Amarsoft(SZ:300380) Xin Lang Cai Jing·2025-12-08 10:49Core Viewpoint - Shanghai Anshuo Information Technology Co., Ltd. is facing scrutiny from the Shenzhen Stock Exchange regarding its 600 million yuan private placement plan, highlighting challenges in its strategic upgrade process [1][3] Fundraising Details - The company plans to raise no more than 600 million yuan, with net proceeds allocated to an AI-based smart credit system (35 million yuan), a comprehensive risk digital management platform (7 million yuan), an upgrade of the digital finance R&D center (6 million yuan), and working capital (11 million yuan) [1][3] Regulatory Concerns - The Shenzhen Stock Exchange is particularly focused on the necessity of the new R&D center project, questioning whether it constitutes duplicate construction [6] - Anshuo Information explained that the new project is an upgrade based on existing products and primarily involves the purchase of software and hardware, emphasizing its distinct positioning from other R&D centers [6] Financial Performance - In the first three quarters of 2025, the company achieved a net profit attributable to shareholders of 13.13 million yuan, but its gross margin has declined from over 40% in 2020 to below 30% recently, indicating pressure on profitability [6] - The new investment projects, once fully operational, will incur an annual depreciation expense of 71.69 million yuan, which represents 5.08% of the expected revenue [6] Historical Context - Anshuo Information has a history of regulatory violations, including a case from 2014-2015 where the chairman and former secretary conspired to misrepresent the company as a leader in internet finance, leading to significant stock price inflation and subsequent regulatory penalties [4][5]