Pinggao Co., Ltd. (688227) Limit-Up Analysis: AI Chip Investment Driver and Market Impact

Pinggao Co., Ltd. (688227), a cloud computing enterprise on the STAR Market, hit the limit-up on November 22, 2025, with a stock price of 49.02 yuan, a 20% increase, and a market capitalization of 5.542 billion yuan [0][2]. The core driving event is the company’s announcement of a plan to inject 400 million yuan into Jiangyuan Technology, a startup AI chip enterprise (pre-investment valuation of 2.414 billion yuan), while the controlling shareholder Beijing Shanggao plans to transfer 12% of its shares to a partnership controlled by the actual controller of Jiangyuan Technology [0][1][7]. This capital operation forms a deep binding between the two parties, aiming to build a complete solution from chips to scenario implementation [0].

1. Industry Synergy
   : Pinggao Co., Ltd. is a core enterprise in the Xinchuang (Information Innovation) sector [0][5]. This cooperation aligns with the national Xinchuang policy orientation and the growing trend of AI computing power demand [0]. AI capital expenditure is expected to reach nearly 400 billion US dollars in 2025, and the cloud computing market maintains rapid growth [0]. Through cooperation with Jiangyuan Technology, the company can quickly enter the fields of AI inference and computing power services [0].
2. Valuation Logic
   : Although Jiangyuan Technology has been losing money continuously, its valuation has rapidly climbed from 700 million yuan in 2023 to 2.414 billion yuan in 2025 [0], reflecting the market’s high expectations for the domestic AI chip track [7].

• Risks
  : Jiangyuan Technology’s continuous losses may bring uncertainty to investment returns [0][1]; the equity transfer and capital increase plan need regulatory approval, with execution risks [3].
• Opportunities
  : The accelerated development of the Xinchuang industry and the explosion of AI computing power demand provide a growth window for the company [0][5]; deep cooperation with Jiangyuan Technology is expected to form a differentiated competitive advantage [0][7].

Pinggao Co., Ltd.'s limit-up this time is mainly driven by strategic investment in the AI chip field, reflecting the market’s recognition of its extension to AI computing power. The company needs to balance short-term market sentiment with long-term business integration risks, and investors should pay attention to the progress of subsequent cooperation implementation and Jiangyuan Technology’s technology commercialization capabilities [0][1][3].