Ruijie Networks Plans Up to RMB 2.6B Convertible Bond for AI Computing Network Projects

This is a networking-equipment maker positioning itself directly against the interconnect bottleneck in AI clusters, rather than chasing GPUs or model training. The convertible structure matters: it defers dilution and cash cost while funding capacity and R&D, which signals confidence in a multi-year buildout but also ties the company's balance sheet to that thesis. The open question is whether this is demand-driven expansion or pre-emptive capacity, and whether the computing-network convergence push wins design slots at cluster operators.