Shenzhen Qiangrui Precision Technology Co., Ltd. (hereinafter referred to as "Qiangrui Technology," "the Issuer," or "the Company") is a company listed on the ChiNext market of the Shenzhen Stock Exchange (hereinafter referred to as the "SZSE"). To meet the capital requirements for business development, expand operational scale, and enhance the Company's capital strength and market competitiveness, the Company has considered its actual situation. In accordance with the "Company Law of the People's Republic of China," the "Securities Law of the People's Republic of China," the "Administrative Measures for the Registration of Securities Issuance by Listed Companies" (hereinafter referred to as the "Administrative Measures for Registration"), and the "Applicable Opinions on the Application of Relevant Provisions of Articles 9, 10, 11, 13, 40, 57, and 60 of the 'Administrative Measures for the Registration of Securities Issuance by Listed Companies' — Securities and Futures Legal Application Opinion No. 18" (hereinafter referred to as "Applicable Opinion No. 18") and other relevant laws, regulations, and normative documents, the Company intends to issue A-shares to specific targets in 2026 (hereinafter referred to as "this Issuance" or "this Issuance of Shares to Specific Targets"). The total amount of funds to be raised is expected to be no more than 1,050 million RMB (inclusive). The Company has prepared this Feasibility Analysis Report on the Issuance of Shares to Specific Targets.
Unless otherwise specified, terms used in this Feasibility Analysis Report have the same meanings as those in the "Shenzhen Qiangrui Precision Technology Co., Ltd. 2026 Annual Plan for Issuance of Shares to Specific Targets."
I. Background and Purpose of this Share Issuance
(I) Background of this Issuance
- The global computing power and semiconductor industries are ushering in development dividends, and high-end precision manufacturing is facing strategic development opportunities.
Computing power infrastructure is the core foundation of the digital economy, and the semiconductor industry is a strategic fundamental industry that ensures the autonomy and controllability of the industrial chain. Both are key supports for cultivating new quality productive forces and promoting industrial digital transformation. In the field of computing power, overseas markets represented by North America are currently the main positions for the global AI industry. Local governments continue to issue top-level plans for artificial intelligence, and leading technology giants continue to increase capital expenditures, accelerate the layout of general large model research and development, and build large-scale supercomputing clusters, continuously driving the release of demand for liquid cooling core components. In the semiconductor field, in recent years, multiple national departments have intensively issued industrial support policies to vigorously promote the domestic substitution of key equipment and their core components, creating a favorable policy environment for high-end precision manufacturing fields such as precision components for semiconductor equipment. National high-end semiconductor equipment precision components fall into the category of encouraged industries in the "Industrial Structure Adjustment Guidance Catalog (2024 Edition)," which aligns with the strategic orientation of industrial autonomy and controllability.
The Company has been deeply engaged in the field of precision manufacturing for more than ten years. Relying on its strong core capabilities in customized research and development, high-precision complex component processing, and full-process quality control, the Company has achieved stable delivery of AI server liquid cooling heat dissipation products to head customers, and has also achieved batch supply of semiconductor equipment precision components to leading manufacturers. The business layout is highly consistent with national strategic orientation and industry development trends. This issuance is an important measure for the Company to seize the strategic opportunities of the two major tracks, increase investment in production capacity and technology, and consolidate its market competitive advantage.
- AI industry-driven demand resonance, market space continues to expand.