Research Institute, Huawei Nanchang Research Institute, and Beihang University Jiangxi Research Institute, have been established in Jiangxi [2] Group 3: Industry Ecosystem - Jiangxi has included the VR industry in its key manufacturing industry chain modernization plan, creating a multi-level policy support system for VR development [2] - The province has launched a virtual reality application promotion plan and identified 76 demonstration projects to promote the integration of VR technology across various sectors [2] - Six universities in Jiangxi have established undergraduate programs in virtual reality technology, with over 20 schools offering specialized programs [2] - The electronic information industry in Jiangxi has maintained a scale of over 1 trillion yuan for three consecutive years, providing a solid industrial foundation for VR hardware manufacturing [2]