Shenzhen Cotran New Material Co., Ltd. (hereinafter referred to as the "Company") is listed on the ChiNext market of the Shenzhen Stock Exchange. To adapt to industry development trends, further enhance the Company's competitiveness, optimize its capital structure, and provide financial guarantees for its development, the Company plans to implement a 2026 issuance of shares to specific objects via simplified procedures (hereinafter referred to as the "Current Issuance") in accordance with the "Company Law of the People's Republic of China" (hereinafter referred to as the "Company Law"), the "Securities Law of the People's Republic of China" (hereinafter referred to as the "Securities Law"), the "Administrative Measures for the Registration of Issuance of Securities by Listed Companies" (hereinafter referred to as the "Registration Measures"), and other relevant laws, regulations, and normative documents, as well as the "Articles of Association of Shenzhen Cotran New Material Co., Ltd." (hereinafter referred to as the "Articles of Association"). The total amount of capital to be raised in the Current Issuance shall not exceed RMB 12,332.16 million (inclusive). After deducting issuance expenses, the funds will be used for the construction of a data center liquid cooling component production project, a research and development center construction project for Chuangyuan Zhire (Shenzhen Chuangyuan Zhire Technology Co., Ltd., a subsidiary of the Company), and to supplement working capital.
I. Background and Objectives of the Current Issuance
(I) Background of the Current Issuance
- Industrial Policies Continue to Strengthen, Ushering in a High-Speed Development Window for the Liquid Cooling Industry
Green, low-carbon, and energy-efficient development is the core orientation for China's computing power infrastructure development. China has continuously issued special policies to tighten energy efficiency standards for data centers and mandatorily promote advanced liquid cooling heat dissipation technology, providing strong policy support and institutional guarantees for the application of liquid cooling heat dissipation technology.
Several ministries and commissions of the state have established a comprehensive policy system focusing on energy conservation and carbon reduction in data centers, high-quality development of computing power, and domestic production of high-end equipment, clearly defining the core application position of liquid cooling technology. According to the "Special Action Plan for Green and Low-Carbon Development of Data Centers," the "Key Work Points for the 'East Data West Computing' Project in 2026," and other documents, the state has imposed strict energy efficiency constraints on new data centers in eight major computing power hubs. It is specified that the PUE value of newly built hyperscale and intelligent computing data centers shall not exceed 1.2, and the proportion of liquid cooling technology application shall not be less than 70%.
Concurrently, the "Implementation Plan for High-Quality Development of Energy-Saving Equipment (2026-2028)" explicitly supports the domestic development of key components such as liquid cooling plates and integrated heat dissipation modules, accelerating the large-scale popularization of cold plate and immersion liquid cooling systems. Relevant policies on artificial intelligence empowerment further require that new large-scale AI, intelligent, and supercomputing centers be equipped with liquid cooling heat dissipation systems, and simultaneously promote energy-saving retrofitting of existing high-power air-cooled data centers. This provides a rigid policy driver for liquid cooling technology to replace traditional air cooling. These policies have created a favorable policy environment and development opportunities for the Company's liquid cooling heat dissipation and related industry chain development.