Major Shareholders Cash Out Over 6.7 Billion Yuan from Seven Semiconductor Stocks

Tech stock rally fuels wave of share sales

A cluster of share reductions by major shareholders has hit the semiconductor sector on China's A-share market. Since June, seven semiconductor firms listed on Shanghai's STAR Market have disclosed the results of shareholder sell-downs, with total proceeds exceeding 6.74 billion yuan. The companies involved include Biwin Storage Technology Co.,Ltd. (688525.SH), Verisilicon Microelectronics(Shanghai)Co.,Ltd. (688521.SH), Macmic Science&Technology Co.,Ltd. (688711.SH), National Silicon Industry Group Co.,Ltd. (688126.SH), Shenyang Fortune Precision Equipment Co.,Ltd. (688409.SH), Shanghai Anlogic Infotech Co.,Ltd. (688107.SH), and Focuslight Technologies Inc. (688167.SH).

Simultaneously, companies like Acm Research (Shanghai), Inc. (688082.SH), Guangdong Cellwise Microelectronics Co.,Ltd. (688325.SH), and Jadard Technology Inc. (688252.SH) have also announced new share reduction plans in June. A notable case is leading semiconductor equipment maker Acm Research (Shanghai), Inc., where seven senior executives collectively proposed a sell-down plan as the stock price hit a record high, drawing significant market attention.

This round of share sales is directly linked to the recent surge in tech stocks. Since May, sectors like AI computing power, semiconductor equipment, and memory chips have taken turns rising, with many semiconductor stocks doubling or even multiplying several times over, creating substantial paper profits for shareholders. The sellers include a diverse mix of investors, such as the National Integrated Circuit Industry Investment Fund (known as the "Big Fund Phase I"), venture capital firms, and company executives, indicating a broad-based trend of profit-taking by various capital sources.

Shareholders in Seven Firms Complete Sales, Realizing Over 6.7 Billion

The robust performance of tech stocks, following significant prior gains in the semiconductor sector, has created a pool of profitable holdings, leading some shareholders, particularly venture capital and industrial capital, to seek to realize their gains.

Based on the disclosed results, among the seven companies where sales are complete, National Silicon Industry Group Co.,Ltd. led with proceeds of 2.626 billion yuan. Verisilicon Microelectronics(Shanghai)Co.,Ltd. and Biwin Storage Technology Co.,Ltd. followed with 1.6 billion yuan and 1.436 billion yuan, respectively. Shareholders of these three companies collectively cashed out 5.662 billion yuan, accounting for over 80% of the total completed sales in this wave.

The seller in National Silicon Industry Group Co.,Ltd. was the Big Fund Phase I. According to the announcement, the fund sold 99.1507 million shares, representing 3% of the company's total shares, between May 6 and June 4, for total proceeds of 2.626 billion yuan. Post-sale, the Big Fund's stake decreased from 15.49% to 12.49%, though it remains a significant shareholder.

The sales in Verisilicon Microelectronics(Shanghai)Co.,Ltd. came from three entities under Xingcheng Investment. The firms Jiaxing Shixing, Jiaxing Haicheng, and Gongqingcheng Wenxing collectively sold 8.1638 million shares via block trades at prices ranging from 185 yuan to 208.53 yuan per share, realizing approximately 1.6 billion yuan. After this sale, the combined stake held by Xingcheng Investment fell to 4.99999%, dropping below the 5% threshold for a major shareholder.

For memory chip maker Biwin Storage Technology Co.,Ltd., the sales involved four parties acting in concert. Between May 18 and May 29, Baisheng, Baitai, Taidesheng, and Shenzhen Fangtailai collectively sold 4.7082 million shares (1% of total shares) at prices between 275.78 yuan and 344.99 yuan per share, cashing out about 1.438 billion yuan. These four shareholders were acting in concert with Sun Chengsi, the controlling shareholder and actual controller at the IPO, though this concert arrangement expired on December 30, 2025.

Recently, Shanghai Anlogic Infotech Co.,Ltd. also disclosed two sales result announcements involving five shareholders. They collectively sold 13.4033 million shares for about 490 million yuan. Among them, three parties acting in concert sold 6.0127 million shares for 158 million yuan. Shenzhen Siqi sold 2.0042 million shares for 70.071 million yuan. The Big Fund Phase I sold 7.3906 million shares for 262 million yuan, reducing its stake from 5.73% to 3.88%.

As a manufacturer of semiconductor laser devices, Focuslight Technologies Inc. has seen its stock price surge 225.05% this year and over 11-fold since the market rally began. After the stock hit a record high of 424.88 yuan on June 16, the company announced sales results for three shareholders that same evening. They collectively sold 951,900 shares for about 346 million yuan. Shaanxi Integrated Circuit Industry Investment Fund sold 593,000 shares for 213 million yuan, Xi'an Zhongke sold 353,600 shares for 131 million yuan, and Li Xiaoning, an acting-in-concert party of the actual controller, sold 5,320 shares for 2.0566 million yuan.

Shenyang Fortune Precision Equipment Co.,Ltd., which focuses on R&D, production, and sales of precision components for domestic semiconductor equipment, saw sales from five shareholders. They collectively sold 1.6766 million shares for about 207 million yuan. SDIC Venture Capital Fund sold 1.6587 million shares for 205 million yuan. Four executives sold a combined 17,900 shares for about 1.7873 million yuan. SDIC Venture Capital Fund had initially planned to sell up to 9.1863 million shares (3% of total), but the actual sale of 1.6587 million shares (0.54%) fell far short of that target.

Power semiconductor firm Macmic Science&Technology Co., Ltd. had the smallest sale scale. Four individual shareholders sold 1.1074 million shares for about 37.1825 million yuan. Notably, core technical personnel Liu Lifeng and director Li Siping did not complete their planned sales, with Li Siping terminating his plan early.

Shareholders in Three More Semiconductor Firms Announce Sales Plans

Beyond the completed sales, three other semiconductor companies—Acm Research (Shanghai), Inc., Guangdong Cellwise Microelectronics Co.,Ltd., and Jadard Technology Inc.—have disclosed new share reduction plans since June. The "group sell-down" by executives of Acm Research (Shanghai), Inc., a company with a market cap in the hundreds of billions, is particularly eye-catching.

According to the announcement, seven senior executives, including the actual controller and chairman Hui Wang, director and general manager Wang Jian, CFO Lisa Yilufeng, deputy general manager and core technical personnel Chen Fuping, and board secretary Luo Mingzhu, plan to sell a combined total of no more than 759,600 shares (0.1575% of total shares) via centralized bidding between June 26 and September 24. The stated reason for the sales is "funds needed for exercising equity incentives and paying personal income tax."

Based on the latest closing price of 378.75 yuan, if the seven executives sell the maximum allowed, total proceeds would reach about 288 million yuan. Hui Wang plans to sell 240,900 shares, potentially cashing out about 91.07 million yuan, while Wang Jian plans to sell 169,300 shares, potentially cashing out about 63.99 million yuan.

This collective move comes against the backdrop of a sharp recent rise in the company's stock price. Since May, the semiconductor equipment sector has been strong, with Acm Research (Shanghai), Inc.'s stock soaring from around 155 yuan in early May to hit a record intraday high of 383 yuan on June 18, giving it a market cap of 182.8 billion yuan. The stock has gained about 145% since May, and from a low around 77 yuan at the start of the bull market, its maximum cumulative gain approaches 4 times.

Guangdong Cellwise Microelectronics Co.,Ltd. also reached a new all-time stock price high in June, with year-to-date gains exceeding 64%. The company disclosed two sale plans involving two shareholders. On June 4, controlling shareholder Weitu Investment announced a plan to sell up to 4.4027 million shares (5.11% of total) via a negotiated transfer to a non-related third party. Based on the previous day's closing price of 119.59 yuan, this could realize about 527 million yuan. Weitu Investment currently holds 17.6106 million shares (20.44%). This plan stems from the sell-down needs of its limited partner Shanghai Wuyuefeng Integrated Circuit Equity Investment Partnership and its concert parties, who hold a combined 51.61% stake in Weitu Investment.

On June 11, the company announced another plan. Zhoushan Weihe Enterprise Management Partnership, an acting-in-concert party of the actual controller, plans to sell up to 2.0306 million shares (2.36% of total) between July 6 and October 5. Based on that day's closing price of 135.04 yuan, this could yield about 274 million yuan. Zhoushan Weihe currently holds 2.3143 million shares (2.69%), making this an almost complete divestment.

Jadard Technology Inc. disclosed on June 8 that shareholder Ningbo Qunzhi Photoelectric Co., Ltd., holding over 5%, plans to sell up to 10.1733 million shares (2.49% of total) between June 30 and September 29. Ningbo Qunzhi currently holds 30.5998 million shares (7.48%), acquired pre-IPO, and has not sold any shares since the company's listing. This planned sale could realize about 231 million yuan.