On the evening of February 9, Sugon revealed its intention to issue convertible bonds to secure funds amounting to no more than RMB 8 billion. This move signifies the inaugural refinancing proposal in the Shanghai Stock Market since the introduction of the new refinancing policy. On that very day, the Shanghai Stock Exchange rolled out a suite of measures designed to streamline refinancing processes, with the goal of boosting flexibility and convenience to more effectively support technological innovation and the growth of new, high-quality productive forces. As per the updated policy, the Shanghai Stock Exchange advocates for top-tier listed companies to channel the raised capital into new industries, novel business models, and cutting-edge technological sectors that exhibit synergistic relationships with their core operations. Sugon clarified that the proceeds from the convertible bonds would be earmarked for ventures including an advanced artificial intelligence computing cluster system, next-generation high-performance AI training and inference integrated machines, as well as domestically produced advanced storage systems.