① Eight departments: Increase the effective supply of AI-powered terminal products; ② AI startup Modular raises US$250 million; ③ Zhiyuan Hengyue plans to make a tender offer to acquire 37% of Swancor Advanced Materials.
Key developments in hard tech investment and financing this week include: Eight departments: Increase the effective supply of AI-powered terminal products; AI startup Modular raises US$250 million; Zhiyuan Hengyue plans to make a tender offer to acquire 37% of Swancor Advanced Materials.
》》 Policy
National Development and Reform Commission (NDRC): Accelerate the construction of a nationwide integrated computing power network, creating new infrastructure that integrates coordinated monitoring, unified scheduling, elastic supply, and security assurance.
The NDRC and five other departments jointly issued the ‘Several Measures for Strengthening the Cultivation of Digital Economy Innovative Enterprises.’ Strengthen the supply support of computing resources. Deepen the implementation of the ‘East Data, West Computing’ initiative, implement relevant policy requirements, maintain large-scale computing deployment at national hub nodes, and continuously optimize demand guarantees in hotspot application areas. Accelerate the construction of a nationwide integrated computing power network, supporting local collaboration and joint construction. Under the guidance of unified national standards, promote the orderly pooling and grid-connected operation of national computing resources, and create new computing infrastructure integrating coordinated monitoring, unified scheduling, elastic supply, and security assurance. Guide various computing resources to efficiently and precisely match the needs of digital innovation enterprises. Encourage national hub nodes to provide low-cost, extensive coverage, and reliable computing services to digital innovation enterprises, lowering barriers to computing access.
Eight Departments: Increase Effective Supply of AI Terminal Products and Launch Pilot Programs for the Market Entry and Road Operation of Intelligent Connected Vehicles
The Ministry of Commerce and seven other departments jointly issued the ‘Guiding Opinions on Vigorously Developing Digital Consumption to Create a Better Life in the Digital Era.’ The ‘Guiding Opinions’ pointed out the need to expand the consumption of digital products. Enterprises are encouraged to accelerate research and innovation, increase the effective supply of AI terminal products, and unlock the consumption potential of new products such as AI-powered smartphones, computers, intelligent robots, wearable devices, and desktop 3D printing equipment. Efforts will be made to expedite the development and interconnectivity of smart home appliances, intelligent security systems, and video care systems. Pilot programs for the market entry and road operation of intelligent connected vehicles will be carried out. New consumer brands will be cultivated and built, promoting the innovative development of brands like Digital National Trends.
Two departments: Advance the deployment of 5G, gigabit optical networks, IPv6, mobile IoT, and other industrial park network infrastructure, and promote the integration of industrial internet into industrial parks.
The Ministry of Industry and Information Technology and the National Development and Reform Commission jointly issued the ‘Guidelines for High-Quality Development of Industrial Parks,’ emphasizing the reinforcement of new information infrastructure construction and application. Efforts will focus on advancing the deployment of 5G, gigabit optical networks, IPv6, mobile IoT, and other industrial park network infrastructure while promoting the integration of industrial internet into parks. Support will be given to appropriately construct or effectively utilize data storage and computing infrastructure, strengthening the coordinated scheduling of computing resources within parks. Parks with the necessary conditions are encouraged to develop new technological facilities such as artificial intelligence and cloud computing, enhance the application of open-source operating systems, and solidify the foundation for digital and intelligent development within industrial parks.
MIIT: The market penetration rate of new passenger vehicles equipped with combined driving assistance systems exceeds 60%.
According to the latest data released by the Ministry of Industry and Information Technology (MIIT), from January to July 2025, the sales volume of new passenger vehicles with combined driving assistance systems in China reached 7.76 million units, representing a penetration rate of 62.6%, an increase of 5.7 million units and 40 percentage points compared to the same period in 2021. Combined driving assistance systems have become a key highlight of new models in the market and an important consideration for consumers when making purchases. Relevant officials from the MIIT stated that the mandatory national standard for combined driving assistance systems has been open for public comments. At the 2025 World Intelligent Connected Vehicles Conference, to be jointly hosted by the MIIT, the Ministry of Transport, and the Beijing Municipal People’s Government in mid-next month, discussions will focus on safety issues related to intelligent connected vehicles. Officials also noted that China has identified intelligent connected vehicles as one of the eight key areas for enhancing core competitiveness in the manufacturing sector. Over the past five years, China issued the ‘New Energy Vehicle Industry Development Plan (2021–2035)’, further advancing the development directions of electrification, connectivity, and intelligence, and has established a complete industrial chain system encompassing smart cockpits, autonomous driving, and connected cloud control, which has been deployed in mass production vehicles.
Ministry of Transport, Department of Science and Technology: The Implementation Opinions on ‘Artificial Intelligence + Transportation’ to Be Released Soon
Today, at the press conference for the 2025 World Intelligent Connected Vehicles Conference, Xing Fansheng, Director of the General Division of the Science and Technology Department of the Ministry of Transport, stated that the Ministry of Transport is actively advancing the ‘Artificial Intelligence + Transportation’ initiative. First, it is expediting the issuance of the ‘Implementation Opinions on Artificial Intelligence + Transportation,’ which will soon be released and implemented. Second, it is organizing the development of a comprehensive transportation large model to accelerate the widespread application of intelligent agents. Third, adopting a ‘Technology + Engineering’ approach, efforts are being made around typical applications such as autonomous driving of trucks on major corridors, autonomous formation navigation of inland waterway cargo vessels, intelligent control and management of major road disasters, free-flow tolling on highways, and high-speed maglev systems to promote the implementation of innovative projects. Fourth, plans are underway to launch the ‘Artificial Intelligence + Transportation Thousand-Hundred Innovation Action,’ increasing the density of pilot demonstrations.
》》IPO
Moore Threads’ Sci-Tech Innovation Board IPO approved by the SSE Listing Committee meeting.
Moore Threads Intelligent Technology (Beijing) Co., Ltd.’s initial public offering application has successfully passed the review of the Shanghai Stock Exchange Listing Committee. The Listing Committee stated that Moore Threads’ (IPO) meets the issuance conditions, listing requirements, and information disclosure standards. According to the prospectus, Moore Threads plans to raise 8 billion yuan for projects such as the development of a new generation of independently controllable AI training-inference integrated chip, a new generation of independently controllable graphics chip, a new generation of independently controllable AI SoC chip, and replenishment of working capital.
》》Primary Market
AI startup Modular raises USD 250 million in funding, reaching a valuation of USD 1.6 billion.
Artificial intelligence startup Modular announced on September 24 local time that it had raised USD 250 million in a new round of funding, bringing its valuation to USD 1.6 billion. This round was led by the US Innovative Technology Fund, with DFJ Growth participating as a follower, and all existing investors took part in the round.
Neurone Core completes over RMB 100 million Series B financing round
Recently, Neurone Core, a developer of ultra-low-power mixed-signal sensing and memory-compute integrated chips, completed an over RMB 100 million Series B financing round led by Oriza Holdings, with participation from Wowo Capital, Xianyun Investment, Gaoshan New Area, WebHelix Capital, MiraclePlus, Yinghao Capital, Renxin Capital, and Hainan Xingrong Investment. Founded in 2018, Neurone Core is dedicated to the research, development, mass production, and sales of brain-inspired computing-based sensing and memory-compute integrated chips. The proceeds from this round will be used to accelerate the iteration of next-generation chip products and market expansion. The company has previously completed multiple rounds of investment from well-known institutions, including its Series A round led by WebHelix Capital and Pudong Sci-Tech Investment, and its Series B round led by Oriza Holdings. According to Cailian Press Venture Capital Database—ZhiZhong Data, using September 2025 as the forecast baseline, the probability of securing additional financing within the subsequent two years is estimated at 80.23%.
Xingmai Innovation Completes RMB 1 Billion Series A+ Financing Round
Recently, Xingmai Innovation Technology (Suzhou) Co., Ltd., a developer of intelligent robotic pool cleaners, completed a RMB 1 billion Series A+ financing round. This round was led by Meituan Longzhu, with participation from Gaoling Ventures, Shunwei Capital, Cathay Capital, Source Code Capital, Anker Innovations, Monolith LSI Capital, and Yunmu Capital. The proceeds will be used for technology research and development, overseas market expansion, and production capacity upgrades. The company had previously completed angel and Series A rounds, with historical investors including prominent institutions such as Gaoling Ventures, Shunwei Capital, and Source Code Capital. According to data from Cailian She Venture Connect – Zhizhong, with a forecast benchmark date of September 2025, the probability of subsequent financing within the next two years is 86.05%.
Yitang Technology Completes Over RMB100 Million Series A Financing
Recently, Yitang Technology, a high-end equipment research and development manufacturer, completed an over RMB100 million Series A round of financing. This round was led by Puhua Capital, with participation from Mingyu Venture Capital. The funds will be used to accelerate the R&D iteration of the ESM series high-speed, high-precision pick-and-place machines and the industrial implementation of intelligent production line solutions. Established in 2022, Yitang Technology focuses on the R&D and industrialization of high-speed, high-precision pick-and-place machines and intelligent production line solutions.
Jing’an Technology Completes Over RMB 100 Million Pre-Series A Financing Round
Recently, Hangzhou Jing’an Technology Co., Ltd., a provider of next-generation national defense technologies, completed an over RMB 100 million Pre-Series A financing round. This round was jointly led by Yuanhe Origin and Zhejiang Low-Altitude Fund, with participation from Yuhang State Investment. The funds will primarily be used for the research and development of urban safety intelligence technologies and the expansion of technical applications in areas such as infrastructure security and space security. Jing’an Technology, established in 2021, focuses on AIoT technological innovation in smart security and defense informatization. The company had previously received investment from Sequoia China. According to data from Cailian She Venture Connect – Zhizhong, with a forecast benchmark date of September 2025, the probability of subsequent financing within the next two years is 63.57%.
》》Secondary Market
Swancor Advanced Materials: Zhiyuan Hengyue, an affiliate of Zhiyuan Robotics and a shareholding platform, plans to launch a tender offer to acquire 37% of the company’s shares at a price of RMB 7.78 per share.
Shangwei New Materials (688585.SH) announced that Shanghai Zhiyuan Hengyue Technology Partnership plans to launch a tender offer to acquire 149 million shares of the company, representing 37.00% of the total share capital, at an offer price of RMB 7.78 per share, with an estimated maximum funding requirement of RMB 1.161 billion. The tender offer period will last for 30 calendar days, from September 29, 2025, to October 28, 2025. The acquirer has deposited RMB 232 million into a designated bank account of China Securities Depository and Clearing Corporation Limited’s Shanghai branch as a performance guarantee for this tender offer prior to the announcement of the summary of the tender offer report.
Jingzhida: Delivers the first high-speed tester to a key domestic customer; this equipment is primarily used in the semiconductor memory testing process.
Jingzhida (688627.SH) announced that it recently delivered the first high-speed tester to a key domestic customer. This equipment is mainly used in the semiconductor memory testing process, addressing high-speed testing needs. The company has largely completed the comprehensive layout of its major products in semiconductor memory testing equipment and can provide customers with systematic solutions, initially forming full-site service capabilities. This delivery helps consolidate the company’s competitive position in the semiconductor memory testing equipment market and is expected to have a positive impact on its future operating performance. However, attention should be paid to risks such as slower-than-expected market promotion and technological upgrades or changes in industry and customer demands.
More than three months later, the National Integrated Circuit Industry Investment Fund has once again reduced its stake in Derbond Technology, lowering its shareholding to 15%.
Derbond Technology (688035.SH) announced that from September 11, 2025 to September 22, 2025, the National Integrated Circuit Industry Investment Fund Co., Ltd. reduced its holding in Derbond Technology by 925,054 shares through centralized competitive trading, representing 0.65% of the company’s total equity. Following this change in equity interest, the number of shares held by the National Integrated Circuit Industry Investment Fund Co., Ltd. decreased from 22.26 million to 21.34 million, and its stake in the company dropped from 15.65% to 15.00%, reaching a multiple of 5%.
Guoxin Technology: Four shareholders plan to collectively reduce their stake by up to 4.5% of the company’s shares.
Guoxin Technology (688262.SH) announced that, due to the need for fund exits, Tibet Jinsheng Taida Venture Capital Co., Ltd. plans to sell 8.5 million shares of the company, representing 2.53% of the total share capital. Additionally, Tianjin Tianchuang Baoyin Venture Investment Partnership (Limited Partnership), along with its acting-in-concert parties Tianjin Tianchuang Huaxin Modern Service Industry Venture Investment Partnership (Limited Partnership) and Wei Hongkun, plan to reduce their stakes in the company by no more than 0.52%, 0.92%, and 0.53%, respectively. The four shareholders collectively plan to reduce their stakes by up to 4.5% of the company’s shares.
C-Micro Semiconductor: The company has submitted an application for the issuance and listing of H-shares to the Hong Kong Stock Exchange.
C-Micro Semiconductor (688380.SH) announced that on September 23, 2025, the company submitted an application to the Hong Kong Exchanges and Clearing Limited for the issuance of H-shares and listing on the Main Board of the Hong Kong Stock Exchange. On the same day, the company posted the application materials for this offering on the Hong Kong Stock Exchange website. These application materials represent a draft version, and the information contained therein may be updated and revised as appropriate. This issuance is still subject to approval, ratification, or filing with relevant regulatory authorities and stock exchanges, and thus remains uncertain.
BIWIN Storage: Plans to issue H-shares and list on the Main Board of the Hong Kong Stock Exchange.
BIWIN Storage (688525.SH) announced that the company plans to issue overseas-listed shares (H-shares) and apply for listing on the Main Board of The Stock Exchange of Hong Kong Limited to deepen its global strategic layout and enhance its international brand image and core competitiveness.
Bozhong Precision Industry: Plans to Transfer 18.29% Equity Stake in Suzhou Linghou Robot for RMB 64 Million, a Premium of 239.09% Over Book Value
Bozhong Precision Industry (688097.SH) announced that the company plans to transfer its equity stake corresponding to RMB 20.3175 million of registered capital in Suzhou Linghou Robot Co., Ltd. for a consideration of RMB 64 million, representing approximately 18.29% of Suzhou Linghou’s current total registered capital. Upon completion of the transaction, the company is expected to hold 21.61% of Suzhou Linghou’s equity. The book cost of this transaction is RMB 18.8741 million, and the transaction price represents a premium of 239.09% over the book value.
Autel Technology: Plans to Transfer 46% Stake in Affiliate SaiFang Technology for RMB 109 Million
Autel Technology (688208.SH) announced that it plans to transfer a combined 46% stake in SaiFang Technology to seven employee shareholding platforms of SaiFang Technology, DaoHeTongLiao, and Zhao Guanjie for a total consideration of RMB 108.56 million. Among this, the transfer of an 11.50% stake to DaoHeTongLiao and Zhao Guanjie constitutes a related-party transaction. Upon completion of this transaction, the company will no longer hold any stake in SaiFang Technology.
Minsen Technology: Shareholders Plan to Transfer 1.71% of the Company’s Shares via Price Inquiry
Minsen Technology (688286.SH) announced that shareholders Suzhou Changzhong Enterprise Management Consulting Center (Limited Partnership) and Suzhou Changheng Enterprise Management Consulting Enterprise (Limited Partnership) plan to transfer their pre-IPO issued shares through a price inquiry mechanism. The total number of shares to be transferred is 960,223, representing 1.71% of the company’s total share capital. The reason for the transfer is the shareholders’ need for liquidity. Eligible transferees must be institutional investors with appropriate pricing capabilities and risk tolerance. The minimum transfer price shall not be lower than 70% of the average trading price of the stock over the 20 trading days prior to the issuance of the subscription invitation letter. After the transfer, the transferees are prohibited from reselling the shares for six months.
Siglent Technologies: Preliminary inquiry-based transfer price set at RMB 34.15 per share
Siglent Technologies (688112.SH) announced that, based on the inquiry subscription situation as of September 23, 2025, the preliminary inquiry-based transfer price has been set at RMB 34.15 per share, corresponding to an effective subscription multiple of 3.37 times the minimum offer price. A total of 19 institutional investors participated in the quotation process for this inquiry-based transfer, with a combined effective subscribed quantity of 10,727,000 shares. All shares proposed for transfer through this inquiry-based mechanism have been fully subscribed, and the preliminary identified transferees consist of eight institutional investors, with a total proposed transfer of 3,184,000 shares.
