Core Viewpoint - The company, Cambrian, announced a private placement of 3.3349 million shares at a price of RMB 1195.02 per share, raising a total of RMB 3.985 billion, with a net amount of RMB 3.953 billion after deducting issuance costs [2] Group 1: Fundraising Details - The total amount raised through the issuance is RMB 3.985 billion [2] - The net amount raised after deducting issuance costs is RMB 3.953 billion [2] - The company has signed a regulatory agreement with CITIC Securities and commercial banks for the storage and supervision of the raised funds [2] Group 2: Project Implementation - The newly established wholly-owned subsidiaries involved in the fundraising projects include Shanghai Cambrian Information Technology Co., Ltd., Shenzhen Branch of Shanghai Cambrian Information Technology Co., Ltd., Anhui Cambrian Information Technology Co., Ltd., and Cambrian (Xi'an) Integrated Circuit Co., Ltd. [2] - The funds will be used for the implementation of the "Chip Platform Project for Large Models" and the "Software Platform Project for Large Models" [2]

Core Viewpoint - Cambrian announced a private placement of 3.3349 million shares at a price of RMB 1195.02 per share, raising a total of RMB 3.985 billion, with a net amount of RMB 3.953 billion after deducting issuance costs [2] Fundraising Details - The company has signed a fundraising account storage supervision agreement with the sponsor CITIC Securities and commercial banks [2] - The newly established wholly-owned subsidiaries involved in the fundraising projects include Shanghai Cambrian Information Technology Co., Ltd., Shenzhen Branch of Shanghai Cambrian Information Technology Co., Ltd., Anhui Cambrian Information Technology Co., Ltd., and Cambrian (Xi'an) Integrated Circuit Co., Ltd. [2] Project Implementation - The raised funds will be used for the implementation of the "Chip Platform Project for Large Models" and the "Software Platform Project for Large Models" [2]

Core Points - Company announced the use of idle raised funds to temporarily supplement working capital, not exceeding RMB 1 billion [1][2] - The decision was made during the second board and supervisory meetings held on October 31, 2025, to enhance the efficiency of fund usage [1] - The funds will be used for business expansion and daily operations related to the main business, ensuring no impact on the normal progress of fundraising investment projects [2] Summary by Sections - **Announcement Details** - Company held meetings to approve the use of idle funds for working capital [1] - The funds will be allocated to fully-owned subsidiary Shanghai Cambrian for specific projects [1] - **Usage Restrictions** - Funds will not be used for new stock placements, trading of stocks or derivatives, or changing the purpose of the raised funds [2] - The company commits to returning the funds to the dedicated account based on project progress and needs [1][2]

Core Viewpoint - Cambrian (688256) announced on October 31 the establishment of new wholly-owned subsidiaries in Shanghai, Shenzhen, Anhui, and Xi'an to implement fundraising investment projects focused on large model chip and software platforms [1] Group 1: Fundraising and Investment - The company plans to use 1 billion yuan to increase capital in Shanghai Cambrian [1] - An additional 80 million yuan will be allocated for capital increase in Anhui Cambrian [1] - Another 80 million yuan will be used for capital increase in Xi'an Cambrian [1] Group 2: Fund Management - The company will establish dedicated fundraising accounts in Shanghai Cambrian, Shenzhen branch, Anhui Cambrian, and Xi'an Cambrian [1] - The management is authorized to sign and handle the regulatory agreements for opening these fundraising accounts [1]

Core Viewpoint - The company has established new wholly-owned subsidiaries in Shanghai, Shenzhen, Anhui, and Xi'an to implement projects related to large model chip and software platforms, with a total fundraising of 100 million RMB for Shanghai and 8 million RMB each for Anhui and Xi'an [1] Group 1 - The company will use 100 million RMB to increase capital for Shanghai Hanwujing [1] - The company will allocate 8 million RMB each for capital increases in Anhui Hanwujing and Xi'an Hanwujing [1] - The adjustments made do not change the total investment amount, fundraising input, or construction content of the projects [1]

Core Insights - The introduction of the "light asset, high R&D investment" recognition standard has led to a significant increase in the number of companies applying for refinancing on the Sci-Tech Innovation Board, with 9 companies submitting applications totaling 24.796 billion yuan [1][2] - This policy effectively addresses the financing bottleneck for "light asset, high R&D investment" enterprises, promoting resource allocation towards technological innovation [1][2] - The policy is expected to further establish the Sci-Tech Innovation Board as a core platform for nurturing new productive forces and supporting technological self-reliance [1] Group 1: Company Actions - Cambrian Technology announced a plan to raise 4.98 billion yuan through a specific issuance of A-shares, with over 30% of the funds allocated for non-capital expenditures related to R&D [1][2] - The company indicated that 87.25% of the raised funds would be used for personnel salaries and product trial costs, emphasizing its commitment to R&D [2] - Dize Pharmaceutical became the first company to complete refinancing under the new standard, adjusting its financing scale to focus on core projects, thereby accelerating its clinical and industrialization processes [3] Group 2: Industry Impact - The "light asset, high R&D investment" standard enhances the financing convenience for tech-driven companies, allowing them to increase R&D investments and improve their R&D capabilities [2][4] - The policy has improved the transparency and efficiency of refinancing reviews, providing greater flexibility for companies in need of funding [4] - It is estimated that over a hundred companies on the Sci-Tech Innovation Board may meet the "light asset, high R&D investment" criteria, although only a few have submitted refinancing applications so far [4] Group 3: Recommendations - Industry experts suggest that regulatory bodies should continue to strengthen policy promotion and provide operational guidance to help companies and intermediaries better understand and apply the new standards [5]