Major players are making their move, determined to win.
On the evening of October 8, leading new materials company Sinoma Science & Technology announced a private placement: it would issue 87.1819 million shares to 15 targets at 51.40 yuan per share, raising a total of 4.481 billion yuan.
Once the news broke, the most eye-catching name was not E Fund, nor China Life Pension, but Ge Weidong.
This private equity tycoon entered forcefully with the highest bid of the entire field, ultimately receiving 13.6187 million shares at a cost of about 700 million yuan, immediately making him the company's fifth-largest shareholder.
He had previously reaped tens of billions of yuan in unrealized gains on tech stocks such as Muxi and GigaDevice, but in the end he placed his latest "heavy punch" on a materials stock.
This is truly unexpected.
Highest bid, determined to win
For this private placement by Sinoma Science & Technology, quite a few institutions and investors came to "grab" shares.
In late September, during the subscription quotation stage, a total of 25 investors submitted valid quotes, covering top public funds, insurance capital, brokerage asset management, foreign capital, and well-known individual investors. The lineup could be called luxurious.
In the end, Sinoma Science & Technology completed the issuance at 51.40 yuan per share, with 15 targets selected and a total of 4.481 billion yuan spent.
Ge Weidong's bidding strategy was quite aggressive. He quoted in three tiers: 59.15 yuan, 57.85 yuan, and 56.55 yuan, corresponding to subscription amounts of 300 million, 400 million, and 700 million yuan respectively.
Among them, 59.15 yuan was the highest price in the entire field among the 25 bidders.
That posture needs no further explanation.
In the end, he was allocated the full top-tier amount of 700 million yuan, obtaining 13.6187 million shares, with a lock-up period of six months.
A placement list full of renowned names
Apart from Ge Weidong, the placement list for this private placement was equally star-studded.
E Fund became the largest subscriber with 1.022 billion yuan. Caitong Fund, which has posted impressive performance over the past two years, secured 485 million yuan of shares, while Nuode Fund was allocated 427 million yuan.
On the insurance capital side, China Life Pension and Dajia Asset both appeared. In brokerage asset management, Huatai Asset Management and Shanghai Guotai Haitong Asset Management each made gains. Foreign investor UBS AG was allocated 138 million yuan. The second phase of the National Civil-Military Integration Industry Investment Fund also participated in the subscription.
Well-known individual investors Zhong Ge and Chen Xuegeng were each allocated about 100 million yuan.
Sinoma Science & Technology's major shareholder, CNBM United Investment under China National Building Material Group, subscribed 820 million yuan, with a lock-up period as long as 18 months.
This list itself is a signal.
Why Sinoma Science & Technology?
Capital focused here for no more than two reasons: the company's quality and the price.
On quality, Sinoma Science & Technology is the core new materials platform under China National Building Material Group, focusing on three major tracks: specialty fibers, composite materials, and new energy materials. Its subsidiary Taishan Fiberglass is a leading player in China's glass fiber industry.
On performance, the company is accelerating. In the first half of 2026, revenue was 16.257 billion yuan, up 21.95% year on year; net profit attributable to shareholders was 1.208 billion yuan, up 20.93% year on year; and non-GAAP net profit was 1.095 billion yuan, up 35.54% year on year.
In addition, Sinoma Science & Technology has also latched onto the currently popular AI narrative. Its subsidiary Taishan Fiberglass mainly produces glass fiber and products, among which specialty fiber cloth linked to AI reached sales of 13.45 million meters and revenue of 530 million yuan in the first half of 2026, up 50% and 114% year on year respectively.
The company disclosed the reason for the growth in its semi-annual report: AI computing power demand combined with a supply gap has left specialty fiber cloth in short supply.
Moreover, of the 4.481 billion yuan raised this time, 1.662 billion yuan will be invested in an annual output of 35 million meters of low-dielectric fiber cloth project, and 1.475 billion yuan will be invested in an annual output of 24 million meters of ultra-low-loss low-dielectric fiber cloth project.
Both projects fall within the scope of specialty fiber cloth, which means that going forward, more of Sinoma Science & Technology's demand will be tied to industries related to AI components.
4. Cost advantage is not obvious
However, Ge Weidong's cost advantage in this private placement is not obvious.
The price at which Ge Weidong participated in the placement was 51.40 yuan per share. On October 8, Sinoma Science & Technology closed at 52.01 yuan. On that basis, Ge Weidong's paper gain was only about 1.2%.
On October 9, the first trading day after the private placement announcement, Sinoma Science & Technology opened at 52.96 yuan, touched as low as 49.24 yuan intraday, and finally closed at 51.92 yuan. Based on the closing price, Ge Weidong's paper gain shrank further to about 1%.
This does not even take into account that the stock briefly fell below his cost line during intraday trading.
Yet short-term paper losses or slim gains from participating in private placements are not rare in Ge Weidong's track record.
GigaDevice and Tibet Pharmaceutical, which made him huge profits, both went through long periods of paper losses at the start, and ultimately he waited for explosive gains through long-term holding.
This time, he most likely will not care about short-term paper fluctuations either.
The road to private placement "deification"
In the history of A-share investing, Ge Weidong may be one of the individual investors who made the most money from participating in secondary-market private placements.
His record is enough to be written into a legend on its own.
GigaDevice is the representative work of his "private placement deification." Ge Weidong began building a position in the secondary market in 2018 (estimated cost of about 70 yuan per share), and afterward participated heavily in private placements twice: in August 2019, he subscribed 5.0351 million shares at 75.47 yuan per share at a cost of about 380 million yuan; in June 2020, he spent 1.5 billion yuan to subscribe about 7.36 million more shares at 203.78 yuan per share.
After that, his holding experience could be described as a long roller-coaster ride: in mid-2021 the stock rose to more than 230 yuan at its peak, and by early 2024 it had fallen to a low of 55 yuan. But Ge Weidong's base position barely moved.
The turning point came in 2025-2026. The AI computing power wave drove a reversal in the storage cycle, and GigaDevice's performance exploded. In the first half of 2026, net profit attributable to shareholders was forecast at about 6.9 billion yuan, a year-on-year increase of about 1099%. On June 29, 2026, GigaDevice's stock price hit a historic high of 846.66 yuan.
By market estimates, Ge Weidong's family, including his spouse Wang Ping, held a combined about 24 million shares, with cumulative investment of about 3.68 billion yuan, and paper gains at the peak once exceeded 13 billion yuan.
Tibet Pharmaceutical was another battle that made him famous. In May 2017, Ge Weidong participated in a private placement at 36.48 yuan per share, spending about 106 million yuan. After that, he increased his position against the trend and held for three years. In July 2020, Tibet Pharmaceutical climbed to a peak of 88.40 yuan, and the paper gain on the private placement portion was very considerable.
The outside world's assessment was: "three years of paper losses, ten billion in explosive profit."
For Jingjia Micro, which he joined in recent years, Ge Weidong participated in a private placement in 2023 and at one stage had paper gains of more than 50%.
But none of these compare with his stunning move in the primary market, pre-IPO. For Muxi, Ge Weidong, through his personal account and his Chaos Investment, increased capital or received shares multiple times starting in 2022, with cumulative investment exceeding 1 billion yuan. On December 17, 2025, Muxi listed on the STAR Market and surged 692.95% on the first day, once touching 895 yuan intraday.
Based on the highest price, the value of shares held by Ge Weidong and Chaos Investment once exceeded 24 billion yuan, with paper gains of more than 20 billion yuan.
Of course, Ge Weidong's private placement investments have also hit pitfalls, including JAC Motors, Chipstar, and BLT.
So masters are not incapable of losing, but when they win, they win enough.
Which ending will be replicated?
This time, Ge Weidong slapped 700 million yuan on Sinoma Science & Technology's table. This is both unexpected and reasonable.
After the private placement, his cost advantage is still not obvious, similar to historical cases.
At the same time, a group of well-known institutions are standing with him this time. What they value and what their investment logic is are not known to the outside world, but undoubtedly most of them should have very firm reasons.
As for the result, time will give the answer.
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