Core Viewpoint - The announcement of the largest private placement in A-share history by Cambricon (688256.SH) aims to raise approximately 3.985 billion yuan to enhance its competitive strength in AI chip and software technology for large model applications [1][2]. Group 1: Private Placement Details - Cambricon plans to issue 3.3349 million shares at a price of 1195.02 yuan per share, raising a total of 3.985 billion yuan, with a net amount of 3.953 billion yuan [1]. - The new shares will be tradable on the Shanghai Stock Exchange's Sci-Tech Innovation Board after a six-month lock-up period [1]. - This issuance will not change the company's control, with Dr. Chen Tian Shi remaining the controlling shareholder [1]. Group 2: Institutional Participation - The private placement attracted 13 institutions, including GF Fund, UBS AG, and Xinhua Asset, with GF Fund acquiring 1,010,861 shares for a total of 1.208 billion yuan [2]. - Other notable public funds such as Huatai-PineBridge, E Fund, and Harvest also participated in the offering [2]. Group 3: Business Impact and Financial Performance - The funds raised will significantly enhance Cambricon's capabilities in the large model market, allowing for rapid development of tailored chip and software solutions [2]. - Cambricon's main business involves the research, design, and sales of AI core chips for various applications, including cloud servers and edge computing devices [2]. - In Q3 2025, Cambricon reported a revenue of 1.727 billion yuan, a year-on-year increase of 1332.52%, and a net profit of 567 million yuan, up 391.47% year-on-year [3]. - For the first three quarters, total revenue reached 4.607 billion yuan, a year-on-year increase of 2386.38%, with a net profit of 1.605 billion yuan, up 321.49% [3]. - However, there was a quarter-on-quarter revenue decline of 2.4% and a net profit decrease of 17% in Q3 compared to Q2 [3]. - As of the end of Q3, the company's inventory was 3.729 billion yuan, a 38.62% increase from the previous quarter [3].
1195元!A股史上最贵定增