Recently, Dhc Software Co.,Ltd. (ticker: 002065) unveiled a private placement plan that has stirred the market, aiming to raise up to 2.029 billion yuan by issuing no more than 961.6 million shares. A simple calculation suggests the lower bound of the issuance price could be as low as 2.11 yuan per share.
Just less than six months prior, the company’s actual controller, Xue Xiangdong, had completed a round of share reductions, cashing out over 330 million yuan. Going further back, in June 2025, Xue Xiangdong and his concert party, Guo Yumei, had already cashed out about 300 million yuan. In less than a year, the actual controller has cashed out over 600 million yuan.
On one side, the actual controller is selling shares at high prices and exiting; on the other, the company is issuing shares to institutions at a price potentially as low as 2.11 yuan. This capital game of "buying low and selling high" is now placing which party at risk?
Since its listing in 2006, Dhc Software Co.,Ltd. has successfully completed private placements seven times. It issued convertible bonds worth 1 billion yuan in 2013, followed by additional share issuances in 2015 and 2021. Now, it is launching another financing round exceeding 2 billion yuan. This marks the eighth private placement in the 20 years since its listing.
In 2020, the company announced a private placement plan to raise over 4 billion yuan (eventually raising 605 million yuan) for projects such as the "Dhc Cloud Capital Project." However, that project has been delayed—originally scheduled for completion in December 2024, it has now been postponed to December 2026. The company explained that "due to various factors, including the macroeconomic environment, demand for data center construction has decreased during the investment period."
If demand for data centers is declining, why is the company pushing forward with a new "Dhc Cloud Zun Intelligent Computing Center"? Even more puzzling is that the total investment for the Dhc Cloud Capital Project has been slashed from an initial 1.572 billion yuan to just 284 million yuan. With a project that has shrunk by over 80% still unfinished, the company is rushing to launch a new intelligent computing center project.
At the heart of the matter lies the most sensitive and critical issue: the actual controller's early cash-out of 600 million yuan at high prices. Since May 2025, Xue Xiangdong and several senior executives of Dhc Software Co.,Ltd. have intensively announced share reduction plans while the stock price was high. From October 15, 2025, to January 13, 2026, Xue Xiangdong reduced his holdings by 31.997122 million shares (representing 1% of the company's total share capital) through centralized竞价 trades, at an average selling price of 10.34 yuan, cashing out over 330 million yuan.
From June 27, 2025, to July 30, 2025, Xue Xiangdong reduced his holdings by 24.402825 million shares at an average price of 9.51 yuan. From June 4, 2025, to June 30, 2025, his concert party, Guo Yumei, reduced her holdings by 7.6483 million shares at an average price of 9.32 yuan. Together, Xue and Guo cashed out over 300 million yuan. Combined, the two parties have cashed out over 600 million yuan.
During this same period, the company's stock price plummeted from a high of around 15 yuan to its current level of approximately 7 yuan. Shortly after the actual controller completed his share reductions, the company unveiled this private placement plan—issuing shares to no more than 35 specific investors at a price potentially as low as 2.11 yuan.
The fundamentals of Dhc Software Co.,Ltd. are also a cause for concern. In 2015, the company's net profit reached a historical peak of 1.142 billion yuan. Over the following decade, operating revenue grew from 5.629 billion yuan to 13.323 billion yuan, but net profit steadily declined to 500 million yuan. Revenue doubled, yet net profit was halved. The net profit margin fell from 20.23% to 3.17%.
In 2025, the company reported revenue of 12.928 billion yuan, a year-on-year decline of 2.96%, and net profit attributable to the parent of 477 million yuan, down 4.49% year-on-year. In the first quarter of 2026, revenue continued to fall by 7.42%.
In 2025, the stock price of Dhc Software Co.,Ltd. once reached as high as 15 yuan. Now, it has dropped to around 7 yuan, a decline of over 50%.
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