Core 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]

Core Viewpoint - Shanghai Anshuo Information Technology Co., Ltd. has completed a comprehensive response to the Shenzhen Stock Exchange's inquiry regarding its 600 million yuan private placement plan, highlighting the company's strategic focus on artificial intelligence technology and financial technology digitalization [1][6] Funding and Project Details - The total amount of funds raised from the private placement will not exceed 600 million yuan, aimed at projects including an AI-based smart credit system, comprehensive risk digital management platform, digital financial R&D center upgrade, and working capital supplementation [1][5] - The R&D center project is a restructuring and upgrade of the existing center, with a total investment of 62.4 million yuan for infrastructure improvements, addressing the urgent need for enhanced capabilities [2][3] Technological and Competitive Advantages - The smart credit system and comprehensive risk digital management platform are highlighted for their technological advantages and profitability prospects, with the company adopting a modular development approach to enhance flexibility and responsiveness to market demands [2][3] - The projects leverage existing A3 Cloud technology and the company's intellectual property, including 490 software copyrights and 2 patents, ensuring a solid foundation for development [3] Financial Performance and Stability - The company has turned a profit during the reporting period, with a significant recovery in net profit attributable to the parent company, attributed to the resolution of previous macroeconomic challenges [3][4] - Accounts receivable increased by 123.47% compared to the end of 2024, primarily due to seasonal business characteristics and the long approval cycles of banking clients, with a collection rate of 41.96% as of October 31, 2025 [4] Industry Context and Future Outlook - The financial technology sector is undergoing a deep transformation driven by AI, with increasing demand for intelligent transformation among financial institutions [5] - The company's response to the inquiry alleviated market concerns regarding project feasibility and financial stability, positioning it for a transition from "process-driven" to "intelligent decision-driven" operations, thereby enhancing its competitive edge in the digital transformation of the financial industry [6]