Pansoft Company Limited

Hong Kong‑listed Minglue Technology acquired control of A‑share Pulian Software through a subsidiary. After the deal was announced, Pulian Software hit the 20% daily limit‑up for two consecutive days, while Minglue Technology’s share price fell more than 50% over the same period. According to the announcement, 16 shareholders of Pulian Software, including controlling shareholder Lin Guoqiang, plan to transfer a combined 19.07% stake to Beijing Minglue Zhaohui Technology at 11.38 yuan per share. After the transaction, Minglue Technology founder Wu Minghui will become the new de facto controller of Pulian Software. The A‑share market sees this as a powerful alliance between AI and the information technology application innovation sector, while Hong Kong investors are concerned that the acquirer, Minglue Zhaohui, has been loss‑making for nearly three years, with losses reaching 61.75 million yuan in 2025, and that parent company Minglue Technology reported a net loss attributable to shareholders of 6.415 billion yuan in 2025. Moreover, the day after the acquisition announcement coincided with the unlocking of more than 80% of Minglue Technology’s shares. Fundamental worries combined with selling pressure from the share unlock triggered a stampede‑like sell‑off in the stock.