Dassheng Co., Ltd. Plans to Invest 550 Million Yuan in GPU Chip Company; Target System Can Support "Lobster" Farming

Dahshengda (603687) announced on the evening of March 18 that the company plans to invest a total of 550 million yuan through equity transfers and capital increases to acquire a 22.9831% stake in Xintong Semiconductor Technology (Xiamen) Co., Ltd. (hereinafter referred to as “Xintong Semiconductor”).

Specifically, the company intends to acquire a 2.7074% equity stake in Xintong Semiconductor (pre-capital increase) held by Hainan Dingzheng Private Equity for 27.86 million yuan, and a 1.5961% stake held by Yangzhou Qiming Equity Investment for 22.14 million yuan. At the same time, the company plans to increase its capital in Xintong Semiconductor by 500 million yuan. The first increase of 250 million yuan will occur upon meeting the conditions specified in the capital increase agreement, and the second 250 million yuan will be invested after the successful tape-out of the company’s third-generation graphics processor chip and continued fulfillment of the first increase conditions.

Among these, the 50 million yuan invested through equity transfer corresponds to a valuation of 1.16 billion yuan for Xintong Semiconductor; the 500 million yuan capital increase corresponds to a pre-investment valuation of 2 billion yuan for Xintong Semiconductor.

The announcement states that Xintong Semiconductor was founded in 2019 and is a pioneer in China specializing in the design, development, and sales of general-purpose high-performance graphics processing unit (GPU) chips. Relying on an advanced architecture that deeply integrates graphics rendering, general-purpose computing, and artificial intelligence computing capabilities, the company provides domestic GPU solutions that are high-performance, sustainable, and iteratively upgradeable, catering to cloud and end-user customers to meet multi-scenario computing needs from desktop applications to data centers.

According to its official website, Xintong Semiconductor has accumulated nearly 100 invention patents, dozens of software copyrights, and multiple integrated circuit layout designs in the GPU core field, actively promoting GPU open-source technology. Its low-power and high-performance dual-route products have fully entered market applications.

On March 13, Xintong Semiconductor announced that its TokenLake system is an autonomous AI agent framework developed based on OpenClaw, capable of creating an internal closed-loop shrimp farming ecosystem for enterprises.

Financially, Xintong Semiconductor is projected to achieve operating revenue of 50.78 million yuan and a loss of 48.99 million yuan in 2025. As of the end of 2025, the company’s total assets and net assets are 64.96 million yuan and -19.67 million yuan, respectively.

After the transaction, Dahshengda will hold a 22.9831% stake in Xintong Semiconductor, making it the company’s second-largest shareholder. Its shareholding is only second to Xiamen Taqingge Technology, which holds 22.5424%.

The listed company stated that this transaction does not involve acquiring control of Xintong Semiconductor. It is a cautious strategic decision mainly based on establishing a strategic partnership with Xintong Semiconductor and sharing its growth benefits at a lower cost, avoiding the large investments and cross-industry operational risks associated with seeking control. To protect the interests of the listed company, the transaction agreement grants the company a seat on the board of directors and veto rights on major matters, along with performance commitments, share repurchase clauses, anti-dilution provisions, and other protective terms to ensure investment safety and synergy effects.

Dahshengda mainly engages in the research, production, printing, and sales of paper packaging products, including corrugated boxes, cardboard, high-end wine packaging, premium cigarette packaging, and biodegradable paper pulp eco-friendly tableware.

Regarding the investment in Xintong Semiconductor, Dahshengda stated that the transaction aligns with the company’s long-term development plan and is an important measure for actively exploring new productive growth opportunities. The transaction will not change the company’s main business. Under the premise of ensuring funds for daily operations, the company will carry out investment activities to obtain medium- and long-term returns, broaden its investment channels, and improve capital utilization efficiency, without putting financial pressure on existing production and operations.