*ST Gaoke, which is engaged in vocational education, has had 9 daily limit up moves in 14 days. It made a cross - border investment in the semiconductor industry and was questioned by the regulators about "whether it is deliberately riding on the hot topic".

After being questioned by the Shanghai Stock Exchange, on May 21, the stock price of *ST Gaoke (600730.SH) hit the daily limit down. Previously, the company had achieved 9 daily limit up in nearly 14 trading days.

On the evening of May 20, *ST Gaoke announced that it had received an inquiry letter from the Shanghai Stock Exchange regarding the company's overseas investment and stock price fluctuations.

The inquiry letter shows that on May 20, *ST Gaoke announced that it plans to invest 7.8 million yuan to jointly establish Gaoke Chenqi Education Technology Co., Ltd. (hereinafter referred to as "Gaoke Chenqi"), a domestic and international education consulting service platform, with Shanghai Chenqi Education Technology Co., Ltd. (hereinafter referred to as "Shanghai Chenqi"). At the same time, the company disclosed that it has recently established several new subsidiaries one after another, and the business fields involve semiconductor packaging and testing, capital operation, etc., which are quite different from the company's main business.

The Shanghai Stock Exchange requires *ST Gaoke to explain whether the timing selection and amount arrangement of this overseas investment are related to maintaining the stock price, coordinating with market value management or other specific purposes, and whether there is a situation of deliberately following market hot - spot concepts.

Regarding this investment and the company's business plan in the semiconductor packaging and testing field, a reporter from Times Weekly sent an interview letter to *ST Gaoke on May 21, and as of press time, no reply had been received.

An education investment leads to the layout of semiconductor packaging and testing, and the Shanghai Stock Exchange issues an inquiry

An investment of 7.8 million yuan in the education field has led to *ST Gaoke's 160 - million - yuan layout in semiconductor packaging and testing.

According to *ST Gaoke's investment announcement this time, the registered capital of Gaoke Chenqi is 12 million yuan. Among them, the company's wholly - owned subsidiary, Beijing Gaoke Zhilian Technology Co., Ltd. (hereinafter referred to as "Gaoke Zhilian"), subscribed to a capital contribution of 7.8 million yuan, accounting for 65% of the registered capital; Shanghai Chenqi subscribed to a capital contribution of 4.2 million yuan, accounting for 35% of the registered capital.

*ST Gaoke said that Gaoke Chenqi is positioned as a domestic and international education consulting service platform, focusing on overseas university cooperation, one - stop services for school entrance planning, study - abroad planning and employment guidance, AI education consulting and other businesses.

The establishment of Gaoke Chenqi this time has brought to the surface *ST Gaoke's recent series of layouts in the semiconductor packaging and testing field. The announcement shows that in the past 12 months, the cumulative amount of overseas investment related to the target under the same transaction category (including this overseas investment) has reached 10% of the company's audited net assets in the most recent fiscal year. The company disclosed that it has centrally established several semiconductor packaging and testing enterprises this year, with a total investment of about 160 million yuan.

According to *ST Gaoke's announcement, the company successively established wholly - owned subsidiaries Gaoke Xinyuan (Hubei) Investment Co., Ltd., Gaoke Qixin Technology (Shanghai) Co., Ltd., and Zhejiang Gaoke Qixin Technology Co., Ltd. on April 16, April 17, and April 23 this year. The positions of the above three companies are respectively the company's asset operation and industrial cooperation platform, the technology R & D and operation management platform for semiconductor packaging and testing business, and the implementation entity for the semiconductor packaging and testing production and manufacturing link, with a total registered capital of 160 million yuan.

It is worth noting that *ST Gaoke's stock price has shown a significant upward trend recently. From April 29 to May 18, 2026, the company's stock price increased by 60.76% in total. During this period, there were 9 trading days with daily limit up, and it hit the abnormal increase limit 3 times. The company's stock price increased significantly in a relatively short period of time, and the matters of establishing several new subsidiaries were concentrated around this period.

In view of the significant impact of relevant matters on investors, the Shanghai Stock Exchange issued an inquiry letter, requiring *ST Gaoke to explain whether the timing selection and amount arrangement of this overseas investment are related to maintaining the stock price, coordinating with market value management or other specific purposes, and whether there is a situation of using information disclosure to affect the stock price, in combination with the recent significant increase in the stock price and the market's expectation of business transformation.

At the same time, the Shanghai Stock Exchange requires *ST Gaoke to self - check whether the previous information disclosure is true, accurate and complete, whether it has misled investors' decisions on business transformation matters through channels such as periodic reports, investor briefings and interactive platforms, and whether there is a situation of deliberately following market hot - spot concepts.

The Shanghai Stock Exchange also requires *ST Gaoke to explain the registration of insider information and the implementation of confidentiality measures for the above - mentioned matters, and self - check whether there is a situation of early leakage of relevant information; explain the investment progress, paid - in amount and subsequent operation arrangements of the company's establishment of several semiconductor subsidiaries, and whether there is a risk of blind cross - border investment.

Transformation after changing the controlling shareholder, aiming to introduce semiconductor packaging and testing business

*ST Gaoke was established in 1992. Its current main business includes education business and real - estate operation business. Among them, the education business includes online vocational education business in the medical field and higher - education industry - education integration business.

Since 2018, *ST Gaoke's revenue has been hovering around 100 million yuan, and the company's profitability is unstable. In 2025, the company's revenue decreased by 48.18% year - on - year to 78.0398 million yuan; the net loss was 126 million yuan, turning from profit to loss year - on - year.

*ST Gaoke said that the performance change was due to the impact of consumption downgrade in the medical online education industry and the expansion of the new - media marketing advantages of competitors, resulting in a decline in the market share of *ST Gaoke's medical online education business; at the same time, the main lease customers of Shenzhen Gaoke Nanshan Building, which the company holds and leases, moved out due to the expiration of the lease contract, and the overall occupancy rate decreased due to the impact of the leasing market situation.

Against the background of *ST Gaoke's performance decline, in December 2025, *ST Gaoke's former indirect controlling shareholder, New Founder Holdings Development Co., Ltd., sold 100% of the equity of Fangzheng International Education Consulting Co., Ltd., the company's controlling shareholder, to Hubei Yangtze River Shiyu Xinji Semiconductor Co., Ltd. (hereinafter referred to as "Yangtze River Semiconductor") at a consideration of 1.2 billion yuan. The actual controller of *ST Gaoke has also changed to the State - owned Assets Supervision and Administration Commission of Dongyang City, Sun Weijia, Liang Meng, He Yifan and Cao Long.

A reporter from Times Weekly noticed that Yangtze River Semiconductor, its shareholders and actual controller promised that within 36 months after the completion of this equity change, they will not inject the assets held by the information disclosure obligor, its shareholders, actual controller and related parties into *ST Gaoke.

Yangtze River Semiconductor also said that it plans to position *ST Gaoke's business as focusing on the training of semiconductor industry workers and medical industry personnel. At the same time, it plans to introduce semiconductor packaging business to the company, focus on HBM packaging and customized packaging products, and build a dual - main - business pattern of "semiconductor packaging + vocational education and training" in the long term to form sustainable profitability.

In the first quarter of this year, *ST Gaoke continued to lose money. According to the company's first - quarter report, affected by the intensification of market competition, the company's revenue in the first quarter decreased by 36.65% year - on - year to 13.8986 million yuan, and the net loss was 1.927 million yuan, turning from profit to loss year - on - year. After the new actual controller took over, how to lead the company to turn losses into profits and remove the "ST" label has attracted much market attention.

A reporter from Times Weekly noticed that *ST Gaoke recently hired an executive with rich experience in the semiconductor industry.

According to *ST Gaoke's announcement on April 29, the company's board of directors agreed to appoint Li Weiping as the company's deputy manager and chief technology officer. He served as the chairman and general manager of Shanghai Yibu Semiconductor Co., Ltd., the senior vice - president of Ziguang Group, the deputy general manager and special assistant to the chairman of Changjiang Electronics Technology Co., Ltd. He has successively served as a product engineer, senior chief engineer and senior product manager in American companies such as Delphi Delco, Motorola Semiconductor and Amkor.

Lu Hong, the founder of the M&A Expert Platform, analyzed to a reporter from Times Weekly on May 21: "Li Weiping has top - notch resumes from Changjiang Electronics Technology, Ziguang and Amkor, which can directly make up for the company's lack of packaging and testing technology, industrial resources and customer channels. More importantly, on the premise that the actual controller promises not to inject related assets, hiring an external senior expert to independently incubate the business is both compliant and practical, and he may become the core operator to promote the implementation of the packaging and testing business."

This article is from the WeChat official account "Times Weekly" (ID: timeweekly), author: Song Yiting, Han Xun, editor: Huang Jiaxiang. It is published by 36Kr with authorization.