What happened
On the evening of August 30, 2026, Jingsheng (stock code 688478) announced that its board had decided on August 28 to terminate the proposed purchase of 100% of Beijing Weizhun Intelligent Technology Co., Ltd. through a combination of share issuance and cash payment, together with a supporting fundraising plan.
The company will withdraw the related application documents and has authorized management to handle the termination procedures. The transaction, first disclosed in August 2025, was classified as a major asset restructuring and a related-party transaction, but not a restructuring listing.
Why it matters
The termination brings a roughly one-year M&A process to an end and underscores the uncertainty of listed-company capital operations. Jingsheng had previously described the acquisition as a key step to strengthen performance and broaden its business scope.
The company said the market environment had changed from the initial planning stage, and after careful consideration and friendly negotiation with the relevant parties, it decided to halt the deal to protect the interests of multiple stakeholders.
Key facts
Jingsheng announced the termination on August 30, 2026, following a board decision on August 28, 2026.
The planned deal involved buying 100% of Weizhun Intelligent from 10 counterparties for 857 million yuan, with 316 million yuan in planned supporting fundraising.
In the first half of 2026, Jingsheng reported revenue of 40.6483 million yuan, down 41.72% year-on-year, and an attributable net loss of 11.7651 million yuan, compared with a 5.8813 million yuan loss a year earlier.
What to watch next
Jingsheng stated that current business operations are normal and that the termination will not cause a major adverse impact on existing production and management activities.
Given the company's declining revenue and continued losses, how it will approach performance recovery and business transformation remains a key focus.