ST Rendong plans to invest 100 million yuan in cross-border investment in domestic AI chip manufacturer Jiangyuan Technology

According to the announcement from *ST Rendong (002647.SZ), the company will invest 100 million yuan in Jiangyuan Technology through an increase in registered capital. After the capital increase is completed, the company will hold a 4.1427% equity stake in Jiangyuan Technology. The funds for this investment will come from the company's internal self-owned funds, including 50 million yuan from Rendong Holdings and 50 million yuan borrowed from Heli Bao. It is reported that Jiangyuan Technology was established in November 2022, closely aligning with the national strategy for autonomous and controllable computing power. The company focuses on the research and development of domestically produced AI chips and collaborates with local advanced manufacturing companies to achieve successful mass production and delivery of domestically produced advanced process chips, realizing a localized full process of advanced autonomous design, process manufacturing, and packaging. The target company's products are computing power chips based on 12-inch wafer tape-out, primarily shipped in the form of computing power cards, serving as core computing hardware for AI all-in-one machine customers, computing power server customers, and ultimately applied in scenarios such as edge computing devices (AI all-in-one machines and other smart terminals) and intelligent computing centers. The target company has completed the tape-out of its first-generation chip product D1 and has achieved mass application of the computing power card product D10 based on the D1 chip. It is about to launch the second computing power card product D20 based on the first-generation chip product, while simultaneously conducting research and development for the second-generation chip product T800, which is expected to achieve tape-out mass production by 2026. The target company's products are domestically produced autonomous and controllable chips, with core customers including Xinchuang customers, internet customers, and local computing power centers. Currently, the target company has completed its first and second rounds of financing, with investors including listed companies and/or their affiliated enterprises such as Pinggao Co., Ltd., Anbotong, Suzhou Guoxin, and Loongson Technology as industrial investors, as well as strategic investors like Daitai Capital and PwC Capital, and local state-owned assets such as Shenzhen Luohu Investment Holdings. This investment represents the target company's third round of financing, with a total financing amount of 313.9 million yuan in this round. The company is attempting a strategic investment of 100 million yuan in Jiangyuan Technology to lay out a second growth line, with a post-investment shareholding ratio not exceeding 5%, no appointed directors or senior management personnel, no participation in corporate operations, voting participation according to shareholding ratio, and no preferential rights or veto rights. The company reminds that this investment is a cross-industry investment, and currently, there is no specific synergy between the target company and the company's main business. There is significant uncertainty regarding whether the target company can achieve complete synergistic development with the company's main business in the future