In 2025, a year marking historic breakthroughs in domestic GPU technology, Jiang Xueming has captured widespread attention across both technology and capital markets. This seasoned Jiangsu entrepreneur, leveraging his unique vision and cross-industry prowess, invested in Lixun Technology through Dosilicon Co.,Ltd. (688110.SH), achieving the remarkable feat of China's first fully self-developed GPU surpassing NVIDIA's RTX series in certain benchmark tests and gaming performance, becoming a key catalyst in China's semiconductor industry breakthrough.

Jiang Xueming's business career epitomizes China's industrial transformation. From taking over a textile factory in the 1980s, transitioning to cement infrastructure in the 1990s, boldly entering the memory chip sector with Dosilicon Co.,Ltd. in 2014, to investing in Lixun Technology and crossing into the GPU battlefield, he has consistently adhered to his business philosophy of "always engaging in industries essential to national welfare and people's livelihood."

Now, this cross-industry master has made another strategic move: DONGWU CEMENT (00695), under his control, has introduced Suzhou state-owned capital as its largest shareholder, marking a landmark event in the deep integration of Yangtze River Delta state capital systems with overseas capital markets.

While celebrations of GPU localization continue, this tireless industry explorer has already opened new realms of imagination for capital markets. In the strategic highlands of Yangtze River Delta integration development, what chemical reactions will emerge from this partnership between Suzhou state capital and DONGWU CEMENT? What new chapters will Jiang Xueming's cross-industry legend write?

According to DONGWU CEMENT's announcement on September 12, the company's controlling shareholder Goldview Development Limited has signed agreements to sell partial stakes to Gang Hang Group (Hong Kong) Investment Co., Ltd. and Suzhou Fenyuan Capital Management Co., Ltd. Notably, Goldview's sole beneficial owner is Jiang Xueming. Upon completion of this transaction, Gang Hang (Hong Kong) will become DONGWU CEMENT's single largest shareholder with a 28% stake, Fenyuan Capital will hold 9%, while Jiang Xueming will retain 16.89% of DONGWU CEMENT shares.

Gang Hang (Hong Kong) is a wholly-owned Hong Kong subsidiary of Suzhou Gang Hang Investment Development Group Co., Ltd., ultimately owned by Suzhou State-owned Assets Supervision and Administration Commission. Fenyuan Capital is a wholly-owned subsidiary of Suzhou Fenhu Investment Group Co., Ltd., which serves as a core platform under Fenhu High-tech Industrial Development Zone Management Committee, also belonging to Suzhou state capital.

From Jiang Xueming's track record, each major move has initiated cross-industry ventures. This introduction of Suzhou SASAC into DONGWU CEMENT represents an innovative approach, marking the first instance of Suzhou SASAC becoming a controlling shareholder of a listed company through share acquisition in the Hong Kong market.

This suggests that under Suzhou state capital leadership, DONGWU CEMENT is poised for strategic transformation or injection of emerging industry resources, with current cement operations likely to be divested. This is evidenced by DONGWU CEMENT's recent actions, including completed disposal of biomedical segment assets and announced divestiture of loss-making rare earth operations. Clearly, DONGWU CEMENT has begun asset stripping in preparation for strategic transformation or new resource injection.

These clear signals have investors speculating about which sectors DONGWU CEMENT might transform into or what emerging industry resources might be injected under Suzhou state capital leadership.

Generally, local state capital acquisitions of listed companies are based on several considerations: industrial optimization and upgrading, focusing on enterprises aligned with national industrial policies and regional development plans, particularly strategic emerging industries like new energy, new materials, and high-end manufacturing; assistance and resource integration for companies facing operational difficulties; and cultivation of new growth drivers by promoting transformation toward high-tech, high-value-added emerging fields.

Based on conventional practices of local state capital acquisitions, industry insiders predict that after Suzhou state capital's entry into DONGWU CEMENT, the company may undergo strategic transformation toward smart warehousing, modern logistics, low-altitude economy, or other emerging sectors, with direct asset injection possibilities.

Low-altitude economy transformation has garnered the highest expectations, primarily for two reasons. First, Jiangsu leads nationally in low-altitude economy industry development, with Suzhou state capital having strong motivation to expand in this sector. Suzhou plans to establish a national low-altitude economy demonstration zone by 2026, and the "Suzhou Low-Altitude Economy Promotion Regulations," effective October 1, 2025, represents China's first low-altitude economy promotion regulation, providing legal protection for industry development.

Second, Gang Hang Group has deep involvement in low-altitude economy. Beyond port operations, shipping services, multimodal transportation, comprehensive logistics park operations, and international trade services, Gang Hang Group actively explores drone applications in smart logistics, smart warehousing, and port monitoring to comprehensively improve operational efficiency. The group has received recognition as one of "Suzhou's First Batch of Low-Altitude Economy Leading Enterprises" and completed its first water-based comprehensive service drone test flight.

Secondary markets hold positive expectations for Suzhou state capital empowering DONGWU CEMENT's future development. Since August, DONGWU CEMENT's stock price has surged over 160%, initiating a value revaluation trend. This reflects not only recognition of DONGWU CEMENT's future development potential in the core region of Yangtze River Delta integration development demonstration zone, but also expectations for Suzhou SASAC's innovative "local state capital + overseas listing platform + industrial resources" model in capital operations.

As Suzhou state capital's empowerment of DONGWU CEMENT development accelerates, this innovative model is expected to become a new template for state capital optimizing resource integration through mixed ownership reform.