Cross-industry investment in GPU trading "blind boxes" awaiting resolution; Dashengda cancels temporary shareholders' meeting

Caixin News, March 28 (Reporter Luo Yichen) Regarding the investment of 550 million yuan by paper packaging manufacturer Dashengda (603687.SH) in Xintong Semiconductor and other transactions, Caixin News reported on the evening of March 26, titled “Behind Five Trading Limits: Dashengda’s 988 Million Yuan Blind Box Awaits Opening,” detailing key information deficiencies in this transaction. The report has drawn widespread market attention, and after Dashengda’s stock price hit its fifth consecutive limit up on March 26, it plummeted by 5.27% on the 27th after the report was published. That evening, the listed company announced that it would not hold a shareholder meeting to review this investment proposal.

In its announcement regarding the cancellation of the temporary shareholder meeting, Dashengda explained on the evening of the 27th that the company is organizing a response to the matters raised in the “Regulatory Work Letter,” and thus decided to temporarily postpone the shareholder meeting to review this external investment matter, and will release a notice on holding the shareholder meeting after completing the response to the “Regulatory Work Letter.”

It has been a full 9 days since the issuance of the “Regulatory Work Letter” by the Shanghai Stock Exchange. According to investigations, the listed company announced the investment in Xintong Semiconductor and other transactions on the evening of March 18, and had already received the “Regulatory Work Letter” from the Shanghai Stock Exchange regarding the transaction that same evening.

Why did it suddenly announce the need for more time to respond to regulation after several days?

Reviewing the timeline, since March 19, under the favorable stimulus of cross-industry investment in GPUs, Dashengda’s stock price continued to rise after the abnormal limit up before the announcement on March 18, subsequently achieving four more limit-ups. On the evening of March 26, in response to this transaction, Caixin News published the report “Behind Five Trading Limits: Dashengda’s 988 Million Yuan Blind Box Awaits Opening,” which noted that there were significant discrepancies in the valuations of the target company, incomplete information regarding the target company’s listing time, the timing of the third-generation GPU tape-out, and other key details, as well as the industrial capital background that the listed company intended to introduce, leading to a series of information “blind boxes” faced by many small and medium shareholders when reviewing the transaction proposal. This report attracted widespread attention, and the next day, Dashengda’s stock price plummeted by 5.27%.

In this cross-industry transaction, Dashengda plans to invest 550 million yuan in Xintong Semiconductor, based on this premise, the controlling shareholder Xingshengda will transfer 8% of the listed company’s shares to strategic investors through an agreement, cashing out 438 million yuan. Regarding this cross-industry move, the listed company stated that it is to explore opportunities for the development of new productive forces, while the transfer of shares by the controlling shareholder is explained as an introduction of strategic investors with a strong industrial background to provide technical, supply chain, or market channel support for Xintong Semiconductor, maximizing the expected benefits of this external investment matter.