
AI-generated summary
Jinxiang Electronics is a major PCB manufacturer that provides ASIC server boards to cloud service providers such as Amazon. As the demand for AI computing increases, cloud manufacturers' capital expenditures expand, putting forward higher requirements for PCB board specifications and product types.
Jinxiang Electronics obtained major customer Amazon to participate in private placement. (provided by the company)
[Reporter Zhuo Yijun/Taipei Report] PCB major PCB manufacturer Jinxiang Electronics (2368) has obtained a major customer, Amazon (Amazon), to participate in the company's private placement case. Amazon subscribed for 1,856,308 private equity shares and became a strategic investor. Jinxiang Electronics stated that 1,070 yuan per share in this private placement was the reference price. After comprehensive consideration, the actual subscription price per share of private equity shares was set at 856 yuan, which is 80% of the reference price. According to the legal person's interpretation, Amazon's investment symbolizes further binding of the cooperative relationship with Jinxiang Electronics. However, Jinxiang Electronics' stock price fell as low as 4.46% in early trading, and then there was a sharp pull in buying orders, and the stock price fluctuated up and down by as much as 8.04%.
The private placement price set by Jinxiang Electronics is the lowest discount under the regulations. As of about 10:42 minutes, Jinxiang Electronics' stock price fluctuated near the flat market. The flat price was 1,120 yuan, and the trading volume exceeded 14,000 contracts, which was a significant increase from yesterday's full-day trading volume of 8,818 contracts.
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According to the analysis of foreign investors from the United States, Amazon participated in the private equity case of Jinxiang Electronics to strengthen mutual relations and alleviate external doubts about Jinxiang Electronics' obtaining orders for next-generation products. The scale of this private placement was 1.589 billion yuan, accounting for 0.36% of Jinxiang Electronics' second quarter share capital. In addition, Jinxiang Electronics' board of directors approved a capital expenditure budget with a total amount of 7.9 billion yuan, and investments are expected to begin in the fourth quarter. Capital, as an existing manufacturer of ASIC server boards, Jinxiang Electronics will gradually increase capital expenditures in the future as CSPs (cloud service providers), and the requirements for computing power will also directly increase PCB board specifications and product types. Jinxiang Electronics is bound to increase capital expenditures to maintain industrial competitiveness. New products, new businesses, and new production capacities will continue to inject Jinxiang Electronics' operations in 2027.
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AI outlook — possibilities, not facts
Jinxiang Electronics will gradually implement a capital expenditure plan of 7.9 billion yuan starting from the fourth quarter of 2025.
Likely · Within months
As CSP capital expenditures increase, Jinxiang Electronics will increase production capacity to cope with the increase in computing power demand.
Likely · Within months

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