By September 29, 2026, A-share private placements have maintained strong momentum. Wind data shows that as of September 29, based on the listing date of placement shares, 157 companies completed 175 private placement deals year-to-date, up 48.31% year-on-year; actual funds raised totaled 465.489 billion yuan, down 39.79% year-on-year.
The year-on-year decline in fundraising scale is not a sign of market cooling, but rather due to a high base in the same period last year. Last year, just four capital-replenishment placements by Bank of China, Postal Savings Bank of China, Bank of Communications, and China Construction Bank raised a combined 520 billion yuan, accounting for 70% of total fundraising that period. Overall, the private placement market has been active this year, with institutional investors entering enthusiastically.
Restructuring-Support Financing Accounts for Over Half
From the perspective of placement purposes, placements used for major asset restructuring supporting financing (hereinafter referred to as "restructuring placements") have a relatively high scale. Wind data shows that there were 34 restructuring placements during the year, with actual fundraising of 257.475 billion yuan, accounting for 55.31% of total actual private placement fundraising.
SMIC's acquisition of 49% equity in SMIC North Integrated Circuit Manufacturing (Beijing) Co., Ltd. (hereinafter referred to as "SMIC North") became one of the typical restructuring placement cases of the year. On June 25 this year, SMIC disclosed an issuance result and share capital change announcement. The company acquired 49% equity in SMIC North held by five shareholders including the National Integrated Circuit Industry Investment Fund through share issuance, at a transaction price of 40.601 billion yuan, issuing approximately 547 million shares. After the transaction, SMIC North became a wholly-owned subsidiary of SMIC, further strengthening the company's industrial synergy and integrated layout in the integrated circuit wafer foundry sector.
"Common methods for listed company restructuring supporting financing include private placements, convertible bonds, and bank loans. Among them, private placements are most closely related to overall capital market conditions and industry valuation levels," said Qian Jun, Executive Dean of the Fanhai International School of Finance at Fudan University, in an interview with Securities Daily. He noted that the key to restructuring placements lies in whether high-quality assets can truly be integrated with existing core businesses. Through placement financing, injecting quality assets into a listed company's core business means future valuation will be driven by industry development and asset growth, making the merger effect better.
From a policy perspective, private placement rules are expected to be further optimized to enhance listed companies' financing flexibility and convenience. On July 3, the China Securities Regulatory Commission solicited public opinions on revising the Administrative Measures for Registration of Securities Issuance by Listed Companies, including establishing a shelf offering system for refinancing private placements, optimizing the small-amount rapid refinancing system, implementing a unified market-price issuance pricing mechanism, and simplifying conditions for listed companies' private placements to controlling shareholders. On the same day, the Shanghai, Shenzhen, and Beijing stock exchanges simultaneously solicited public opinions on supporting rules, planning to introduce a package of measures to optimize refinancing.
Various Institutions Rush to Position Themselves
On the investment side, public funds, securities firms, insurance capital, and industrial capital have all competed to participate in A-share company private placement subscriptions this year, with institutional investor enthusiasm for private placements continuing to rise.
Wind data statistics show that as of September 29, based on initial funds, 246 funds participated in A-share company private placements during the year, involving 101 A-share companies, with total participation costs of 14.155 billion yuan, up 128.72% year-on-year; total shareholding of 325 million shares, up 36.69% compared to the same period last year.
In terms of industry distribution, institutional capital is clearly concentrating on technology and high-end manufacturing tracks. Among them, technology hardware and equipment, capital goods, and semiconductors and semiconductor production equipment ranked at the top, with 106, 79, and 69 funds participating respectively, highly consistent with the current trends of new quality productive forces development and manufacturing transformation and upgrading.
In terms of participation methods, institutional capital shows different "playbooks." One type is a "broad net" layout, for example, Caitong Dingxin Quantitative Stock Selection 18-Month Regular Open Fund participated in 61 private placements, corresponding to 59 companies, with costs of 0.038 billion yuan and total shareholding of 1.2294 million shares — smaller individual amounts but broader company coverage, capturing placement discount returns through quantitative diversification. Another type is a "heavy position" layout, for example, E Fund Enhanced Return A participated in private placements of 9 companies, with costs of 1.738 billion yuan, of which the fund's participation in China Shenhua's private placement cost as much as 1.299 billion yuan, holding 29.7301 million shares.
"Compared to directly buying in the secondary market, private placements can effectively alleviate the market impact of large-scale capital position building, helping institutions smooth net value fluctuations and control drawdown risk — this is an important consideration for accelerating institutional capital entry," said Xue Hongyan, a special researcher at Suzhou Commercial Bank, in an interview with Securities Daily. He noted that in the future, as the refinancing system continues to optimize and review procedures simplify, combined with capital demands from semiconductors, new energy, and high-end manufacturing industries, as well as merger and acquisition policy encouragement for industrial integration, the A-share private placement market is expected to remain active.
Comments