Aofei Data secures Shenzhen Exchange acceptance for share issuance

Guangdong Aofei Data Technology, a Shenzhen-listed provider of internet infrastructure and cloud computing solutions, has received acceptance from the Shenzhen Stock Exchange for its application to issue A-shares to specific targets. The proposed offering, detailed in a listing sponsorship letter, aims to bolster the company's financial position as it expands its digital infrastructure. Filings indicate the company plans to use the capital raised for its "New Generation Cloud Computing and Artificial Intelligence Industrial Park" project, with construction and operation managed by its subsidiary, Solid Automation Equipment. The planned facility is designed to house an additional 8,925 high-performance 8.8kW server racks. The board believes this is a strategically significant project for Aofei. The company will partner with existing data center locations to develop its resources, with support from telecommunications companies and to also develop cloud based functions. The project is expected to take 18 months. Aofei Data has earmarked CNY 175 million from the share issuance proceeds for this project.