"If you get into computing power, it will rise" seems to have become a market law. On February 28, Henglin shares (603661), which had just officially announced that it would lay out the computing power business, had a "one" word limit. It is understood that Henglin shares to acquire 100% of the shares of Xinjiang Hengsheng Intelligent Computing Communication Technology *** hereinafter referred to as "Hengsheng Intelligent Computing") held by related parties, since its establishment, Hengsheng Intelligent Computing has no actual operating income, and has signed a computing power server procurement contract with Nanjing Kunqian Computer Technology *** hereinafter referred to as "Nanjing Kunqian"). However, behind the sharp rise in stock prices, as a home furnishing company, whether Henglin shares have cross-border computing technology and talent reserves, and whether Nanjing Kunqian, as the only public first-class business of Hengsheng Intelligent Computing, can supply in a timely manner, etc., deserves further attention from the market.
One" word limit.
On February 28, Henglin shares "one" word limit.
The transaction ** shows that on February 28, Henglin shares reported a price limit of 49 throughout the day04 yuan shares, an increase of 10%, the full-day turnover was 76.11 million yuan, as of **buy a single about 4760,000 lots, with a turnover rate of 112%, with a total market capitalization of 68200 million yuan.
On the news side, Henglin Co., Ltd. plans to carry out computing power service-related business, cultivate the company's new growth business, and further enhance the company's profitability. Specifically, the company intends to cash about 15.5 billion yuan to acquire 100% equity of Hengsheng Intelligent Computing, and continue to fulfill its computing power server procurement contract with Hengsheng Intelligent Computing as the main body.
According to the announcement, Hengsheng Intelligent Computing is the younger sister of the company's controlling shareholder, holding 99% of Hengsheng Zhisuan, and Mei Yiting is the younger brother of the spouse of the company's controlling shareholder, holding 1% of Hengsheng Zhisuan.
It is worth noting that Hengsheng Zhisuan has signed a total amount of about 3 with the first merchant Nanjing KunqianThe 9.8 billion yuan "procurement contract for high-end computing power servers and their networking accessories" has been paid by Wang Aiqin on behalf of Hengsheng Intelligent Computing for the purchase of computing power servers, with a total amount of about 15.4 billion yuan. The consideration for this acquisition includes the acquisition of Hengsheng Intelligent Computing equity transfer of 1 million yuan, and the repayment of Wang Aiqin on behalf of Hengsheng Intelligent Computing to pay for the purchase of computing power servers 15.4 billion yuan. After the completion of the equity transfer, Henglin shares also need to pay the final purchase payment 2 to Nanjing Kunqian, a leading provider of computing power servers$4.4 billion, and the total of all the above amounts is about 39.9 billion yuan.
In response to the company's related issues, a reporter from Beijing Business Daily sent an interview letter to Henglin shares, but did not receive a reply from the company as of press time.
Cross-border computing power. For Henglin Co., Ltd., whose main business is furniture business, the decision to carry out computing power service-related business is a cross-border.
It is understood that Henglin Co., Ltd. is a national high-tech enterprise integrating R&D, production and sales of office chairs, sofas, massage chairs and other healthy seating and civil furniture products.
In the first half of 2023, according to product classification, Henglin's main business income comes from office furniture, new material flooring, upholstered furniture, panel furniture and others, of which office furniture accounts for the largest proportion, 4472%；The proportions of new material flooring, upholstered furniture, and panel furniture are respectively. 64%。
Henglin Co., Ltd. said that this investment is conducive to the company's rapid layout of computing power service business, building a computing service platform, conducive to the steady improvement of the company's business competitiveness and profitability, in line with the overall development direction of the company's business. In addition, Henglin Co., Ltd. said that the company is not engaged in the development of computing power chips, and only provides leasing of computing power servers. However, in this announcement, Henglin did not disclose whether the company has the technology and talents to carry out computing power service-related business.
Zhu Keli, executive director of the China Information Association and founding president of the National Research Institute of New Economy, said in an interview with a reporter from Beijing Business Daily that the entry threshold of the computing power leasing industry is relatively high, mainly due to the high requirements of the computing power leasing business for technology, equipment and operation and maintenance capabilities. From a technical point of view, the provision of efficient and stable computing power requires cutting-edge hardware equipment and advanced software architecture, which is precisely what many enterprises lack. In terms of equipment, high-performance computing power servers, large-scale storage systems and high-speed network equipment are expensive, which is a large expense for enterprises with insufficient financial strength. In addition, the operation and maintenance capability of the computing power leasing business is also crucial, and a professional technical team is required to ensure the stable operation and efficient service of the system.
According to Bai Wenxi, vice chairman of the China Enterprise Capital Alliance, with the development of large models and artificial intelligence, the demand for computing power has shown explosive growth, which is a good development opportunity for the computing power leasing business. However, the challenges that cross-border enterprises need to face include capital investment, technical team formation and lack of operational experience.
Zhu Keli also said that although from the perspective of diversification strategy, cross-border may bring new growth points for enterprises, there is a big difference between the business model and technical requirements of computing power leasing and the home furnishing industry. Cross-border operation means that enterprises need to enter a new field, facing unfamiliar market competition and technical challenges, which can not be ignored, such as technical thresholds, market acceptance, financial pressure, etc.
There is a risk of default on late delivery.
It is worth noting that the subject of this transaction, Hengsheng Intelligent Computing, has only disclosed a procurement contract, and Henglin shares also bluntly said that the computing power server that Hengsheng Intelligent Computing intends to purchase has not yet clearly signed a sales contract.
According to the data, Hengsheng Intelligent Computing, the subject of this transaction, was established on November 28, 2023, and has just completed 3 months and has no actual operating income. As of February 27, Hengsheng Intelligent Computing has total assets of 15.5 billion yuan (mainly paid-in capital and server advance payment), net assets of 96830,000 yuan, total liabilities 15.4 billion yuan (mainly for the advance payment for the purchase of computing power servers paid by shareholder Wang Aiqin on behalf of Hengsheng Intelligent Computing), operating income of 0 yuan, net profit -3170,000 yuan, monetary funds 96330,000 yuan.
Henglin shares said that as of the date of the announcement, Hengsheng Zhishu intends to purchase the computing power server has not yet clearly signed a sales contract with customers, and is currently actively communicating with relevant customers, whether it can be effectively converted into operating income is uncertain, and has no significant impact on the company's current operating income and net profit.
In addition, Henglin Co., Ltd. said that during the performance of the computing power server procurement contract, Hengsheng Intelligent Computing needs to purchase from a third party and complete the delivery of related products, and there may be a risk of default due to insufficient upstream capacity leading to overdue delivery.
Focusing on the ongoing computing power server procurement contract, the business department is Nanjing Kunqian, whose main business is computer software and hardware and peripheral equipment manufacturing, computer software and hardware and auxiliary equipment wholesale, etc. The registered capital of the company is 100 million yuan, and the paid-in capital is 10 million yuan.
The ease of purchasing a computing server varies from business to business. Zhu Keli said, "It may be relatively easy for enterprises with technology accumulation and procurement experience." However, for cross-border home furnishing enterprises, due to the lack of relevant experience and professional knowledge, they may face many difficulties in the procurement process, such as improper selection and unfavorable negotiation. ”
As for the choice of businessmen, Zhu Keli said that although well-known brands such as Nvidia are reliable, ordinary domestic products also have their advantages, such as high cost performance and fast service response. However, when choosing domestic products, enterprises need to conduct sufficient inspection and evaluation to ensure that the quality of their products and services can meet their own needs.
It is worth mentioning that Lotus Health, another company in the A** field, has attracted widespread attention in the market due to cross-border computing power, and the computing power servers purchased have not yet been fully delivered. According to the company's announcement on January 30, on September 27, 2023, the company's subsidiary Hangzhou Lotus Technology Innovation *** signed a purchase contract with H3C Information Technology Co., Ltd. for 330 GPU series servers, except for November 16, 2023, H3C Information Technology *** has delivered 12 GPU series servers to the company, as of the announcement date, the remaining 318 GPU series servers have not been delivered.
Beijing Business Daily reporter Ding Ning.