Gongniu Group delays IT project, citing strategic shift

Gongniu Group (SSE:603195) announced a delay in its "Information Technology Infrastructure Project," extending the expected completion date to February 2026. This decision, approved by the company's board and supervisory committee, stems from a need to refine the project's scope in response to Gongniu's ongoing digital transformation and evolving IT requirements. While the overall investment remains unchanged, the extension allows for thorough configuration, testing, and optimization, ensuring the project aligns with Gongniu's strategic goals. The project is funded by capital raised from Gongniu's initial public offering. Guojin Securities, the IPO sponsor, has reviewed and approved the schedule adjustments. In related news, Gongniu completed its "Annual Output of 40 Million Converter Automation Upgrade Construction Project."