Nexwise(SZ:301248) Tai Mei Ti A P P·2026-01-09 13:13Core Viewpoint - Jiechuan Intelligent (301248.SZ) announced a plan to purchase IT equipment and components worth up to 4 billion yuan, marking the largest investment since its full transition to an AI strategy, raising questions about the rationale behind this aggressive move [1][3]. Group 1: Investment Details - The planned investment of up to 40 billion yuan is 1.35 times the company's total assets and 18 times its cash reserves as of Q3 2025, representing about 70% of its current market capitalization [1][3]. - This procurement is intended to support cloud computing and related technology product development, advancing the company's AI strategy, with expected delivery by June 2026 [3][4]. Group 2: Market Reaction - Following the announcement, the company's stock opened high but closed down 3.23%, indicating market skepticism regarding the large investment [2][4]. - The stock had previously reached a historical high of 38.64 yuan, with a market capitalization of 5.8 billion yuan, before the announcement [4]. Group 3: Financial Context - Since the transition began in 2025, the company's debt has increased significantly, raising concerns about the funding sources for this large investment [5][6]. - The funding is expected to come from the company's own funds and self-raised capital, with a reported cash balance of 217 million yuan and short-term loans of 541 million yuan as of Q3 2025 [5][6]. - The company has announced plans for a total credit line increase to 12 billion yuan, which may cover the procurement needs, but the progress of these funding arrangements remains uncertain [6].