Recently, PCB concept leader Victory Giant Technology(Huizhou) Co.,Ltd. completed its private placement plan, raising approximately 1.9 billion yuan, which accounts for less than 1% of its latest market capitalization. This "tiny private placement" at such high levels has sparked some controversy in the industry, with comments from seasoned market professional Xu Li, who has worked at multiple institutions, drawing particular attention.
Coincidentally, besides Victory Giant Technology, several other tech stocks including Cambricon-U, VeriSilicon Holdings, ACM Research, and Espressif Systems have refinancing plans underway. Several companies have already received regulatory approval and are entering the final implementation stage. Additionally, star tech companies Unitree Robotics and Moore Threads, which have attracted significant market attention, have also reached important milestones in their IPO journeys recently.
According to company announcements, Victory Giant Technology recently completed its private placement plan, raising approximately 1.9 billion yuan.
Although the private placement attracted participation from several leading institutions and the related arrangements proceeded systematically according to public information, the "tiny issuance" has still generated discussion due to the company's significant gains this year (580.82% as of September 26).
Recently, market professional Xu Li raised questions about this private placement on social media, attracting considerable attention. According to public information, over the past decade, Xu Li has worked at multiple institutions and served as chief industry analyst at several brokerages including Founder Securities, Haitong Securities, and Soochow Securities, demonstrating extensive industry experience.
However, a senior investment banking professional at a leading brokerage believes that Xu Li's comments represent only one perspective: "When listed companies conduct financing at high market valuations, their financing efficiency is high and the dilution effect on major shareholders is minimal. We typically encourage clients to pursue financing when markets are rising and stock prices are climbing."
"A-share regulations have requirements for the use of refinancing proceeds and issuance ratios. Victory Giant Technology announced its financing plan in early November last year, when the stock price was only around 40 yuan, and market cap was incomparable to now," the professional further noted.
When contacted on September 26, regarding whether he truly believes Victory Giant Technology's private placement carries significant risk, Xu Li stated: "My judgment doesn't represent fact. Everyone has their own scale in their hearts for self-assessment."
He also mentioned that recent social media articles contained substantial inaccurate fabrications about him.
Notably, besides this private placement, Victory Giant Technology has been quite active in capital operations recently. According to Choice data, since late July this year, company management has cumulatively reduced holdings nine times, with total reduction amounts reaching 450 million yuan.
Additionally, the company plans to list on the Hong Kong stock market and submitted its listing application to the Hong Kong Stock Exchange on August 20, seeking to list on the Hong Kong Main Board.
Market rumors also suggested that Goldman Sachs significantly raised Victory Giant Technology's target price from 380 yuan to 895 yuan. However, Goldman Sachs subsequently denied this.
Coincidentally, public information shows that besides Victory Giant Technology, tech stocks including Cambricon-U, VeriSilicon Holdings, ACM Research, and Espressif Systems all have refinancing plans underway recently. Among these, Cambricon-U, ACM Research, and Espressif Systems have already received approvals. ACMR Shanghai just completed a private placement with financing scale exceeding 4 billion yuan.
Regarding this phenomenon, Liu Zimu, founder of Zimu Research, believes that Victory Giant Technology's refinancing coinciding with refinancing by Cambricon and other tech stocks indicates that tech stocks are generally in a rapid development phase. Meanwhile, pricing information from refinancing can help cool down the high premiums given by the secondary market.
"A major characteristic of this market cycle is targeting international frontier technology and related industrial chain sectors, thus attracting capital pursuit, but short-term局部 areas have seen excessive stock price gains and elevated valuations. Companies using private placement methods attract market attention and guide rational investment. Through institutional pricing methods, they also send rational investment signals to the market," he stated.
Moreover, recently, some star tech companies such as Unitree Robotics and Moore Threads have reached important milestones in their IPO journeys. Although Unitree Robotics is still in the IPO counseling stage, it has already attracted widespread attention. According to counseling arrangements, counseling institutions will conduct comprehensive evaluations of whether Unitree Robotics meets listing conditions as early as October 2025, and assist the company in preparing IPO application documents according to relevant regulations.
Moore Threads' STAR Market IPO application passed review at the Shanghai Stock Exchange on September 26. The company plans to raise 8 billion yuan, intending to invest in new-generation autonomous and controllable AI training and inference integrated chip R&D projects, new-generation autonomous and controllable graphics chip R&D projects, and other areas. Moore Threads' STAR Market IPO application was accepted in late June this year, less than three months ago.
Some industry professionals believe that the trend of equity financing tilting toward technological innovation should be relatively clear in the future, which aligns with policy direction. Recently, CSRC Chairman Wu Qing pointed out at a State Council Information Office press conference that in recent years, financing-side reforms have continued to deepen. Stock issuance registration system has gradually expanded from pilot programs to full implementation. Focusing on serving new productive forces development, successive measures including "Tech Innovation 16 Articles," "STAR Board 8 Articles," and "M&A 6 Articles" have been introduced, making a series of optimization and improvement arrangements in areas such as issuance and listing, mergers and acquisitions, and facilitating fundraising, investment, management, and exit cycles. In June this year, "1+6" reform measures including establishing a tech growth tier on the STAR Market were launched. Currently, three unprofitable tech companies have completed registration after the restart of the STAR Market's fifth listing standard, and the ChiNext third listing standard has also welcomed its first accepted application.
Wu Qing stated that going forward, efforts will focus on enhancing the adaptability of the multi-tier market system, using reforms of the STAR Market and ChiNext "two innovation boards" as leverage to advance reforms in issuance and listing, mergers and acquisitions systems, providing greater support for innovation and better supporting quality enterprises of different industries, types, and stages to grow through capital markets.
However, overall, STAR Market IPOs have remained at low levels this year. In recent years, STAR Market IPO scale has declined significantly. As of September 25, cumulative STAR Market IPO financing this year totaled 7.3 billion yuan, a dramatic 93.6% decline compared to the same period in 2021. Industry experts predict that the recovery process for STAR Market IPOs will remain relatively moderate in the short term.
Notably, several leading brokerages have played important roles in the financing processes of the aforementioned tech companies. For example, CITIC Securities serves as both Unitree Robotics' IPO counseling institution and Moore Threads' IPO sponsor. The lead underwriters for Victory Giant Technology and Cambricon-U's private placements are Guosen Securities and Haitong Securities respectively, along with CITIC Securities.
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