Xiangshan Co. announced on August 31 that it plans to acquire 100% of Zhejiang Wuluo Smart City Technology Co., Ltd. through a share issuance and cash payment, along with raising supporting funds. Trading in its shares will be suspended from September 1, with the transaction plan expected to be disclosed within no more than 10 trading days. Wuluo Smart is deeply engaged in the AI intelligent computing sector, providing full-stack AI intelligent computing solutions. If the acquisition is completed, Xiangshan Co. will cross over into AI intelligent computing. Xiangshan Co. reported first-half revenue of 2.402 billion yuan, down 18.23% year-on-year, and a net loss attributable to the parent company of 12.299 million yuan, down 123.22% year-on-year, mainly affected by declining auto parts revenue, exchange losses, and the divestiture of its weighing instruments business. As of the close on August 31, Xiangshan Co.'s stock price was 53 yuan per share, with a total market value of nearly 8.1 billion yuan.
Xiangshan plans to acquire 100% of Wuluo Smart via share issuance and cash, a takeover event for the AI computing target.
