Analysis of the Limit-Up of Markor Furniture (600337) for Cross-Border AI Computing Power Transformation: Driven by Transformation Expectations, Under Significant Fundamental Pressure

January 9, 2026
Stock enters the limit-up pool today

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Markor Furniture (600337) entering the limit-up pool on January 9, 2026 is worthy of attention. Looking back at the stock’s recent performance, since its resumption of trading on January 5, 2026 to January 8, it has recorded 4 consecutive “one-word board” limit-up moves, with a cumulative increase of 46.23%, significantly outperforming the Shanghai Composite Index’s cumulative increase of only 2.88% during the same period [0][1].

On the evening of December 31, 2025, Markor Furniture released a major asset restructuring plan, proposing to acquire 100% equity of Shenzhen Wandetai Optoelectronics Technology Co., Ltd. via the method of “issuing shares + cash + supporting fundraising”, entering the high-speed copper cable track within the AI computing power sector [1][2]. This cross-border acquisition plan has become the core catalyst driving the stock’s consecutive limit-ups.

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The target of this restructuring, Shenzhen Wandetai Optoelectronics Technology Co., Ltd., was established in 2018, and is a national high-tech enterprise and a Shenzhen “Specialized, Sophisticated, Unique, and New” enterprise. Its main business is the R&D, production and sales of high-speed copper cables (DAC/ACC/AEC) and LOOPBACK intelligent loopback test modules applied in server clusters, large server rooms and AI computing power cluster scenarios [3].

From an industry perspective, against the backdrop of the global explosion in AI computing power demand, high-speed copper cables have significant cost advantages compared to optical modules (only 1/3 to 1/5 of optical modules), as well as characteristics such as low power consumption and low latency. The global demand for high-speed copper cables is expected to exceed 200 million units in 2025, with a compound annual growth rate of over 25% [4]. Wandetai has established cooperative relationships with well-known semiconductor manufacturers such as Marvell, Maxlinear, and Semtech, and its 800G/400G high-speed cable products have achieved mass production, with an annual capacity of 500,000 units [5].

The market interprets this as a strategic transformation of Markor Furniture from the traditional home furnishing manufacturing industry to the field of “new quality productive forces”, which is in line with current policy orientations and industrial upgrading trends [6]. Stocks with the same concept such as Shenyu Co., Ltd. and Woer New Material saw increases of 248% and 238% respectively in 2024, forming an obvious demonstration effect [7].

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1. Concept Superposition Effect:
   Superposition of multiple hot concepts such as AI computing power, “high-speed copper cable”, and cross-border M&A attracts concentrated speculation by short-term funds
2. Transformation Expectations:
   Market’s imagination space for “distressed turnaround” of traditional enterprises
3. Capital Game:
   Trading volume shrank drastically during the consecutive one-word board limit-ups, showing highly locked-in chips

1. Continuous Deterioration of Fundamentals:
   The company has suffered consecutive losses for 4 years (2022-2025). In the first three quarters of 2025, its operating revenue reached 2.223 billion yuan, a year-on-year decrease of 10.10%, with a net profit of -220 million yuan [8]
2. Suspension of Main Business Operations:
   Two important subsidiaries, Tianjin Markor and Tianjin Processing, suspended operations starting from January 1, 2026, with a combined revenue share of over 15% [9]
3. Difficulty in Cross-Border Integration:
   There is no synergistic effect between the home furnishing industry and the computing power sector, and the company has no accumulated experience in the relevant industry [10]
4. Transaction Uncertainty:
   The audit and valuation for the acquisition have not been completed, and there is a risk that supporting financing may not meet expectations

On the evening of January 8, the company issued a risk warning announcement, clearly stating that “the company’s stock trading has a situation of overheated market sentiment and high speculation risks” [11].

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Risk Type	Specific Content	Risk Level
Fundamental Risk	Consecutive losses for 4 years, continuous deterioration of main business, expected to continue losing money in 2025	🔴 High
Valuation Risk	Transaction valuation has not been determined, with possible significant premium	🔴 High
Integration Risk	No synergy between the home furnishing and computing power industries, lack of relevant technology and management experience	🔴 High
Performance Commitment Risk	The target company’s net profit in 2024 was only 6.78 million yuan, but it has committed to achieving 30 million/40 million/50 million yuan in 2025-2027 respectively	🟠 Medium
Cash Flow Risk	Monetary funds are only about 100 million yuan, and the balance of external guarantees is as high as 1.4 billion yuan	🔴 High
Transaction Failure Risk	Supporting financing may be suspended, terminated or canceled	🟠 Medium

Industry analysts believe that traditional enterprises expanding into the computing power track through cross-border layout often face three challenges: technical barriers, capital pressure, and integration difficulties. Markor Furniture has no relevant background in the semiconductor, communications or computing power sectors, and lacks the core capabilities required for high-speed cable R&D, testing and supply chain management [12].

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In view of the company’s explicit warning of speculation risks, and the accumulated large profit-making chips after consecutive limit-ups, it is necessary to be alert to the risk of increased volatility caused by regulatory attention and profit-taking by short-term funds.

The future trend will highly depend on the progress of the restructuring transaction. If the acquisition plan is successfully approved, coupled with the fermentation of market expectations for “home furnishing + computing power” dual-driven development, the stock price is expected to stabilize and rebound; if there are twists and turns or failure in the transaction process, the stock price may face a significant pullback and adjustment.

The long-term uncertainty is high, which depends on multiple factors such as whether the acquisition can be successfully completed, whether the cross-border integration is successful, and whether the home furnishing main business can stabilize.

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Price Type	Price Range	Explanation
Support Level	3.0-3.2 yuan	Pre-suspension consolidation zone
Strong Support	2.6-2.8 yuan	2024 low point area
Resistance Level	4.0-4.3 yuan	Dense trading zone after limit-up opens
Strong Resistance	Above 4.5 yuan	Previous high point

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The recent limit-up of Markor Furniture is mainly driven by the plan to acquire AI computing power assets through cross-border layout. Market expectations for the transformation of traditional home furnishing enterprises to the field of new quality productive forces have pushed the stock price to consecutive limit-ups. However, the company’s fundamentals continue to be under pressure - problems such as consecutive losses for 4 years, suspension of operations of Tianjin subsidiaries, and tight cash flow are still prominent. Although the cross-border acquisition brings imagination space for transformation, there is a large gap between the target company’s performance commitment and reality, cross-border integration lacks synergistic foundation, and the transaction has uncertainties. It is recommended that investors pay close attention to restructuring progress announcements, rationally assess risks, and avoid blindly chasing high prices.

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This report is compiled and analyzed based on public information, for reference only, and does not constitute investment advice. Investors should make prudent decisions based on their own risk tolerance.