Behind Nancal Technology's 1 Billion Yuan Private Placement: Major Shareholder Reductions vs AI Investment Gamble - Cumulative Equity Financing Exceeds 1.5 Billion Yuan While Cash Dividends Total Only 80 Million Yuan

While the actual controller actively participates in the private placement to demonstrate confidence, major shareholders are reducing their holdings for cash-out. What logic lies behind Nancal Technology's capital operations?

On October 10, 2025, Nancal Technology Co.,Ltd. announced a private placement plan for up to 1 billion yuan, marking the company's third equity financing since its 2016 listing.

Nancal Technology's capital operations present a contradictory picture: the company continuously raises funds from the market while major shareholders quietly reduce their holdings for cash-out.

According to the latest private placement proposal, Nancal Technology plans to issue shares to no more than 35 specific investors to raise up to 1 billion yuan for three AI project constructions and working capital supplementation. Zhao Lan, one of the company's actual controllers, has committed to subscribe 30 million yuan.

However, historical data reveals that since 2019, the company's major shareholders have conducted multiple rounds of large-scale reductions. Former actual controller Yu Shengtao cashed out approximately 220 million yuan through four reduction transactions. Zhao Lan cashed out 140 million yuan in a single reduction in 2020.

More notably, an industry investment fund participated in the company's 800 million yuan private placement in 2021 at 29.18 yuan per share, acquiring a 4.53% stake, but had disappeared from the company's top ten shareholders list by the end of Q1 2023.

In 2024, the company's revenue reached 1.51 billion yuan, up 7.47% year-over-year, but net profit attributable to shareholders decreased 15.17% to 192 million yuan. More concerning is the 22.10% decline in non-recurring net profit attributable to shareholders. In the first half of 2025, the company achieved modest growth in both revenue and net profit.

From historical data, since its 2016 listing, the company has raised funds through IPO and multiple additional issuances, with cumulative financing exceeding 1.5 billion yuan, far surpassing the 79.65 million yuan in cash dividends distributed during the same period.

In December 2024, Nancal Technology was ordered to make corrections by the Beijing Bureau of the China Securities Regulatory Commission for issues including cross-period revenue recognition and inaccurate R&D expense accounting, exposing financial internal control deficiencies. Against this backdrop, whether this private placement can pass regulatory review remains questionable.