12 A-Share Firms Raised Over 20 Billion Yuan via Private Placements in Past Month; Three with Controlling Shareholder Subscriptions Lead Gains
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In the past month (August 25 to September 24), 12 A-share listed companies completed private placements, raising a total net of 20.25 billion yuan, according to a report by East Money citing the National Business Daily. Two companies, Huahong Hongli and Xin Aluminum Era, involved asset subscriptions, with Huahong Hongli's stock trading 429.58% above its placement price. The remaining 10 companies used cash subscriptions, with an average gain of 26.51% from the placement price as of September 23. The top three gainers among cash-subscription placements were Yongtaiyun (up 59.96%), Sanchaoxin (up 40.84%), and Hongxin Electronics (up 32.20%), all of which issued shares to their actual controllers or controlling shareholders. Yongtaiyun's placement to Yongtai Investment raised 2.45 billion yuan; the company's revenue grew 77.32% in 2024 and 48.38% in 2025, though net profit fluctuated. Since announcing regulatory approval on August 20, Yongtaiyun's stock rose 37.78%. Sanchaoxin raised 3.64 billion yuan from its controlling shareholder Boda Heyi, with its stock up 12.46% since its approval announcement on August 28. Hongxin Electronics raised 2.2 billion yuan from its actual controller. Since September, cash-subscription placement stocks averaged a 3.08% gain, outperforming the Shanghai Composite Index (down 1.25%) and the Shenzhen Component Index (down 2.7%).
Source report
In the past month (August 25 – September 24), 12 A-share listed companies completed private placements, raising a total net amount of 20.25 billion yuan.
Subscription Methods
- Asset-based subscription: Two companies' shareholders subscribed using assets, including Hua Hong Grace Semiconductor (stock price closed at 229.52 yuan, 429.58% above the placement price) and Xinlv Aluminum.
- Cash-based subscription: Ten companies' shareholders subscribed in cash. Among them, four companies raised funds for project financing: Founder Technology, Jingzhida, Shengyi Electronics, Chen'an Technology, Sanchao New Materials, Shanhang Huanneng, and Shengyi Electronics.
Market Performance (Cash Subscription)
As of September 23, all ten cash-subscription companies saw their stock prices rise above their respective placement prices, with an average increase of 26.51%.
Top Three Gainers (Cash Subscription)
| Company | Gain vs. Placement Price | Net Funds Raised | Subscriber | |---|---|---|---| | Yongtaiyun | +59.96% | 245 million yuan | Yongtai Investment (controlled by actual controllers Chen Yongfu and Jin Ping) | | Sanchao New Materials | +40.84% | 364 million yuan | Boda Heyi (controlling shareholder) | | Hongxin Electronics | +32.20% | 220 million yuan | Actual controller |
All three companies' private placement subscribers were the actual controllers, controlling shareholders, or their controlled entities.
Notable Details
Yongtaiyun
- Revenue has maintained rapid growth since 2024: +77.32% (2024), +48.38% (2025), +22.58% (first half of 2026).
- Net profit growth has fluctuated significantly.
- On August 20, the company announced it received CSRC approval for the placement. The next trading day, the stock rose 5.74%. Since the announcement, the stock has gained 37.78%.
Sanchao New Materials
- Announced CSRC approval on August 28. The stock rose 5.22% on the first trading day after the announcement and has gained 12.46% since.
Hongxin Electronics
- The sole subscriber was the company's actual controller.
September Performance vs. Benchmarks
From September 1 to September 23, the average gain of cash-subscription private placement companies was 3.08%, outperforming the Shanghai Composite Index (down 1.25%) and the Shenzhen Component Index (down 2.70%) over the same period.
(Source: National Business Daily)
Source
东方财富网-市场精华Eastern
Part of this Story
A-Share private placements: 12 firms raise 20.25 billion yuan, controlling-shareholder deals lead gains