Sharetronic(SZ:300857) Xin Lang Cai Jing·2026-01-23 19:56Core Viewpoint - The company, Xiechuang Data, has made significant investments in server procurement, totaling 21.2 billion RMB since 2025, while also engaging in various financing activities to support its operations and growth in the computing power rental business [1][6][8]. Financing Activities - Xiechuang Data signed a financing lease contract with ICBC Financial Leasing for 500 million RMB, indicating a strategy to enhance asset liquidity and optimize financial structure [1]. - The company has increased its bank credit limits and has multiple financing channels, including leasing and loans from its controlling shareholder [8][9]. - As of the end of Q3 2025, the company reported sufficient cash reserves and support from its controlling shareholder for ongoing operations [9]. Procurement and Business Growth - The total procurement amount for servers reached 21.2 billion RMB, which is three times the company's total assets reported in 2024 [6]. - The company plans to procure additional servers worth up to 30 billion RMB for computing power rental services, with delivery expected by April 2025 [2]. - Xiechuang Data's revenue from server-related businesses has shown significant growth, with a 119.49% increase year-on-year in the first half of 2025 [7]. Shareholder Actions - The controlling shareholder, Xiechuang Smart Technology, has engaged in multiple share reductions, raising concerns about shareholder confidence in new business ventures [3][4]. - Despite these reductions, the company has seen its stock price increase significantly, indicating market optimism regarding its business strategy [4]. Market Context - The company is expanding its computing power business amid a backdrop of other firms in the industry facing challenges, including contract terminations and regulatory issues [9][10].