Group 1 - Sichuan Bianji Technology Co., Ltd. announced a strategic investment framework agreement with Shanghai Fengwang Industrial Co., Ltd., where Fengwang will invest 300 million yuan in Bianji Technology, expected to be completed within a 30-day exclusivity period [1] - Bianji Technology, established in July 2020, is a leading AI computing power service provider in China, operating an AI computing power cluster of no less than 20,000 P and planning to build a scale of at least 50,000 P [1] - The strategic cooperation aims to enhance industrial and capital collaboration between Fengwang and Bianji Technology, focusing on strengthening the AI computing power industry [1] Group 2 - The AI computing center is recognized as a key infrastructure for computing power in the smart era, facing challenges such as high-performance chip shortages and surging GPU demand, with policies promoting systematic high-quality development [2] - Shanghai Fengwang's major asset, *ST Yushun, is also transitioning towards new productive forces, having announced a major asset restructuring in April to acquire a computing power center with 8,000 cabinets for 3.3 billion yuan [3] - The financial performance of the target companies for acquisition shows significantly higher revenues compared to *ST Yushun, with the target's 2024 revenue projected to be 3.7 times that of *ST Yushun [3]

Core Viewpoint - The strategic cooperation between Shanghai Fengwang and Bianji Technology aims to strengthen the artificial intelligence computing power industry through close industrial and capital collaboration [1][3]. Group 1: Company Overview - Bianji Technology, established on July 1, 2020, is a leading AI computing power service provider in China, operating an AI computing power cluster of no less than 20,000 P and planning to expand to at least 50,000 P [1]. - Bianji Technology has achieved full-scenario topology coverage and is steadily progressing towards managing a ten-thousand-card cluster [1]. Group 2: Strategic Developments - Shanghai Fengwang's significant asset, Yushun Electronics, is also transitioning towards new productive forces, having announced a major asset restructuring in April to acquire a computing power center with 8,000 cabinets for 3.3 billion yuan [2]. - The three companies involved in the acquisition have reported revenues of 735 million yuan, 815 million yuan, and 218 million yuan for 2023, 2024, and the first quarter of 2025, respectively, with net profits significantly exceeding Yushun Electronics' current performance [2]. Group 3: Market Context - The AI computing center is recognized as a critical infrastructure in the smart era, with increasing demand for GPU computing power and a shortage of high-performance chips driving policy support for the sector [1]. - The investment in computing center assets is timely, aligning with national goals to accelerate the development of new productive forces [1].