In early January 2026, ST Lingda (300125.SZ), deeply mired in bankruptcy restructuring, announced it had found a new controlling shareholder. Peng Qian, the actual controller of Jingce Electronic, invested 410 million yuan through Jinwei Semiconductor and Zhongling Technology to acquire a 20% stake in the company.
With the completion of the restructuring plan, the company's controlling shareholder has officially changed to Jinzhai Jinwei Semiconductor Materials Co., Ltd. (hereinafter "Jinwei Semiconductor"), and its actual controller is now Peng Qian, the helmsman of Jingce Electronic (300567.SZ), a leading display testing company on the ChiNext board.
This intricate procedure involving "capital reserve conversion and debt settlement" not only resolved the company's 780 million yuan debt crisis but also laid the industrial groundwork for the localization of core OLED materials.
Following this equity change, Jinwei Semiconductor and its co-investor, Zhejiang Zhongling Technology Co., Ltd. (hereinafter "Zhongling Technology"), collectively hold 133 million shares of ST Lingda, representing 20.00% of the total shares.
Zhongling Technology, a leader in Fine Metal Masks (FMM) that broke the monopoly of Japan's DNP, has received a 400 million yuan investment from Shenzhen Capital Group despite reporting consecutive annual losses. After multiple failed cross-sector ventures spanning waste heat power generation and photovoltaic cells, ST Lingda may now seek a "technological redemption" through semiconductor materials.
The change of control at *ST Lingda was not a simple equity transfer but a complex financial maneuver based on bankruptcy restructuring proceedings. According to the restructuring plan, *ST Lingda converted its capital reserve into approximately 398 million new shares at a ratio of 15 new shares for every 10 existing shares.
These newly issued shares were not distributed to existing shareholders but were entirely allocated to introduce restructuring investors and settle outstanding debts.
In this strategic move, Peng Qian, through the two companies he controls—Jinwei Semiconductor and Zhongling Technology—secured controlling interest at a highly competitive price.
Specifically, Jinwei Semiconductor invested 350 million yuan to subscribe to 113 million shares, while Zhongling Technology invested 62 million yuan to subscribe to 20 million shares.
This combined structure of an "industrial investor plus a financial investor" ensured the rapid infusion of restructuring capital while simultaneously planting the seeds for future industrial integration.
Notably, the financial data for the new controlling shareholder, Jinwei Semiconductor, appears quite modest. Data shows that Jinwei Semiconductor's net assets in 2025 were 99.7584 million yuan, but its operating revenue was zero.
In contrast, the financials of the co-investor, Zhongling Technology, are more noteworthy: its 2024 revenue was 129 million yuan, yet it reported a net loss of 118 million yuan, marking the third consecutive year of losses exceeding 100 million yuan.
As of the end of 2024, Zhongling Technology's net assets were only 264 million yuan, with an asset-liability ratio reaching 56%. This financial profile of "significant revenue growth but persistent losses" is typical for high-tech startups on the cusp of mass production.
Peng Qian's choice of these two companies as the vehicles for taking control clearly indicates he values their potential for industrial synergy over their current profitability.
Peng Qian himself is already a well-known figure in capital markets. Born in 1974 and holding a postgraduate degree, he is the founder and actual controller of Jingce Electronic.
As a leading enterprise in China's semiconductor and display testing sector, Jingce Electronic operates within the same industrial chain as Zhongling Technology's FMM business. Peng Qian's takeover of *ST Lingda is viewed externally as a significant expansion of his personal industrial portfolio.
Through this restructuring platform, he has not only acquired a listed shell company but also holds the potential to inject high-quality semiconductor material assets like Zhongling Technology, achieving a strategic extension from "testing equipment" to "core consumables."
This integration logic, based on upstream and downstream industry linkages, adds a layer of industrial upgrading significance to the transaction beyond a mere effort to "save the shell."
Reviewing the development history of *ST Lingda reveals a virtual case study in unsuccessful cross-sector transformations among A-share companies. The company's predecessor was Dalian Eashine, founded in 2005 by the couple Liu Qun and Yan Kewei, initially focusing on waste heat power generation for the cement industry. In 2010, Eashine successfully listed on the ChiNext board, raising a net amount of 778 million yuan.
However, post-IPO, Eashine failed to maintain its initial success. In 2014, founder Liu Qun passed away, and his spouse, Yan Kewei, quickly cashed out and exited after inheriting the shares. Subsequently, the company entered a turbulent period characterized by frequent changes in control and reckless diversification. From its original waste heat power generation business, it ventured into commercial factoring, naked-eye 3D, and even the highly speculative industrial hemp sector, attempting to capitalize on every market trend without ever building a core competitive advantage.
In 2020, the father-daughter duo Wang Zhengyu and Wang Miaoqi took control, officially renaming the company "Lingda Shares" and embarking on its most ambitious pivot yet—crossing into photovoltaic cell manufacturing. The company invested 287 million yuan to acquire a 70% stake in Jinzhai Jiayue New Energy, hoping to profit from the booming solar industry.
However, the pace of technological change in photovoltaics far exceeded management's expectations. The PERC cell technology championed by Jinzhai Jiayue was rapidly rendered obsolete within just two years by N-type technologies like TOPCon. Lacking sustained R&D investment and financial support, Jinzhai Jiayue's production lines fell into a predicament of "losing money as soon as operations began," culminating in a complete shutdown in early 2024. The paralysis of this core business directly triggered the collapse of *ST Lingda's financial health, causing net assets to shrink dramatically and a debt crisis to ensue.
Beyond operational failures, *ST Lingda was also mired in governance chaos. During Wang Zhengyu's tenure, the company faced serious issues involving illegal guarantees and fund misappropriation. Regulatory investigations found that *ST Lingda had funneled funds to related parties through various means, with cumulative misappropriation reaching 65.6 million yuan and illegal guarantees amounting to 126 million yuan. These issues not only drained the company's resources but also led to the imposition of a delisting risk warning.
In July 2024, following an application by creditors, *ST Lingda entered pre-restructuring procedures. By then, the company was essentially an empty shell: production lines were idled, it was entangled in lawsuits, and it was on the brink of delisting.
From a pioneer in waste heat power generation to a casualty of failed solar ambitions, the story of *ST Lingda starkly illustrates that blind diversification without a solid industrial foundation is ultimately a mirage built on capital.
Despite ST Lingda's current position on the edge of delisting, the arrival of new controller Peng Qian and his association with Zhongling Technology have given the market a glimmer of hope. Zhongling Technology is no ordinary company; it is a high-tech enterprise specializing in the R&D and manufacturing of Fine Metal Masks, one of the most critical and technologically challenging consumables in OLED panel production, long monopolized by companies like Japan's DNP.
Through independent R&D, Zhongling Technology broke a 20-year foreign technological blockade, achieving mass production of ultra-thin 20-micron high-end FMM and filling a domestic void. Currently, Zhongling Technology supplies major OLED panel makers like BOE and Visionox on a mass-production scale, ranking second globally in production capacity.
Zhongling Technology's financial losses are largely attributable to substantial upfront R&D investments and production line construction costs. In November 2025, the company completed a Series C financing round exceeding 400 million yuan, led by Shenzhen Capital Group with participation from a national-level fund, underscoring strong market recognition of its technological value.
For Peng Qian, injecting an asset like Zhongling Technology—with its high industry standing and technical barriers—into *ST Lingda represents the optimal path to reviving the company. Jingce Electronic's customer base in the display testing sector could naturally synergize with Zhongling Technology's FMM business. If Zhongling Technology is successfully injected into the listed company in the future, ST Lingda could transform from a struggling solar firm into a leader in the domestic substitution of core semiconductor and display materials.
However, a significant hurdle remains: the "delisting threshold." According to its financial report, ST Lingda's revenue for the first three quarters of 2025 was a mere 89 million yuan. This means its fourth-quarter revenue must exceed 11 million yuan, and it must meet a series of stringent requirements under new delisting rules, including achieving positive net assets, to maintain its listing status.
While the execution of the restructuring plan has resolved most of the debt, restarting production lines and integrating new businesses will take time. Furthermore, the company still faces thorny issues like unresolved illegal guarantees and the disposal of its idled cell production lines.
Peng Qian's takeover has merely secured ST Lingda a chance to "get back in the game." Whether this repeatedly restructured and battered company can achieve a true "phoenix-like rebirth" with the support of semiconductor materials remains a question only time can answer.
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