On the evening of July 3, 2026, Qitian Technology Group Co.,Ltd. (300061.SZ) issued an announcement, formally putting an end to a nearly two-year-long plan to change its controlling shareholder. The company convened its seventh board of directors' second meeting, where it reviewed and passed a resolution to terminate its 2024 private placement to specific investors. It also signed a termination agreement for the share subscription pact with the intended subscriber, Shenzhen Colorful Haoyue Technology Co., Ltd., and applied to the Shenzhen Stock Exchange to withdraw the related application documents.
As this private placement was a crucial component of a comprehensive arrangement to change control—involving "termination of voting rights entrustment + relinquishment of voting rights + this private placement"—the planned change in the company's controlling stake has correspondingly been terminated. The controlling shareholder remains Yancheng Yan Nan Xinglu Industrial Investment Fund, and the actual controller remains the Yancheng Municipal People's Government.
The Unsuccessful 'Open Strategy' at 3.33 Yuan
Looking back to July 2024, the core terms of this private placement had sparked considerable market speculation. Fei Zhengxiang and Luoyang Yingjie were to terminate their entrustment of voting rights to Xinglu Fund, Fei Zhengxiang would relinquish his remaining voting rights, and subsequently, the company would issue up to 120 million shares to Colorful Haoyue at a price of 3.33 yuan per share, raising no more than 400 million yuan. If completed, the controlling shareholder of Qitian Technology would have changed from Yancheng Xinglu Fund to Colorful Haoyue, and the actual controller would have shifted from the Yancheng municipal government to Wan Shan—the actual controller behind the Colorful graphics card brand.
After the plan was announced, the secondary market reacted enthusiastically, with the company's stock price hitting several consecutive daily limit-ups. The core market logic was: Colorful graphics cards have long held a leading domestic market share, and the Wan Shan ecosystem lacked a listed platform. If Qitian Technology were taken over, it would become the anticipated vehicle for Colorful's asset securitization. Coupled with Qitian Technology's existing businesses, the concept of "AI computing power + graphics cards + digital economy" would be merged, and the Yancheng state-owned assets could achieve the goal of "temporarily preserving the shell and returning it intact."
However, this capital operation, which began with a fixed-price issuance at 3.33 yuan, ultimately ended in termination due to factors such as the weak qualifications of the subscribing entity and significant changes in the regulatory environment. From the time the Shenzhen Stock Exchange accepted the application, the private placement plan took about 16 months without making progress, and rumors of its termination had been circulating. On March 16, 2026, the company officially confirmed in an announcement that the plan had automatically lapsed because the board's resolution authorizing the placement had expired and the issuance was not completed within the stipulated period. Although rumors persisted afterward, the matter was formally concluded with the July 3rd announcement.
One noteworthy detail is that before the official termination of the private placement, the company's stock price had already "voted with its feet." From May 26 to June 26, 2026, the share price of Qitian Technology plummeted from 11.55 yuan to 6.87 yuan, a sharp drop of 40.52%, while the ChiNext Index rose by 3.73% during the same period. During this time, widespread market rumors suggested the placement had been terminated. Although the company communicated with the exchange, confirming the placement was still under normal review, the cliff-like drop in the stock price itself indicated that the market's patience with this 16-month-long capital game had long been exhausted.
Repeated Transformations, Repeated Failures to Gain Traction
The development history of Qitian Technology is essentially a chronicle of constantly switching tracks and relying on transformations to stay afloat through capital operations.
The company was founded in 1996, initially focusing on the R&D and production of resin eyeglass lenses, and listed on the ChiNext board in 2010. In 2016, the company embarked on its first cross-sector move, acquiring Qiji Intelligent to enter the bank card mail-order installment business. This transformation initially brought performance dividends—revenue reached 1.987 billion yuan in 2017, with net profit nearing 300 million yuan, marking a historical peak. At the end of 2018, the company sold its eyeglass lens business to fully transition to financial technology services. In 2019, it acquired Jiangsu Oufei E-commerce Co., Ltd. (later renamed Xiaoqi Oufei) for 930 million yuan to expand into digital goods marketing. In 2020, the former actual controller, Fei Zhengxiang, transferred his shares to a state-owned asset platform under the Yancheng Yannan High-tech Zone, changing the company's actual controller to the Yancheng Municipal People's Government, after which it was officially renamed "Qitian Technology."
Today, Qitian Technology's main businesses are digital lifestyle marketing (accounting for 86.86%), telemarketing (9.40%), and data services (3.11%). Essentially, it acts as a technology intermediary for banks, providing credit card installment outbound call services and distributing digital rights (video memberships, dining coupons, travel vouchers)—integrating upstream rights SKUs and connecting with downstream bank credit card centers to earn marketing service fees and supply chain spreads.
However, this path is also fraught with challenges. In 2025, the company's operating revenue was only 414 million yuan, a significant year-on-year decrease of 33.99%; its net profit attributable to shareholders was a loss of 83.2138 million yuan. The digital lifestyle marketing business was impacted by fierce industry competition, shrinking marketing budgets from bank clients, and extended payment cycles, leading to a 27.73% year-on-year decline in revenue. The merchandise mail-order installment business saw revenue plummet by 67.51% due to its termination during the reporting period. The company's short-term borrowings were as high as 518 million yuan, accounting for 46.55% of total assets, while its monetary funds stood at only 377 million yuan.
A Brief and Fleeting Recovery
In the first quarter of 2026, Qitian Technology achieved operating revenue of 133 million yuan, a year-on-year increase of 6.18%; its net profit attributable to shareholders was 10.3169 million yuan, a surge of 264.52% year-on-year. The substantial increase in net profit was mainly due to an extremely low base in the same period last year and simultaneous compression of costs and expenses. Net cash flow from operating activities remained negative at -253 million yuan. Whether the slight recovery in Q1 marks the beginning of an operational turnaround or is merely a temporary rebound during a continued downtrend remains to be seen in subsequent quarters.
How Much Longer Will Yancheng's State Assets Guard This 'Shell'?
With the failure of Colorful's planned takeover, Yancheng's state-owned assets continue to hold controlling interest in Qitian Technology. For Yancheng's state assets, the future of this "shell" asset faces multiple tests: the company's main business continues to shrink with consecutive annual losses; asset quality is concerning, with high short-term debt; and after the failure of Colorful's entry, the market speculation theme has disappeared, putting pressure on the stock price to revert to the 3-4 yuan range seen before the plan's announcement.
Some analysis points out that Qitian Technology's current business model is essentially "providing credit card installment outbound calls and digital rights distribution for banks"—integrating upstream rights SKUs and connecting with downstream bank credit card centers. Against the backdrop of banks continuously compressing marketing budgets, the profit margin in this sector is being increasingly squeezed.
From lenses to bank card installments, from fintech to digital marketing, Qitian Technology has followed each era's trends with every transformation but has repeatedly failed to build a truly sustainable competitive moat. The failure of Colorful's takeover is just another footnote on this winding path of transformation. For Yancheng's state-owned assets, the more pressing questions are likely: how much longer can they guard this "shell," and when will the next potential acquirer appear?
Comments