RENDONG HOLDINGS(SZ:002647) Cai Jing Wang·2025-09-25 01:29Core Viewpoint - *ST Rendo (002647) plans to make a cross-industry investment in AI chips, aiming to enhance its competitive edge and align with national strategies for autonomous computing power [4][5]. Investment Details - The company intends to invest 100 million yuan in Shenzhen Jiangyuan Technology Co., Ltd., acquiring a 4.1427% stake post-investment [4]. - Jiangyuan Technology, established in November 2022, focuses on domestic AI chip development and has achieved successful mass production of advanced chips [4]. - The pre-investment valuation of Jiangyuan Technology is 2.1 billion yuan, reflecting a valuation increase of 1714.86% [4]. Financial Performance of Jiangyuan Technology - Jiangyuan Technology reported a projected revenue of 12.31 million yuan and a net loss of 68.54 million yuan for the first half of 2025, indicating it has not yet achieved profitability [6]. - The pre-investment valuation for Jiangyuan's previous funding rounds was 1.5 billion yuan, with a post-investment valuation of 1.86 billion yuan in January 2025, showing a 12.90% increase [6]. Strategic Intent - The company aims to diversify its business beyond its core third-party payment services, seeking opportunities in industries aligned with national policy trends [5]. - The AI chip sector is viewed as a critical area for future growth, driven by increasing demand for computing power in AI applications [5]. Historical Context and Risks - The company has a history of signing approximately eight strategic cooperation agreements over the past decade, with seven of them not materializing [6][7]. - The investment in Jiangyuan Technology is characterized as high-risk due to the company's lack of experience in startup investments and the uncertainties surrounding Jiangyuan's future operations [6][7].