Core Viewpoint - The announcement of Chaojuvian Digital Technology Co., Ltd. starting its listing guidance on January 6, 2026, has significantly impacted the market, particularly benefiting its investor, Oriental Pearl [2][3]. Company Overview - Chaojuvian, established in 2021 and headquartered in Zhengzhou, Henan Province, is a leading global provider of computing infrastructure and services, focusing on hardware, software, and engineering technologies [3]. - The company operates 10 R&D centers and 6 supply centers globally, with 6 technical service centers and 7 regional departments, serving over 10,000 clients across more than 100 countries and regions [3]. Financial Performance - Chaojuvian's revenue is projected to exceed 40 billion yuan in 2024, with a target of over 50 billion yuan for the full year of 2025, following a doubling of revenue in the first quarter of 2025 [3][4]. Market Reaction - Following the listing guidance announcement, Oriental Pearl's stock surged, reaching its daily limit within just 4 minutes of trading [4][5]. - Oriental Pearl has invested nearly 500 million yuan through the Zhengzhou Airport Advanced Computing Venture Capital Fund, which holds approximately 3.5% of Chaojuvian's equity [5][6]. Strategic Partnerships - In addition to its investment in Chaojuvian, Oriental Pearl has collaborated with leading AI companies like MiniMax and Jiyue Xingchen to implement digital human and multimodal applications in e-commerce and cultural tourism [7].

Core Viewpoint - The article discusses the recent changes in shareholder structure of Chaoju Fusion, a leading provider of computing infrastructure and services, highlighting new investments and strategic partnerships aimed at enhancing its market position and preparing for an eventual public listing [2][4]. Shareholder Changes - On November 7, 2025, Chaoju Fusion completed a new round of shareholder changes, with several new investors including various advanced computing investment funds from Zhengzhou Airport and other institutions [2][4]. - The new shareholders include Zhengzhou Airport Advanced Computing Phase I, II, and III Investment Funds, among others, with several existing shareholders also increasing their investments [2][3]. Financial Performance - Chaoju Fusion is projected to achieve a revenue of 43.5 billion CNY in 2024, ranking second in the Chinese server market and sixth globally [5]. - The company has successfully integrated core assets and R&D teams from Huawei's server division, maintaining a strong product lineup that includes general servers, AI servers, and critical business servers [5]. Strategic Investments - The company has attracted multiple rounds of strategic investments from state-owned enterprises and funds, including China Mobile and China Telecom, which have significantly bolstered its financial backing [6][8]. - The strategic investment from the National Adjustment Fund, managed by China Chengtong Holdings Group, is aimed at enhancing Chaoju Fusion's capabilities in the semiconductor sector [4]. Market Position and Future Plans - Chaoju Fusion is focusing on developing a dual-ecosystem approach compatible with both Eastern and Western computing paradigms, aiming to provide comprehensive computing solutions [5]. - The company is positioned as a key player in the "East Data West Calculation" initiative, contributing to the establishment of a complete industrial chain in advanced computing and integrated circuits in Zhengzhou [8].

Core Viewpoint - Rongke Technology (300290.SZ) has seen its stock price surge to a limit-up of 22.92 yuan per share, with a total market capitalization of 14.66 billion yuan, amid rumors of a restructuring involving "Super Fusion" [2]. Group 1: Market Activity - The stock price of Rongke Technology reached 22.92 yuan per share, resulting in a total market value of 14.66 billion yuan [2]. - The market is abuzz with speculation regarding the "Super Fusion" restructuring, following an announcement from Yuxin Electronic Technology Group about an asset evaluation project for Rongke Technology [2]. Group 2: Restructuring Speculation - Beijing Zhongtonghua Asset Appraisal Co., Ltd. won a bid for 160,000 yuan to assess the fair value of Rongke Technology's identifiable net assets and goodwill, which is often a precursor to equity acquisition or asset injection [2]. - Analysts suggest that this indicates a substantial phase in the restructuring process between Rongke Technology and Super Fusion Digital Technology Co., Ltd. [2]. Group 3: Company Background - Super Fusion, a provider in the computing infrastructure and services sector, was previously part of Huawei's x86 server business before being divested in 2021 [2]. - Both Rongke Technology and Super Fusion are under the actual control of the Henan Provincial State-owned Assets Supervision and Administration Commission through Yuxin Electronic Technology Group [2]. Group 4: Company Response - Rongke Technology's staff confirmed that the consolidation matters are true but only pertain to financial data reflected in Yuxin's reports, not affecting actual operations or involving asset injection from Super Fusion [3]. - The company has previously denied similar rumors in October 2023 and October 2024, emphasizing that it has not participated in the development of Kunpeng servers and warning investors about market speculation risks [3]. Group 5: Shareholder Composition - As of March 31, 2025, the top ten shareholders of Rongke Technology include notable investors such as Tu Shien, Jiang Donglin, Shi Yuqing, and Tu Wenbin, holding 2.78 million, 2.2 million, 2 million, and 1.9 million shares respectively [3].