Core Viewpoint - Shanghai Suyuan Technology Co., Ltd. has changed its counseling institution from CICC to CITIC Securities, indicating a strategic shift to accelerate its IPO process in the AI chip industry [1][6]. Company Overview - Shanghai Suyuan Technology was established on March 19, 2018, with a registered capital of 387.32 million yuan. The company focuses on AI cloud computing products, including intelligent acceleration cards and high-density servers, applicable in various sectors such as smart cities and autonomous driving [2][3]. - The company has attracted significant investment from various institutions, including Tencent and state-owned capital, reflecting its strong market position [3]. IPO Counseling and Fees - The change in counseling institutions has led to a notable increase in the fee structure. CITIC Securities charges a higher fee rate of approximately 5%, compared to CICC's 1.56% [4][6]. - Suyuan Technology's IPO progress has been slower compared to its peers, having started its counseling in August 2024 and completed five phases by September 2025, while competitors have advanced more rapidly [5][6]. Market Position and Performance - In the first ten months of 2025, CITIC Securities ranked second in the number of IPOs sponsored, with nine companies, while CICC sponsored only three [8][9]. - CITIC Securities has demonstrated strong performance in the A-share market, with a significant increase in investment banking revenue, while CICC has excelled in the Hong Kong market [7][8].

Core Viewpoint - Shanghai Suyuan Technology Co., Ltd. is undergoing a change in its sponsorship for the IPO process, switching from China International Capital Corporation (CICC) to CITIC Securities, indicating a strategic move to accelerate its listing progress in the A-share market [1][8]. Company Overview - Shanghai Suyuan Technology was established on March 19, 2018, with a registered capital of 387.32 million yuan. The company focuses on AI cloud computing products, including intelligent acceleration cards and high-density servers, applicable across various industries [2][4]. - The company has attracted significant investment from various institutions, including Tencent and state-owned capital, reflecting its strong market position and growth potential [4]. Sponsorship Change - The change in sponsorship to CITIC Securities is expected to enhance the company's IPO prospects, as CITIC has a strong track record in the A-share market, contrasting with CICC's broader focus [8][11]. - The average fundraising amount and fee structure have changed significantly, with CITIC Securities charging a higher fee rate of approximately 5%, compared to CICC's 1.56% [5][8]. Market Context - Suyuan Technology's IPO progress has lagged behind its peers in the AI chip sector, having started its listing guidance in August 2024, while competitors have advanced more rapidly [8][11]. - In the first ten months of 2025, CITIC Securities ranked second in the number of companies sponsored for IPOs in the A-share market, while CICC sponsored only three companies during the same period [10][11]. Financial Performance - In the first three quarters of 2025, CITIC Securities reported investment banking revenue of 3.689 billion yuan, a year-on-year increase of 30.88%, while CICC's revenue was 2.940 billion yuan, up 42.55% [9][10].