DAFENG INDUSTRY(603081) 每日经济新闻·2025-03-26 13:56Core Viewpoint - The stock of Dafen Industrial experienced a significant drop after a previous surge, attributed to potential sell-offs by convertible bondholders following a strategic partnership announcement with Zhiyuan Robotics [1][5]. Group 1: Company Developments - Dafen Industrial signed a strategic cooperation agreement with Zhiyuan Robotics on March 23, focusing on the establishment of a joint venture to develop multi-modal interaction systems and smart terminal applications [1][3]. - The joint venture will have a registered capital of 10 million yuan, with Dafen Industrial holding 85% and Zhiyuan Robotics 15% [3]. - The partnership aims to create a "technology + scenario" innovation platform, targeting various sectors including culture, entertainment, tourism, and commerce [4]. Group 2: Financial Impact - Following the announcement of the partnership, Dafen Industrial's stock price surged to 16.52 yuan per share on March 25, with a turnover rate of 18.48% [5]. - On March 26, the stock opened at a limit down of 14.87 yuan, reflecting an 8.84% decline, which was linked to the sell-off by convertible bondholders [1][5]. - The convertible bonds, amounting to 630 million yuan issued in 2019, were set to stop trading on March 24, allowing bondholders to convert them into shares until March 26 [5][6]. Group 3: Market Reactions - The decline in stock price was partly due to market fears regarding the potential sell-off by bondholders, who typically do not hold shares long-term and tend to sell upon realizing profits [5][6]. - Dafen Industrial's management indicated that the market remains optimistic about the collaboration with Zhiyuan Robotics, as evidenced by the stock's partial recovery during the trading day [6].