The delisting of "chip bull stocks" was once known as "benchmarking NVIDIA"!

Xinzhixun

2024-07-02 11:52Xinzhixun official account

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01 *ST Zuojiang (Zuojiang Technology), which was once known as the "most expensive ST stock in history" that was "benchmarked against NVIDIA", terminated its listing on the evening of June 28.

02Founded in 2007, Zuojiang Technology initially focused on the production of network security hardware, and then landed on the GEM in October 2019.

03Driven by the artificial intelligence boom, Zuojiang Technology shifted its focus to the development of data processing units (DPUs) at the end of 2022, and its stock price rose sharply.

04 However, as of the end of the third quarter of 2023, Zuojiang Technology's DPU chip sales revenue has nothing else, and the company's stock price has fallen 97% from its peak in July last year.

On November 24, 052023, the China Securities Regulatory Commission filed an investigation into Zuojiang Technology, a delisting risk company, and on April 29 this year, the company disclosed its first annual financial accounting report after being put on delisting risk warning.

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On the evening of June 28, the Shenzhen Stock Exchange announced the termination of the listing of *ST Zuojiang (i.e., "Zuojiang Technology"). This company, which was once known as the "most expensive ST stock in history" against NVIDIA, finally left the market.

According to the data, Zuojiang Technology was founded in 2007, initially focused on the production of network security hardware, and landed on the GEM in October 2019. However, driven by the AI boom, the company shifted its focus to developing data processing units (DPUs) at the end of 2022. In the chip industry, DPU is considered to be the new "third main chip", and the main DPU manufacturer is an international giant represented by NVIDIA. With Zuojiang Technology cutting into DPU chips, this provides a huge imagination for the stock price.

On February 7, 2023, Zuojiang Technology announced that it agreed to introduce new investors such as Hainan Quantum Yongchang Venture Capital Fund Partnership (Limited Partnership) and Chengdu Dingxing Quantum Investment Management Co., Ltd. through capital increase and share expansion. Three months later, Qingdao Dingliang Digital Core Private Equity Investment Fund Partnership (Limited Partnership) and Qingdao Xinqi Wanlian Equity Investment Partnership (Limited Partnership) also became investors in Beizhong Netcore.

According to the official WeChat message of Zuojiang Technology, in November 2022, the Mako Shark NE6000 series network data processing chip (DPU) was successfully developed, NE6000 is the first independent controllable chip in China that can provide 25G and 100G interface capabilities, and it is also the first network data processing chip with 200Gbps data plane programmability in China. At the same time, Zuojiang Technology also said in its reply to the inquiry letter of the 2022 annual report that the difference between NE6000 and similar foreign products is mainly reflected in the different chip processes, and the NE6000 is developed to benchmark the previous generation Bluefield2 DPU launched by NVIDIA in 2020.

Zuojiang Technology also said in the annual report that the high-speed network card based on the programmable network data processing chip has carried out ecological adaptation with CPU manufacturers, operating system manufacturers and server manufacturers, and has passed a number of compatibility certifications, and has obtained the material code of some major domestic server manufacturers, marking that the high-speed network card products supported by the company's programmable network data processing chip as the underlying support have reached a new level in the industry compatibility and adaptation. At the same time, based on the programmable network data processing chip, a variety of high-speed network equipment has been developed for customers, and a number of central enterprises have carried out the development of network security platforms based on NE6000 chips, some of which have been developed, and the project implementation has been implemented and accepted.

Especially since 2023, Nvidia's GPU stock price has skyrocketed with artificial intelligence, and A-shares have also "risen when they hear AI", or they will rise when they catch up with NVIDIA's concept. Holding a few "firsts" and claiming to be benchmarking Nvidia-related products, Zuojiang Technology's share price has been "soaring", rising as high as 299.8 yuan per share. However, it has been tape-out for nearly a year, and as of the end of the third quarter of 2023, except for a transaction that is not yet known whether it can be confirmed in 2023, Zuojiang Technology's DPU chip sales revenue has nothing else.

According to the "Daily Economic News", Zuojiang Science and Technology announced that the project plot of the "51 million yuan contract" network card terminal project site with an investment of 1 billion yuan - Zhongyuan Spatio-temporal Big Data Cloud Center is overgrown with weeds, and there is no sign of starting.

On November 24, 2023, the China Securities Regulatory Commission announced that it would open an investigation into Zuojiang Technology, a delisting risk company. On January 30 this year, the China Securities Regulatory Commission notified that the financial information disclosed by Zuojiang Technology in 2023 was seriously untrue and suspected of major financial fraud. As of the last trading day before its suspension, Zuojiang Technology's share price was only 6.94 yuan, with a total market value of 708 million yuan and 12,000 shareholders. Shares are down 97% from their peak in July last year.

On April 29 this year, Zuojiang Technology disclosed that the first annual financial accounting report after the implementation of the delisting risk warning showed that the audited net profit before and after deducting non-recurring profits and losses in 2023 was -223 million yuan, and the operating income after deducting business income unrelated to the main business and income without commercial substance was 52.1727 million yuan; The company has terminated the listing of the shares in accordance with the relevant regulations.

On the evening of June 28, Zuojiang Technology announced that the company's shares entered the delisting period. The start date of the delisting consolidation period is July 8, and the last trading day is expected to be July 26. The company's shares will be delisted on the next trading day after the expiration of the delisting period, and the listing of the shares will be terminated.

Editor: Xinzhixun-Lin Zi

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