[The stranded listing of Firmus highlights investors’ growing caution] On October 12, the stranded initial public offering of Firmus Grid Ltd. caused a strong response in Asia’s hot stock market, making investors more discerning about transactions in the AI ​​infrastructure field that depend on future returns. The Nvidia-backed data center operator shelved a $5.5 billion IPO last week as investors balked at a valuation that soared to $30 billion. The Australian company is currently seeking private placement financing with existing investors. It can be seen from Firmus's experience that as many companies seek to raise funds for AI layout, the market has ushered in intensive transactions for more than a year, and now investors have become more cautious. Data shows that since this year, the financing scale of IPOs, share placements and large transactions in the Asia-Pacific region has reached nearly US$250 billion, and will be approximately US$260 billion in 2025.