Dosilicon(SH:688110) Sou Hu Cai Jing·2025-09-01 11:26Core Viewpoint - Dongxin Co., Ltd. announced an investment in Shanghai Lishuan Technology Co., Ltd. with a pre-investment valuation of 3.5 billion yuan, aiming to enhance its strategic layout in the integrated "storage, computing, and networking" sector [2][11]. Investment Details - Dongxin plans to invest approximately 210.53 million yuan to acquire about 80.99 million yuan of new registered capital in Shanghai Lishuan, resulting in a 35.87% ownership stake post-investment [5][11]. - The total investment amount from all investors is around 500 million yuan, with the investment price set at 259.95 yuan per 1 yuan of registered capital [2][5]. Company Background - Shanghai Lishuan was established on April 26, 2022, with a registered capital of 13.464 million yuan, focusing on the research and design of scalable GPU chips for graphics rendering and AI acceleration [6][8]. - The company has not generated revenue yet, with total assets of 34.34 million yuan and total liabilities of 121 million yuan as of July 2023, resulting in a net asset deficit of 86.33 million yuan [9][10]. Financial Performance - For the fiscal year 2024, Shanghai Lishuan is projected to incur a net loss of 210 million yuan, with a loss of 155 million yuan recorded from January to July 2025 [9][10]. - The company's financials indicate a significant increase in liabilities compared to assets, highlighting potential financial challenges [9][10]. Strategic Implications - The investment is part of Dongxin's strategy to strengthen its core competitiveness and create more value for shareholders, while Shanghai Lishuan remains a non-consolidated subsidiary [11].