New Stock News: Anji Technology submits application to Hong Kong Stock Exchange to become China's sixth largest AI computing device solution provider.

According to the disclosure by the Hong Kong Stock Exchange on April 2, ArcQuine Computer Information Co., Ltd. (referred to as ArcQuine) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. According to Frost & Sullivan data, based on the revenue for 2024, ArcQuine is the sixth largest AI computing equipment solutions provider in China. The company is also the largest independent entity among China's AI computing equipment solutions providers. Company Profile The prospectus shows that ArcQuine was established in 2017 and is a technology enterprise in China that focuses on the development, design, manufacturing, and sale of AI computing devices, as well as providing related technical services and support. ArcQuine's main products include high-performance AI servers, other servers, support devices, and components. Other servers mainly include general-purpose servers, storage servers, and edge servers, while support devices and components mainly include AI high-bandwidth switches, adapter cards, acceleration cards, and CPUs. The company's products have the characteristics of high performance, high reliability, and high compatibility. They can adapt to the most advanced computing architectures domestically and internationally, provide modular and redundant design for AI applications in multiple aspects and scenarios, meet the differentiated needs of different customers while ensuring reliability, and are compatible with mainstream computing acceleration cards internationally and domestically. ArcQuine has built core technological innovations in key areas such as computational and interconnect architecture, hardware engineering and firmware development, platform and software collaborative management, thermal management and advanced cooling, and system and computational performance optimization. The company has formed an integrated full-stack technology capability covering servers, racks, and clusters, providing high-performance, high-reliability, and high compatibility AI computing equipment solutions for customers in fields such as smart computing centers, large-scale language models, autonomous driving, and embodiment intelligence. Based on basic scientific research, ArcQuine has established a core technology system that covers computational and interconnect architecture design, hardware engineering and firmware development, platform and software collaborative management, thermal management and advanced cooling, and system and computational performance optimization. This capability supports scalable, resilient, and energy-efficient computing system development, and achieves continuous optimization across computing, networking, storage, and software layers to meet the diverse AI workload and operational requirements. ArcQuine has established in-depth and stable cooperation with leading international processor companies, leading international storage companies, and major domestic processor companies. The company is one of the few companies in the Asia-Pacific region to be recognized by NVIDIA as an elite OEM partner in the field of computing. Elite OEM partners can gain early access to NVIDIA's product roadmap, design specifications, development materials, and product test samples. This relationship supports obtaining product supply directly from NVIDIA and providing continuous direct technical support throughout the product lifecycle. Based on the technical route of "AI-oriented, self-research, system coordination," the company has established a research and development management system covering demand analysis, solution design, and testing and verification. The company has conducted industry-academic research cooperation with scientific research institutions to introduce external advanced concepts and technologies, further expanding the boundaries of technological innovation and strengthening its innovation gene. As of December 31, 2025, the company has more than 120 R&D personnel, 92 patents, with more than 50 invention patents. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 2.206 billion, RMB 2.76 billion, and RMB 5.5 billion, respectively. Gross Profit and Gross Margin In the fiscal years 2023, 2024, and 2025, the company recorded gross profits of approximately RMB 223 million, RMB 244 million, and RMB 332 million, respectively, with corresponding gross margins of 10.1%, 8.8%, and 6.0%. Net Profit In the fiscal years 2023, 2024, and 2025, the company recorded net profits of approximately RMB 54.435 million, RMB 63.675 million, and RMB 122 million, respectively. Industry Overview AI computing is the core productivity of the digital economy. AI computing directly determines the speed, effectiveness, and scalability of AI deployment in various industries. It is rapidly penetrating manufacturing, finance, healthcare, and other fields, driving automation, process optimization, and data-driven decision-making. In the manufacturing industry, AI computing supports high-precision Siasun Robot & Automation, intelligent scheduling, and flexible production systems. In the financial industry, it enables real-time risk assessment and intelligent advisory services. In the healthcare field, it supports image diagnostics, drug development, and life science research. Across industries, AI computing is reshaping production factors and industrial ecosystems, driving the transformation from digitalization to intelligence. In 2024, the global computing market reached 2,374.9 EFlops, with a compound annual growth rate of 53.8% from 2020 to 2024. Among them, AI computing growth is most pronounced, increasing from 117.2 EFlops in 2020 to 1,614.6 EFlops in 2024, with a compound annual growth rate of 92.6%. It is expected that by 2029, driven by the big model technology revolution, the demand for AI computing will rapidly increase, gradually replacing general-purpose computing as the mainstream trend in future computing development. The market will continue to grow rapidly to 11,503.2 EFlops, with a compound annual growth rate of 48.1% from 2024 to 2029. In 2024, the Chinese computing market reached 696.0 EFlops, with a compound annual growth rate of 50.2% from 2020 to 2024. AI computing shows the most significant growth, increasing from 60.3 EFlops in 2020 to 526.0 EFlops in 2024, with a compound annual growth rate of 71.9%. It is expected that by 2029, driven by the outbreak of generative AI applications, AI computing will become the mainstream trend in computing development. The market will continue to grow rapidly to 4,275.3 EFlops, with a compound annual growth rate of 52.1% from 2024 to 2029. The AI computing equipment solutions industry revolves around AI servers as the core carrier, providing efficient computing devices and services for AI scenarios. This solution not only covers specialized server hardware but also integrates software platforms, system optimization, technical support, and other services. By combining standardized and proprietary services, along with hardware development and software integration, the solution provides AI architecture optimization and assists customers in building efficient computing platforms. This model reduces the barriers for customers and supports deep learning models to meet diverse AI task requirements in different scenarios. Due to the surge in demand for AI computing across industries, driving the growth of AI computing equipment solution demands, the global market for AI computing equipment solutions is growing rapidly, increasing from $13.2 billion in 2020 to $153.2 billion in 2024, with a compound annual growth rate of 84.5% from 2020 to 2024. In China, the market for AI computing equipment solutions increased from $3.6 billion in 2020 to $19.6 billion in 2024, with a compound annual growth rate of 53.2% from 2020 to 2024. In the future, as AI computing devices are more widely and deeply applied across various industries, the global market for AI computing equipment solutions will continue to maintain a relatively stable growth trend, projected to increase from $240.4 billion in 2025 to $958.7 billion in 2029, with a compound annual growth rate of approximately 44.3% from 2024 to 2029. In China, the market for AI computing equipment solutions is expected to increase from $38.2 billion to $202.4 billion, with a compound annual growth rate of approximately 59.5% from 2024 to 2029. Board of Directors Information The board of directors of the company consists of nine directors, including six executive directors and three independent non-executive directors. Directors serve a term of three years and are eligible for re-election. The board of directors is responsible for the management and operation of the company and has general authority over it. The powers and responsibilities of the board of directors include convening shareholders' meetings and reporting the board's work at company shareholders' meetings, determining the group's business and investment plans, preparing the company's annual financial budget and financial statements, formulating profit distribution plans, and exercising other powers, functions, and responsibilities conferred by the organization's articles. Ownership Structure SuperVideo Technology holds 59.09% of the shares, Mingji Information holds 11.60%, Jinggu Information holds 8.28%, Xiangjue Information holds 1.26%, and other pre-listed investors hold a total of 19.77%. Mr. Yu Yueyuan holds 67.37% through SuperVideo Technology and Jinggu Information, while Mr. Yang Lingyun holds 11.60% through Mingji Information. As of the last practicable date, Mr. Yu Yueyuan holds 99.67% of the equity interest in SuperVideo Technology and is the sole general partner of Jinggu Information (which holds 12,500,000 shares of the company's stock), holding a 45.81% interest in it. Therefore, under the Securities and Futures Ordinance, Mr. Yu is considered to have an interest in the shares held by SuperVideo Technology and Jinggu Information. As of the last practicable date, Mr. Yang Lingyun is the sole general partner of Mingji Information (which holds 17,500,000 shares of the company's stock), holding 66.29% interest in it. According to the Securities and Futures Ordinance, Mr. Yang Lingyun is considered to have an interest in the shares held by Mingji Information. Mingji Information and Jinggu Information are employee incentive platforms of the company, each established as limited partnerships in China, managed respectively by Mr. Yang Lingyun and Mr. Zhao as their executive partners. Xiangjue Information is an investment platform for employees and external investors of the company. It is a limited partnership established in China, managed by Mr. Liu Feng (supervisor of Shanghai Computation and Anxin Qingtian) as its executive partner. Intermediary Team Exclusive Sponsor: China International Financial Hong Kong Securities Limited Company Legal Advisor: For Hong Kong and U.S. law: Gallant Lawyers; for Chinese law: Deheng (Shenzhen) Law Firm Legal Advisor for Exclusive Sponsors: For Hong Kong and U.S. law: Dechert LLP; for Chinese law: Tongshang Law Firm Auditor and Reporting Accountant: Ernst & Young Certified Public Accountants Industry Consultant: Frost & Sullivan Consultancy Limited, Shanghai Branch