On September 28, 2026, shares of Foshan Golden Milky Way Intelligent Equipment Co.,Ltd. (SZ: 300619) plunged 12.1% to close at 23.45 yuan. The selloff came after the company disclosed a maximum-scale private placement plan of 1.5 billion yuan the previous evening, aiming to issue no more than 67.8599 million shares to no more than 35 specific investors, capped at 30% of pre-issuance total share capital. The market responded with a heavy-volume bearish candle, seemingly expressing its view on the proposal.
Less than two months before the private placement plan was disclosed, the company's actual controller Zhang Qifa and his concert parties had just completed a large-scale share reduction, cashing out approximately 180 million yuan in total. More puzzling to investors is that the three major projects from the company's previous fundraising of 643 million yuan have progressed extremely slowly and are far from achieving expected returns, with sponsor CITIC Securities explicitly flagging "delays."
Three core prior fundraising projects progress slowly
Back in December 2023, Foshan Golden Milky Way Intelligent Equipment Co.,Ltd. completed a round of targeted share issuance, raising approximately 643 million yuan at an issue price of 46.16 yuan per share. At the time, the company painted a grand blueprint for three major fundraising projects: the new energy advanced manufacturing equipment digital factory construction project, the multi-series silicone high-end manufacturing equipment digital factory construction project, and the intelligent factory expansion project for high-performance silicone materials serving the new energy industry. Nearly three years later, the actual progress of these projects has greatly disappointed investors.
However, as of September 19, 2026, the investment progress of the three fundraising projects stood at 24.35%, 20.85%, and 60.39% respectively. In other words, nearly three years after the 643 million yuan arrived, none of the three core projects has been completed on schedule, with progress extremely slow and expected returns even harder to envision. Investors need to pay attention to operational risks and the feasibility risks of the fundraising projects.
"The previous fundraising projects have not yet generated any returns, and the company is already rushing to launch a new, larger-scale financing plan. This may trigger a 'financing addiction' signal," noted an investment professional who has long tracked the refinancing market. "The efficiency of advancing fundraising projects is the touchstone for testing a company's true financing intentions. If the previous funds were not used well, it will be difficult for investors to believe that the new round of fundraising can generate positive returns."
According to CITIC Securities' continuous supervision report, as of the end of 2025, the fundraising investment project "multi-series silicone high-end manufacturing equipment digital factory construction project" had not yet begun investment, while the "new energy advanced manufacturing equipment digital factory construction project" and the "intelligent factory expansion project for high-performance silicone materials serving the new energy industry" had progressed slowly, lagging behind the investment plans in the Prospectus (Registration Draft).
Actual controller cashes out 180 million yuan just before placement
Even more noteworthy than the slow progress of prior fundraising projects is the precise timing of the company's actual controller Zhang Qifa's share reduction before this private placement. On April 27, 2026, Foshan Golden Milky Way Intelligent Equipment Co.,Ltd. disclosed a reduction plan by actual controller Zhang Qifa and his concert party Baoyueshan Enterprise, intending to reduce holdings by no more than 7.9649 million shares, representing 4.58% of total share capital. Due to the company's implementation of its 2025 annual equity distribution (3 shares for every 10 shares), the reduction amount was adjusted to no more than 10.3543 million shares.
The reduction was carried out swiftly. From July 27 to August 5, 2026, Zhang Qifa reduced holdings in three tranches through block trades totaling 4.5237 million shares, at average prices ranging from 21.21 yuan to 23.80 yuan; Baoyueshan Enterprise reduced 3.5696 million shares on July 27 at an average price of 23.57 yuan. Together they reduced 8.0933 million shares, representing 3.58% of total share capital, cashing out approximately 184 million yuan in total. Notably, just over a month after the reduction was completed, the company unveiled its private placement plan.
Financing logic under high debt pressure
At the end of the first half of 2026, the company's monetary funds stood at 1.001 billion yuan, while short-term interest-bearing liabilities reached 1.459 billion yuan (short-term borrowings of 1.089 billion yuan plus non-current liabilities due within one year of 370 million yuan), with total interest-bearing liabilities at approximately 2.255 billion yuan. The debt-to-asset ratio climbed further to 70.72%, making liquidity pressure self-evident.
Among these, short-term borrowings increased from 1.051 billion yuan at the beginning of the period to 1.089 billion yuan, while long-term borrowings surged from 222 million yuan at the beginning of the period to 788 million yuan, an increase of 254%. At the end of the first half of 2026, the company's broad monetary funds of 1.001 billion yuan could only cover 68.6% of short-term interest-bearing debt, leaving a short-term funding gap of approximately 458 million yuan. Considering the working capital needed for daily operations, the actually available debt repayment funds are even more limited.
The company's profitability is also highly unstable. Net profit was 83 million yuan in 2023, a loss of 91 million yuan in 2024, a turnaround to 11 million yuan in 2025, and net profit attributable to parent company was only 15 million yuan in the first half of 2026. Under such financial conditions, the company's choice to pursue equity financing again rather than debt financing is logically understandable. But investors need to ask: why did the previous 643 million yuan fundraising fail to improve the company's asset-liability structure? Why have the three core projects been delayed? Is there significant management dereliction of duty in capital use efficiency?
Note: This article was created with the assistance of AI tools to collect and organize market data and industry information.
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