A-Share Private Placement Landscape Over the Past Month: 12 Companies Raise Over 20 Billion Yuan, 3 Firms with Placements to Controlling Parties Top the Gainers
Over the past month, a total of 12 listed companies in the A-share market completed private placements, raising a cumulative 20.25 billion yuan. In terms of subscription methods, shareholders of two companies subscribed with assets, among which Hua Hong Semiconductor saw its share price surge more than 400% above the placement price. Shareholders of the other 10 companies subscribed in cash, and these 10 companies posted an average gain since September (through September 23) that outperformed the index over the same period. As of September 23, the top three companies by gain relative to their placement prices (cash subscriptions) were Yongtaiyun, Sanchao New Materials, and Hongxin Electronics, with share prices rising 59.96%, 40.84%, and 32.20% above their respective placement prices. The placement targets of all three companies were their actual controllers, controlling shareholders, or enterprises under their control.
Over the past month (August 25 to September 24), a total of 12 A-share listed companies carried out private placements, raising a cumulative net amount of 20.25 billion yuan. Among them, Hua Hong Semiconductor, Jingzhida, Shengyi Electronics, and Fangzheng Technology raised the largest net amounts, at 8.268 billion yuan, 2.845 billion yuan, 2.52 billion yuan, and 1.963 billion yuan, respectively.
In terms of subscription methods, among the companies that completed private placements in the past month, two involved asset subscriptions by shareholders: Hua Hong Semiconductor and Xinlv Times. Hua Hong Semiconductor issued a total of 190.7684 million shares to four shareholders — Hua Hong Group, Shanghai Integrated Circuit Fund, Big Fund Phase II, and Guotou Xiandao Fund — to acquire equity in Huali Micro. The issuance price was 43.34 yuan per share. The lock-up periods for the four shareholders ranged from 6 to 36 months. As of September 23, Hua Hong Semiconductor's share price closed at 229.52 yuan, 429.58% above the placement price.
The placement targets of the remaining 10 companies all subscribed for the newly issued shares in cash. Among them, four companies' placement purposes involved project financing: Fangzheng Technology, Jingzhida, Shengyi Electronics, and Chen'an Technology. Three companies' placement purposes involved loan repayment: Sanchao New Materials, Shangaohuanneng, and Shengyi Electronics.
From the perspective of secondary market performance, companies that completed private placements (cash subscriptions) in the past month all posted varying gains relative to their placement prices as of September 23, with an average gain of 26.51%. The top three placement companies by gain relative to placement price (cash subscriptions) were Yongtaiyun, Sanchao New Materials, and Hongxin Electronics, with share prices rising 59.96%, 40.84%, and 32.20% above their respective placement prices. The placement targets of all three companies were their actual controllers, controlling shareholders, or enterprises under their control.
Yongtaiyun, which posted the largest gain relative to its placement price, is mainly engaged in the design, development, and servicing of cross-border chemical logistics supply chains. The sole placement target of Yongtaiyun was Yongtai Investment, with a net fundraising amount of 245 million yuan. Yongtai Investment is a partnership controlled by the company's actual controllers, Chen Yongfu and Jin Ping. Yongtaiyun's operating revenue has maintained rapid growth since 2024, with revenue growth rates of 77.32% and 48.38% in 2024 and 2025, respectively, and a year-on-year revenue increase of 22.58% in the first half of 2026. However, the company's net profit growth has fluctuated significantly from 2024 to date. It is worth noting that Yongtaiyun disclosed after market close on August 20 an announcement that its application for issuing shares to specific targets had received approval for registration from the China Securities Regulatory Commission. The next day, the company's share price rose 5.74%, and since the August 20 announcement, the company's share price has risen 37.78% cumulatively.
Sanchao New Materials, whose share price rose 40.84% above its placement price, had a net fundraising amount of 364 million yuan, with its sole placement target being the company's controlling shareholder, Bodahyi. Sanchao New Materials disclosed on August 28 an announcement that its application for issuing shares to specific targets had received approval for registration from the China Securities Regulatory Commission. On the first trading day after the announcement, the company's share price rose 5.22%, and since the announcement, the company's share price has risen 12.46%.
Hongxin Electronics, whose share price rose 32.2% above its placement price, had a net fundraising amount of 220 million yuan, with its sole placement target being the company's actual controller. Hongxin Electronics disclosed on July 30 an announcement that its issuance of shares to specific targets had received approval for registration from the CSRC. On the first trading day after the announcement, the company's share price rose 7.68%, and since the announcement, the company's share price has risen 21.47%.
Companies that completed private placements (cash subscriptions) in the past month posted an average gain of 3.08% since September (through September 23), outperforming the Shanghai Composite Index (down 1.25%) and the Shenzhen Component Index (down 2.7%) over the same period.
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