Bodang Liu and $NISN Nisun

The Perfect Heist: Why "Not Buying" Zhetai Was Nisun's Best Business Move

The Zhetai transaction, framed as a failed acquisition, appears to be a textbook example of corporate extraction. For Nisun, the benefit was never in the long-term ownership of the asset, but in the short-term access to its "organs."

• Data Mining and Intellectual Property Extraction: By entering the due diligence phase, Nisun gained unrestricted access to Zhetai’s inner workings. They could "look under the hood," extracting customer lists, proprietary logistics algorithms, and supply chain data. Once this data was integrated into Nisun’s own digital platforms, the physical acquisition of Zhetai’s liabilities became unnecessary.

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In many modern industries, companies rely heavily on data to build new products, train artificial intelligence systems, and gain competitive advantage. A recurring situation appears across markets: one company provides valuable data, another company uses it, and compensation or value exchange becomes unclear or disputed. This article explains why such data is considered “digital gold,” why a company might benefit enormously from accessing it, and what strategic dynamics are at play. The explanation is based on a scenario described earlier: one company provided data, another company used that data, the provider did not receive payment, and the question was why this would benefit the receiving company. This article does not make claims about real companies. Instead, it explains the general business logic behind why operational data is so valuable and why gaining access to it, especially at low cost, can create massive strategic advantage.

The situation described is simple: one party supplied operational data, another party used that data, the supplier did not receive compensation, and the user gained the benefit. This raises an important question: why is access to such data so valuable that even unpaid access could dramatically benefit the receiving company? To answer that, we must understand what operational data represents in the modern economy.

In today’s business landscape, data is one of the most valuable assets a company can possess. It is often more valuable than physical infrastructure, machinery, inventory, or even cash. Data is the fuel for artificial intelligence. AI systems require enormous amounts of real‑world data to train predictive models, detect patterns, automate decisions, improve accuracy, and outperform competitors. Without data, AI is blind. With data, AI becomes powerful. This alone makes data a strategic asset.

Data also enables new products and revenue streams. Companies can use operational data to build analytics dashboards, automated decision engines, risk‑scoring tools, optimization platforms, and recommendation systems. These products can be sold repeatedly, generating recurring revenue. Data becomes the raw material for entirely new business lines.

Data creates competitive advantage. A company with superior data can price more accurately, predict customer behavior, reduce risk, optimize operations, and outperform rivals. Competitors without data operate at a disadvantage. In many industries, data is the moat.

Data reduces costs and increases efficiency. Operational data allows companies to automate manual processes, reduce errors, accelerate workflows, optimize supply chains, and improve cash flow. This directly increases profitability.

Data provides strategic insight. It reveals market trends, customer patterns, operational bottlenecks, risk exposures, and opportunities for expansion. This intelligence is invaluable for long‑term planning.

If a company gains access to valuable data without paying for it, the strategic advantage becomes even more pronounced. Here is the general business logic. First, the company receives high value at minimal cost. Data is expensive to collect, clean, and maintain. If a company obtains it cheaply or freely, it captures enormous value with almost no investment. This is pure asymmetry.

Second, the company does not need to acquire the data‑providing firm. Instead of buying the entire business and its liabilities, the receiving company gets the data, the insights, the operational patterns, and the historical records without taking on debt, regulatory exposure, payroll, or infrastructure costs. This is strategically efficient.

Third, data accelerates execution. It speeds up product development, AI model training, market entry, and strategic pivots. Time is a critical competitive factor. Data shortens timelines dramatically.

Fourth, operational data often contains implicit know‑how. It includes process logic, behavioral patterns, decision structures, and workflow intelligence. This is knowledge that would otherwise take years to build internally.

Fifth, once the data is integrated into internal systems, the receiving company can operate independently. It can build its own products, reduce reliance on partners, and strengthen long‑term strategic positioning.

Data has unique properties that make it extraordinarily valuable. It does not degrade. It can be reused indefinitely. It can be copied at almost zero cost. It can train AI models forever. It can generate new revenue streams repeatedly. It can underpin entire business transformations. This is why analysts often say: data is the new gold, and AI is the refinery. Once a company has the data, it can extract value from it for years.

Based on the scenario described earlier, one company provided data, another company used it, the provider did not receive payment, and the question was why this would benefit the receiving company. The answer is straightforward: operational data is one of the most valuable assets in the modern economy. It enables AI, new products, competitive advantage, efficiency, and strategic insight. If a company gains access to such data at low or no cost, the upside is enormous. This is why data is often described as digital gold, and why companies that control it can reshape entire industries.

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The price drops because of sentiment, not fundamentals. Insiders hold, retail panics. In this case, your position is uncomfortable, but not irrational.

That’s what makes Nisun a high hidden value situation: the facts have already shifted, but the price and perception haven’t caught up yet.

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1. The market is pricing the wrong company

Right now, the stock trades as if:

• the old SME financing business still exists

• regulatory pressure will crush the company

• the balance sheet is toxic

• the company has no future

But the board formally killed the entire legacy business. It is gone. It is not coming back. It will not drag the company down.

The market is still anchored to the past. The bull case is that the market eventually prices the new Nisun, not the dead one.

2. The pivot to AI/tech is real, not cosmetic

This is not a “we like AI” press release. It is a full strategic transformation:

• exit from all financing activities

• shift to AI and technology services

• new leadership aligned with the pivot

• restructuring of subsidiaries

• repositioning into an asset‑light, scalable business model

The bull case: AI/tech companies trade at 5×–20× revenue. Chinese micro‑finance companies trade at 0.1×–0.3× revenue.

If Nisun successfully transitions even partially, the valuation multiple alone can re‑rate the stock massively.

3. Insider alignment is extremely bullish

The largest shareholder, Bodang Liu:

• increased his stake to 21.92%

• bought 102,700 shares for $1M

• bought at $9.73, not at a discount

• has not sold a single share

Insiders who expect collapse do not:

• buy size

• buy at market

• increase control

• invest personal capital

The bull case: Insiders buy because they expect the pivot to succeed and the valuation to rise.

4. No dilution — extremely rare for a microcap pivot

Most microcaps pivot by:

• diluting shareholders

• issuing cheap shares

• raising toxic financing

Nisun did none of that.

No dilution in 2023. No dilution in 2024. No dilution during the pivot announcement.

The bull case: If the company grows without dilution, the upside per share is exponentially higher.

5. The 20‑F shows a real operating platform

The company filed a full, detailed 20‑F with:

• dozens of subsidiaries

• certifications

• governance policies

• clawback policy

• full operational history

This is not an empty shell. This is a real company undergoing a real transformation.

The bull case: The market is treating Nisun like a shell, but the filings show a complex, functioning platform that can be repurposed for AI/tech services.

6. The market hates uncertainty — and that creates the opportunity

Right now, the market sees:

• uncertainty

• fear

• China risk

• pivot risk

• no immediate revenue

This is exactly when deep value is created.

The bull case: Once the first AI/tech revenue appears, the narrative flips instantly.

Microcaps reprice violently when uncertainty disappears.

7. Asymmetric payoff structure

Here’s the core of the bull scenario:

Downside is limited because:

• no debt

• no dilution

• legacy business already written off

• insider owns 22%

• company is fully reporting to SEC

Upside is massive because:

• pivot to AI/tech

• higher valuation multiples

• insider alignment

• clean balance sheet

• potential for partnerships or acquisitions

• extremely low market expectations

This is classic positive asymmetry:

• limited downside

• explosive upside

8. What the bull scenario looks like in numbers

If Nisun executes even modestly:

• AI/tech revenue begins in 2025–2026

• market re‑rates the company from “dying finance” to “emerging AI platform”

• valuation multiple expands from 0.1× to 2×–5× revenue

• insider buying attracts momentum

• microcap rerating kicks in

In a strong bull case:

• the stock returns to and surpasses the insider’s $9.73 buy level

• then re‑rates into the $15–$30 range

• and potentially higher if AI revenue scales

This is not guaranteed — but it is plausible given the structural changes.

9. The bull case in one sentence

Nisun is a mispriced transformation story: the market still sees a dying finance company, while insiders are building an AI/tech platform with no dilution, full control, and a clean slate.

That mismatch is the hidden value.