603687: Entering the GPU industry across borders

AI · Dashengda Crosses into Semiconductor Industry: What Are the Strategic Considerations?

March 23 News, Leading paper packaging company Dashengda (603687) announced plans to invest 550 million yuan through equity transfers and phased capital increases into Chipton Semiconductor. After the transaction, Dashengda will hold a 22.9831% stake, becoming the single largest shareholder, officially entering the semiconductor field.

In this investment, Dashengda plans to acquire equity for 50 million yuan and will also inject 500 million yuan into Chipton Semiconductor in two phases (the first phase of 250 million yuan, and the second after the successful tape-out of its third-generation GPU); its controlling shareholder, Xinshengda, will also increase its stake by 50 million yuan. This transaction constitutes an associated transaction, has been approved by the board of directors, and still requires shareholder approval.

Chipton Semiconductor was founded in 2019, focusing on high-performance GPU chip development. It is currently still operating at a loss, with continued losses expected in 2024-2025, although revenue has increased. Dashengda has set up board seats, veto rights, performance commitments, and share repurchase clauses to safeguard its investment.

Dashengda has deep roots in the paper packaging industry, with strong capabilities and ample cash flow. This investment is part of its diversification strategy and response to national policies. Meanwhile, its controlling shareholder plans to transfer an 8% stake in Hechuang Xinrong (for 438 million yuan), contingent upon the success of this semiconductor investment.

Market feedback has been positive. As of 9:41 AM on March 23, Dashengda’s stock price was 14.15 yuan, up 54.48% over the past three months and more than 100% over the past year.