CR HOLDINGS (01911) subsidiary successfully assisted Lingchuan Technology in completing RMB1 billion Series B financing

CR HOLDINGS (01911) announced that its controlled subsidiary, China Renaissance Securities Co., Ltd. (China Renaissance Securities), acting as financial advisor, successfully assisted Beijing Lingchuan Technology Co., Ltd. (Lingchuan Technology) in completing a RMB1 billion Series B financing. This round of financing saw participation from multiple investment institutions and industrial investors, as well as continued follow-on investment from certain existing shareholders. According to Lingchuan Technology, the proceeds from the financing will be primarily used for next-generation chip R&D and mass production, as well as global market expansion. According to its public disclosures, Lingchuan Technology was jointly established by the Beijing Artificial Intelligence Fund and Kuaishou Group, and was formerly the Heterogeneous Computing and Chip Business Unit of Kuaishou Group. It was spun off and began independent operations in March 2024. Lingchuan Technology focuses on the development of underlying computing power chips for multimodal large models such as intelligent video and generative video. Its self-developed SL200 intelligent video chip has achieved large-scale commercial deployment and has been adopted by multiple leading internet companies. Lingchuan Technology also continues to enhance its full-stack capabilities across chips, software, and platforms. The Group is honored to assist Lingchuan Technology in completing this round of financing. This transaction reflects the Group's financial advisory service capabilities in the artificial intelligence and semiconductor sectors, as well as its resource advantages in connecting innovative enterprises with diversified investment institutions. The Group will continue to assist innovative enterprises in achieving their strategic and financial goals.