Sichuan Huiyuan Optical Communications Announces Private Placement Plan After Multiple Ownership Changes

On November 18, Sichuan Huiyuan Optical Communications Co.,Ltd. (000586.SZ) released a private placement plan. According to the proposal, the company intends to issue no more than 53.65 million shares to Hefei Dingyun Technology Industrial Development Partnership (Limited Partnership) ("Dingyun Industry"), controlled by Chairman Li Hongxing, raising up to 610 million yuan. The net proceeds after deducting issuance expenses will be entirely used to supplement working capital.

Post-issuance, Dingyun Industry and its concerted parties will collectively hold 80.9233 million shares, representing 32.75% of the company's total shares outstanding. The controlling shareholder will shift from having none to Dingyun Industry, with Li Hongxing becoming the actual controller, replacing the previous absence of one.

Public information shows that Sichuan Huiyuan specializes in power optical cables and online power system monitoring, being one of China's earliest full-range optical cable suppliers. Financial reports indicate the company achieved 422 million yuan in 2024 operating revenue, down 14.85% YoY, with net profit attributable to shareholders at -9.3426 million yuan, turning from profit to loss. For the first three quarters of 2025, operating revenue rose 30.37% YoY to 361 million yuan, with net profit rebounding to 14.7634 million yuan.

Over its 20+ year history, Sichuan Huiyuan has undergone multiple ownership changes. After listing on the Shenzhen Stock Exchange in 1995 under Changjiang Group's control, ownership transferred successively to Sichuan Huiyuan Technology (2002), Mingjun Group (2009), and Huifu Qiji Investment (2015).

Since June 2018, Li Hongxing, then controller of Beijing Hongxiao, steadily increased holdings through Dingyun Technology, reaching 14.10% by Q1 2020. In September 2021, the company proposed issuing 55 million shares to then-second-largest shareholder Dingyun Technology, which would have become the controlling shareholder. However, the plan was terminated in June 2023 due to policy and environmental changes.

In 2024, a judicial auction transferred 3 million shares (1.55% stake) from former controlling shareholder Huifu Qiji, reducing its holding to 13.75% (now second-largest shareholder). Dingyun Technology passively became the largest shareholder with 14.10%, marking the fourth control shift and leaving the company without a definitive controlling party.