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

Pinggao Co., Ltd. (688227) is a cloud computing and big data service provider listed on the STAR Market, focusing on enterprise-level cloud services, big data platforms, and industry solutions [0]. Recently, the company has become the focus of the market due to its announcement of a major AI chip investment plan: on November 20, it announced a proposed 400 million yuan capital increase in Jiangyuan Technology, an AI chip startup, which will increase its shareholding ratio from 1.4% to 15.42%, with a pre-investment valuation of 2.414 billion yuan [1]. Regarding the source of funds, the company only uses 40 million yuan of its own funds, and the remaining 360 million yuan comes from an interest-free loan from the controlling shareholder, showing its determination to layout in the AI field [1].

This news directly pushed the stock price to a 20% limit-up at the opening on November 21, with a closing price of 49.02 yuan and a market value of 5.542 billion yuan [2]. This round of growth is combined with the background of policy support for the AI computing chip industry and the upsurge of domestic substitution [0].

1. Concept Popularity Exceeds Fundamentals
   : Despite the company’s consecutive losses (loss of 10.68 million yuan in 2023, 64.05 million yuan in 2024, and 32.84 million yuan in the first three quarters of 2025 [0]), the strong popularity of the AI concept still dominates the stock price trend.
2. Signal of Strategic Transformation
   : The company is willing to invest in AI chips through loans from the controlling shareholder, reflecting its attempt to transform from traditional cloud computing to the AI computing power field.

• The target company, Jiangyuan Technology, has had zero revenue for two consecutive years and has not yet made a profit, so there is uncertainty about the investment return [1].
• The company itself has great financial pressure, and continuous losses may affect subsequent operations [0].

• The AI computing chip industry is in a policy dividend period, and the trend of domestic substitution provides long-term growth space for related enterprises [0].

The limit-up of Pinggao Co., Ltd. is mainly driven by the news of AI chip investment and benefits from the popularity of industry concepts. Investors need to pay attention to the gap between its fundamentals and concept speculation, and rationally evaluate the investment value.