Core Viewpoint - Haitai Development has decided to terminate the cash acquisition of a controlling stake in Zhixueyun Technology after failing to reach an agreement on key transaction terms, putting its plans to enter the education technology sector on hold [1][2]. Group 1: Company Overview - Haitai Development is a state-owned listed company controlled by Tianjin Haitai Holding Group, primarily engaged in incubator services, infrastructure construction, and investment in high-tech industries [1]. - The company reported a significant increase in revenue, achieving 445 million yuan in the first three quarters of 2025, a year-on-year growth of 1256.49%, mainly driven by increased real estate sales [2]. Group 2: Acquisition Details - The acquisition of Zhixueyun was intended to align with the State-owned Assets Supervision and Administration Commission's reform requirements and local government policies, aiming to inject educational technology assets into the company [2]. - Zhixueyun, established in 2013, focuses on providing intelligent learning solutions for government and enterprise clients through its proprietary low-code PaaS platform and AI Agent platform [2]. Group 3: Market Reaction - Following the announcement of the major asset restructuring on June 5, Haitai Development's stock price rose significantly, with an increase of 62.2% from April 9 to June 5, and a total rise of over 87% from April 9 to December 5 [3].

Group 1 - Haitai Development announced a significant asset restructuring plan to acquire a controlling stake in Zhixueyun Technology Co., Ltd. through cash payment, with the transaction price and acquisition ratio still under negotiation [1][3] - Zhixueyun is an intelligent technology company focused on organizational learning, providing AI-based digital learning solutions to enhance talent development [1][4] - The acquisition aims to make Zhixueyun a subsidiary of Haitai Development, which will help the company expand into new productivity areas and enhance its core competitiveness and sustainable development capabilities [3][4] Group 2 - Zhixueyun has over 2,500 clients and more than 30 million users, with a market coverage rate exceeding 60% among top-tier clients [4] - Haitai Development has experienced a decline in revenue for three consecutive years, with the latest financial report showing a revenue of 778.48 million yuan in Q1 2025, a year-on-year decrease of 35.15%, and a net profit of -13.71 million yuan [6]

Core Viewpoint - HaiTai Development is planning to acquire a controlling stake in ZhiXueYun, an AI-based learning solutions provider, to enhance its business and create a second growth curve [1][6]. Group 1: Acquisition Details - HaiTai Development is in the process of negotiating the cash purchase of ZhiXueYun's controlling stake, with the exact transaction price and share acquisition ratio yet to be determined [1][3]. - The acquisition aims to secure control over ZhiXueYun, which will become a subsidiary of HaiTai Development upon completion of the transaction [3][6]. - The transaction is still in the planning stage, and no formal agreements have been signed, pending further negotiations and necessary approvals [3][4]. Group 2: ZhiXueYun Overview - ZhiXueYun focuses on providing AI-driven digital learning solutions, helping clients achieve scalable, intelligent, and personalized talent development [1][8]. - The company has developed a proprietary low-code PaaS platform and serves over 2,500 clients, with more than 30 million users and a market coverage exceeding 60% [8][9]. - Notable clients include major enterprises such as China Nuclear Group, China Mobile, and SAIC Group [9]. Group 3: HaiTai Development's Business Context - HaiTai Development primarily operates in industrial real estate development and has faced declining revenues for three consecutive years, with a reported revenue of 7.78 million yuan in Q1 2025, down 35.15% year-on-year [11]. - The company aims to diversify its business and enhance its core competitiveness through this acquisition, which aligns with the interests of its shareholders [6][11]. - As of Q1 2025, HaiTai Development had a cash balance of 418 million yuan, indicating its financial capacity to pursue this acquisition [11].