Core Viewpoint - Cambrian's former Vice President and CTO, Liang Jun, has filed a lawsuit against the company for labor disputes, claiming compensation of 4.287 billion yuan, which is linked to stock incentive losses [1][3]. Group 1: Legal Proceedings - The lawsuit has been officially accepted by the Haidian District People's Court in Beijing, but the court hearing has not yet taken place [1]. - Liang Jun's claim includes compensation for stock incentive losses amounting to 4,286,624,448 yuan, based on his indirect holding of 11,523,184 shares of Cambrian, with the stock price determined by the highest price of 372 yuan as of October 10, 2024 [3]. Group 2: Company Response - Cambrian has stated that the lawsuit will not affect its daily research and operations, and the company will fully address the inappropriate demands from the departing executive [3].

Core Insights - The accelerated server market in China is experiencing rapid growth, driven by policy support and advancements in artificial intelligence technology, with the market size projected to increase from 22.8 billion yuan in 2020 to 157.7 billion yuan in 2024, and expected to surpass 200 billion yuan by 2025 [1][3]. Market Overview - The internet sector is the primary market for accelerated servers, holding a 69% market share [3]. - The demand for accelerated servers in China is predominantly met by GPU servers, which are expected to account for approximately 69% of the market share in 2024 [3]. Industry Definition and Classification - Accelerated servers are designed to enhance network communication speed and performance, optimizing data transmission, processing, and storage to improve user experience [2]. Industry Development Status - The accelerated server market in China is projected to grow significantly, with a market size forecasted to reach 157.7 billion yuan in 2024, up from 22.8 billion yuan in 2020, and potentially exceeding 200 billion yuan by 2025 [3]. Industry Chain - The upstream of the accelerated server industry includes components such as chips, memory, cooling materials, PCB, CPU/GPU/ASIC, and power modules, while the midstream involves production and system integration [4]. Competitive Landscape - Major players in the Chinese accelerated server market include hardware manufacturers, internet cloud service providers, and specialized AI chip manufacturers, such as Inspur, H3C, Lenovo, and Cambricon [6]. - By the first half of 2025, the market share in accelerated computing servers is expected to be dominated by Inspur, H3C, and Lenovo, collectively accounting for about 50% of sales revenue [8]. Future Trends - With ongoing policy support, domestic accelerated computing server manufacturers are enhancing technological innovation and product quality, positioning the Chinese market as a core growth area for global AI infrastructure [9].

Core Points - The company received a lawsuit from former Vice President Liang Jun, claiming compensation for stock incentive losses amounting to 4.287 billion yuan [1][3] - The lawsuit has been accepted by the Haidian District People's Court and is pending trial [1] Summary by Sections Lawsuit Details - Liang Jun, the plaintiff, is seeking to confirm the existence of an employment relationship with the company from October 18, 2017, to February 10, 2022, and demands compensation for stock incentive losses [3][4] - The claim is based on Liang's indirect holding of 11.5232 million shares, with the stock price determined at 372 yuan per share, the highest price before the lawsuit [3] Company Response - The company asserts that Liang did not directly hold shares before leaving and that his claims regarding stock incentives are based on a signed stockholding plan [7][8] - The company initiated a buyback arrangement for Liang's stockholding rights as per the stockholding plan, which he refused to cooperate with [7][8] Previous Legal Outcomes - Liang has previously lost two cases related to the stockholding plan, where the court ruled against his claims regarding the validity of the agreements he signed [9][10] - The court found that Liang's requests lacked factual and legal basis, and he was bound by the terms of the stockholding plan he signed [10]

Core Viewpoint - The article discusses a lawsuit filed by Liang Jun, the former Vice President and CTO of Cambrian, against the company, claiming compensation of approximately 4.287 billion yuan for stock incentive losses due to alleged breaches of employment agreements [2][10]. Group 1: Lawsuit Details - Cambrian announced on October 31 that it received a lawsuit from Liang Jun, who is seeking compensation for stock incentive losses amounting to 4.287 billion yuan [2]. - The lawsuit has been accepted by the Haidian District People's Court in Beijing, but has not yet gone to trial [2]. - Liang Jun claims that he indirectly holds 11.5232 million shares of Cambrian, with the stock price determined at 372 yuan per share as of the lawsuit date [10]. Group 2: Background of Liang Jun - Liang Jun, aged 49, has a master's degree in communication and information systems from the University of Science and Technology of China [8]. - He worked at Huawei from 2000 to 2017 in various engineering and technical roles before joining Cambrian as Vice President and CTO from 2017 to 2022 [8]. Group 3: Claims and Company Response - Liang Jun's claims include a request to confirm the existence of an employment relationship from October 18, 2017, to February 10, 2022, and compensation for stock incentive losses [10]. - Cambrian asserts that Liang Jun did not directly hold company shares before his departure and that his stock incentive claims are based on a signed holding plan that stipulates conditions for share disposition upon leaving the company [12][13]. - The company has initiated a buyback process for Liang Jun's shares as per the holding plan, but he has refused to cooperate [12]. Group 4: Previous Legal Outcomes - Liang Jun has previously filed two lawsuits related to his stock holdings, both of which resulted in losses for him [14][15]. - The courts ruled that Liang Jun's requests lacked factual and legal basis, affirming the validity of the agreements he signed [16].

Market Overview - A-shares continued to decline on the last trading day of October, with technology stocks leading the drop, resulting in a significant decline in the ChiNext Index [1][2] - The overall market showed a trend of more individual stocks rising while indices fell, with a total of 3,760 stocks closing in the green [1][6] - The market is experiencing a "weak reality, strong expectation" phase, with a potential shift in focus towards sectors like robotics in the coming months [1][11] Sector Performance - Technology stocks, including semiconductor and communication equipment sectors, faced substantial declines, with the ChiNext Index dropping over 3% [2][4] - Conversely, sectors such as innovative pharmaceuticals, media, and retail showed strong performance, with the innovative drug sector rising by 3.21% [5][6] - Notable stocks in the innovative drug sector included Shuyou Shen, which hit the daily limit up of 20%, and several others that saw significant gains [6][5] Trading Volume and Market Sentiment - The market's trading volume was 2.35 trillion yuan, slightly down from the previous day's 2.46 trillion yuan, indicating a trend of "increased volume with declining prices" [2][10] - Margin trading remains high, with a total margin balance of approximately 2.5 trillion yuan as of October 30 [2] Future Outlook - Analysts suggest that the market will enter an "earnings vacuum" period in the next two months, which may lead to a shift in market style [1][11] - Investment focus may shift towards sectors with strong earnings support or those exceeding expectations in Q3 reports [11][12] - Long-term prospects for technology sectors, particularly in AI and semiconductors, remain positive due to ongoing policy support and market dynamics [12][13]

Core Viewpoint - The lawsuit filed by former CTO Liang Jun against Cambricon Technologies (688256.SH) claims a labor relationship from October 18, 2017, to February 10, 2022, and seeks compensation for stock incentive losses amounting to 4.287 billion yuan [1][5][6]. Group 1: Lawsuit Details - The Beijing Haidian District People's Court has accepted the case, and the company has received the lawsuit documents, but the court has not yet scheduled a hearing [1][4]. - Liang Jun's claims include confirmation of a labor relationship and compensation for stock incentive losses, which are based on his indirect holding of 11,523,184 shares of Cambricon, calculated at a maximum stock price of 372 yuan [5][6]. - The company has engaged a legal team to analyze and respond to Liang Jun's claims, asserting that the lawsuit will not impact current profits and that the future impact will depend on the court's final ruling [1][6]. Group 2: Background Information - Liang Jun joined Cambricon in 2017 from Huawei, serving as Vice President and CTO, where he played a significant role in AI chip technology and product development [2]. - Following his departure in March 2022 due to disagreements, the company noted that his exit would have some impact on research and development management [1][2]. - The company has initiated legal action against Liang Jun regarding the repurchase of shares as per the stockholding plan he signed, which is currently awaiting a court decision [1][6].

Core Viewpoint - Cambrian (688256.SH) is facing a lawsuit from former CTO Liang Jun, who claims a labor relationship existed from October 18, 2017, to February 10, 2022, and is seeking compensation for stock incentive losses amounting to 4.287 billion yuan [1] Summary by Relevant Sections - **Lawsuit Details** - The plaintiff is requesting confirmation of a labor relationship during the specified period [1] - The lawsuit includes a claim for compensation of 4.287 billion yuan due to stock incentive losses, based on an indirect holding of 11.5232 million shares at a maximum price of 372 yuan per share [1] - The plaintiff also seeks to have the defendant bear the litigation costs [1] - **Background Information** - The defendant issued a "Letter of Intent" to the plaintiff on July 31, 2017, with an agreement for the plaintiff to join the company by November 30, 2017, including salary and stock incentive terms [1] - The plaintiff served as the Chief Technology Officer and received stock incentives after joining [1] - Cambrian successfully went public on the Sci-Tech Innovation Board on July 20, 2020, with the plaintiff holding 11.5232 million shares indirectly [1] - **Claims and Allegations** - The plaintiff alleges that Cambrian failed to fulfill the terms of the "Letter of Intent" and did not provide the agreed working conditions, leading to the forced termination of the labor contract on February 10, 2022 [1] - The plaintiff's shares were set to be unlocked on January 2, 2024, and claims that the company did not cooperate with a request to reduce holdings [1]

智通财经APP讯，寒武纪(688256.SH)发布公告，近日，公司收到北京市海淀区人民法院送达的关于原 告梁军起诉公司的《起诉状》。原告起诉要求：(1)请求确认原告与被告自2017年10月18日至2022年2月 10日期间存在劳动关系;(2)请求被告赔偿股权激励损失42.87亿元(原告间接持有寒武纪股票1152.32万 股，单价根据2024年1月2日至起诉时寒武纪股票最高价372元(2024年10月10日)确定);(3)案件诉讼费用由 被告承担。 2017年7月31日，被告向原告发出《入职意向书》，双方协商原告于2017年11月30日之前入职被告处， 并约定了原告年薪、股权授予等内容。原告自入职被告后担任首席技术官岗位，并获得被告股权激励。 被告于2020年7月20日在科创板成功上市，原告间接持有被告股票1152.32万股。原告称，2022年2月10 日，被告未履行《入职意向书》的约定，且未按照劳动合同约定提供劳动条件，原告被迫解除劳动合 同;2024年1月2日，其间接持有的寒武纪股票解禁。原告曾提出减持申请，被告不配合减持。 ...

中信证券股份有限公司关于中科寒武纪科技股份有限公司 增加募集资金投资项目实施主体及实施地点 并使用募集资金向全资子公司增资的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为中科寒武 纪科技股份有限公司（以下简称"寒武纪"、"公司"）2025 年度向特定对象发行 A 股股票项目的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交 易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关法律法规和规范性文件的要求，对寒武纪使用募集资金 向全资子公司增资事项进行了审慎核查，具体情况如下： 一、募集资金及募投项目的基本情况 经上海证券交易所科创板上市审核中心审核通过，并根据中国证券监督管理 委员会出具的《关于同意中科寒武纪科技股份有限公司向特定对象发行股票注册 的批复》（证监许可〔2025〕1969 号），公司 2025 年度向特定对象发行 A 股股票 （以下简称"本次发行"）3,334,946 股，每股发行价格为人民币 1,195.02 元，募 集资金总额为人民币 3,985,327,168.92 元，扣除各项发行费用（不含税）人民币 32,1 ...

使用部分暂时闲置募集资金进行现金管理的核查意见 中信证券股份有限公司关于中科寒武纪科技股份有限公司 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为中科寒武 纪科技股份有限公司（以下简称"寒武纪"、"公司"）2025 年度向特定对象发行 A 股股票项目的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交 易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关法律法规和规范性文件的要求，对寒武纪使用募集资金 向全资子公司增资事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 经上海证券交易所科创板上市审核中心审核通过，并根据中国证券监督管理 委员会出具的《关于同意中科寒武纪科技股份有限公司向特定对象发行股票注册 的批复》（证监许可〔2025〕1969 号），公司 2025 年度向特定对象发行 A 股股票 （以下简称"本次发行"）3,334,946 股，每股发行价格为人民币 1,195.02 元，募 集资金总额为人民币 3,985,327,168.92 元，扣除各项发行费用（不含税）人民币 32,171,304.93 元后，实际募集资金净额为人 ...