Bingo Software (SH:688227) Ju Chao Zi Xun·2025-11-22 09:03Core Viewpoint - Pingao Co., Ltd. is deepening its strategic partnership with Jiangyuan Technology through a share transfer and capital increase, indicating a shift from business collaboration to capital binding [1][2]. Group 1: Share Transfer and Capital Increase - Pingao's controlling shareholder, Beijing Shangao Enterprise Management Co., Ltd., signed share transfer agreements to transfer a total of 13.5666 million shares, representing 12% of the total share capital, to Jiangyuan Technology [1][2]. - The share transfer was executed at a price of 36.817 CNY per share, which is approximately 9.8% lower than the closing price of 40.85 CNY prior to the announcement, totaling 499 million CNY [2]. - Following the transfer, Beijing Shangao's shareholding will decrease from 41.77% to 29.77%, while still remaining the controlling shareholder [2]. Group 2: Investment in Jiangyuan Technology - Pingao announced a capital increase of 400 million CNY in Jiangyuan Technology, which will result in an ownership stake of approximately 15.4182% post-investment, based on a pre-investment valuation of 2.419 billion CNY for Jiangyuan Technology [2][4]. - This capital increase signifies a commitment to strengthen the partnership and enhance collaboration in the domestic computing power sector [4]. Group 3: Jiangyuan Technology Overview - Jiangyuan Technology, established in November 2022, focuses on the development of domestically produced AI chips and has successfully completed the mass production of advanced process chips [3][4]. - The company has secured multiple rounds of financing, with notable investors including listed companies and strategic investment firms, achieving a pre-investment valuation of 2.1 billion CNY in its third round of financing [3]. - Jiangyuan's products include computing power chips based on 12-inch wafers, primarily delivered in the form of computing power cards for AI integrated machine clients and computing servers [3][4]. Group 4: Strategic Collaboration - The partnership between Pingao and Jiangyuan Technology, established through a strategic cooperation agreement, aims to leverage each other's strengths in the domestic computing power field [4]. - This collaboration is expected to enhance synergies in technology, products, and market presence, facilitating the development and integration of key software and hardware solutions [4]. - Pingao's expertise in cloud computing and industry information services complements Jiangyuan's focus on chip development, creating a comprehensive stack from cloud platform software to computing power hardware [4].