On the evening of November 23, Rockchip Technology Group Co., Ltd. (hereinafter referred to as “Rockchip Technology”) announced that the company is planning to acquire a controlling stake in Shudun Information Technology Co., Ltd. (hereinafter referred to as “Shudun Technology”) through the issuance of shares and cash payment, along with raising supporting funds.
The company’s stock will be suspended from trading starting November 24, with the suspension expected to last no more than 5 trading days.
This means that Rockchip Technology, a local IoT big data technology enterprise in Shanxi, is entering the field of cryptography through a cross-industry merger and acquisition, seeking new growth points for its business. The target of the acquisition, Shudun Technology, is recognized as a “national-level small giant” in the domestic cryptography field and will also integrate into the capital market through this move.
01 Acquisition Details Disclosed
According to the announcement from Rockchip Technology, this transaction is expected to be conducted through the issuance of shares and cash payment, and Rockchip Technology has signed a “Share Acquisition Intent Agreement” with the main shareholder of Shudun Technology, Zhu Yun.
The announcement clarifies that, based on preliminary calculations, this transaction may constitute a major asset restructuring but will not lead to a change in the actual controller of the company and does not constitute a restructuring listing.
As the audit evaluation, transaction amount, and the ratio of shares issued to cash payment for the target company have not yet been determined, it is currently unclear whether this transaction constitutes a related party transaction. Rockchip Technology stated that it will provide a detailed analysis and disclosure regarding whether this transaction constitutes a major asset restructuring and related party transaction in the restructuring plan or report.
The counterpart of this transaction is preliminarily determined to be Zhu Yun and other shareholders of Shudun Technology. Given that the transaction matters are still under negotiation, the final counterpart will be based on the subsequent announcement information disclosed by the company.
02 National-Level Small Giant: The Strength of Shudun Technology
Founded on January 14, 2002, Shudun Technology is a company focused on domestic cryptography technology research, cryptographic information security product development, and overall information security solution services. As one of the first companies recognized by the National Cryptography Administration as having commercial cryptography qualifications, Shudun Technology possesses significant technical and brand advantages in the cryptography field.
Shudun Technology is a national-level “specialized, refined, distinctive, and innovative” key small giant enterprise, one of the first commercial cryptography hard technology potential enterprises recognized by the Ministry of Industry and Information Technology, a top 100 enterprise in the Chinese cybersecurity industry, and one of the top 10 enterprises in the cryptography field.
The company has obtained over 40 commercial cryptography product certificates, 68 invention patents, and 130 software copyrights.
The technical strength of Shudun Technology is not only reflected in traditional cryptography but also in its extensive layout in cutting-edge technologies. The company’s self-developed post-quantum cryptography card, based on post-quantum cryptography algorithms (PQC), can effectively resist quantum computing attacks, ensuring communication and data security in the quantum era.
In the field of satellite internet cryptography applications, the satellite internet data cryptographic machine and unified key management system developed by Shudun Technology have undergone system-level testing and verification in a national satellite internet special project, making it the first private enterprise to win a bid for such attempts in the industry.
In 2024, Shudun Technology’s revenue reached 405 million yuan, with total assets of 1.476 billion yuan. The company’s shareholder background is diverse, including several state-owned enterprise private equity funds and Anhui Guofu Industrial Investment Co., Ltd., controlled by Chery Automobile Chairman Yin Tongyue.
03 The Dilemma and Transformation of Rockchip Technology
Rockchip Technology is a technology enterprise in the field of IoT big data, focusing on data as the core, concentrating on the dual carbon field of ecological environment and comprehensive applications in smart cities, providing IoT hardware and software products, solutions, and data operation services to government and enterprise users.
In recent years, Rockchip Technology’s performance has been lackluster. Financial data shows that the company has been losing money since 2021.
From 2021 to 2024, Rockchip Technology’s net profit attributable to shareholders of the parent company was -129 million yuan, -288 million yuan, -208 million yuan, and -103 million yuan, respectively. In the first three quarters of 2025, the company’s main revenue was 166 million yuan, a year-on-year decrease of 30.72%; net profit attributable to the parent company was -67.2379 million yuan, a year-on-year decrease of 114.36%.
On October 29, 2025, Rockchip Technology completed the re-election of its board of directors and supervisory board, forming the fourth board of directors and supervisory board, and appointed new senior management personnel. This management adjustment may be a preparation for the company’s strategic transformation.
On the other hand, Rockchip Technology still has certain highlights in its business. The company successfully constructed and operates three national-level carbon management platforms: the National Carbon Market Management Platform, the National Non-Carbon Dioxide Greenhouse Gas Management Platform, and the National Greenhouse Gas Voluntary Emission Reduction Networking Supervision System, with the ecological environment dual carbon big database exceeding one trillion records.
Recently, Rockchip Technology’s ecological environment dual carbon project also won the Beijing Shandong regional award in the 2025 “Data Element ×” competition.
04 Strategic Synergy and Industry Prospects
This cross-industry merger and acquisition represents a strong alliance between Rockchip Technology, a technology enterprise in the IoT big data field, and Shudun Technology, one of the top 10 in the cryptography field, based on top-notch technical strength. From an industry perspective, this layout has strategic significance.
In recent years, the development of IoT big data has been rapid. By 2024, the national IoT market has formed a market scale of 4 trillion yuan, expected to reach 4.55 trillion yuan by 2025. As data becomes a core asset, the importance of data security is increasingly prominent.
In 2024, China’s data security market size will exceed 10 billion for the first time, reaching 11.85 billion yuan. According to CCID Consulting, this scale is expected to approach 100 billion yuan by 2025.
This acquisition can fill Rockchip Technology’s gap in the data security field and is an important acquisition action for Rockchip Technology to enhance its position in the trillion-yuan IoT market and the hundred-billion data security track, forming a complete chain layout from IoT big data to “data + security”.
From a technical synergy perspective, Shudun Technology’s cryptographic technology can provide security support for Rockchip Technology’s IoT big data business, while Rockchip Technology’s customer resources and market channels can help expand the application range of Shudun Technology’s product services.
Especially since both companies primarily serve government and platform companies or state-owned enterprise users, the high overlap of their customer base also facilitates business integration.
With the rapid development of technologies such as 5G, IoT, and artificial intelligence, the data security market is experiencing explosive growth. Rockchip Technology’s acquisition is precisely aimed at this trillion-yuan cake.
Once the transaction is completed, Rockchip Technology will no longer be a purely IoT enterprise but will upgrade to a “data + security” integrated solution provider. Whether this cross-industry integration can produce a “1+1>2” effect remains to be seen in the capital market.
This article is a comprehensive summary based on public reports.