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. Four companies accounted for the bulk: Huahong Hongli (82.68 billion yuan), Jingzhida (28.45 billion), Shengyi Electronics (25.2 billion), and Founder Technology (19.63 billion). Two placements involved asset subscriptions, with Huahong Hongli's stock trading 429.58% above its placement price of 43.34 yuan per share as of September 23. The other 10 placements were cash-subscribed, with an average gain of 26.51% from the placement price. The top three gainers among cash placements were Yongtaiyun (up 59.96%), Sanchao New Materials (up 40.84%), and Hongxin Electronics (up 32.20%), all of which issued shares to their actual controllers or controlling shareholders. Since September, cash-placement stocks averaged a 3.08% gain, outperforming the Shanghai Composite Index (down 1.25%) and the Shenzhen Component Index (down 2.7%). The article notes that Yongtaiyun, a cross-border chemical logistics firm, saw its stock rise 37.78% since its placement approval announcement on August 20, despite volatile net profit growth.
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.
Key Placement Details
Among the issuers, Hua Hong Grace (688347), Jingzhida (688627), Shengyi Electronics (688183), and Founder Technology (600601) recorded the largest net fundraising amounts, at 8.268 billion yuan, 2.845 billion yuan, 2.52 billion yuan, and 1.963 billion yuan, respectively.
Subscription Methods
- Asset-based subscription: Two companies — Hua Hong Grace (688347) and Xin Aluminum Era (301613) — had shareholders subscribe using assets.
- Cash subscription: The remaining 10 companies received cash subscriptions from their placement targets.
Hua Hong Grace (688347) – Asset Subscription
The company issued 190,768,400 shares to four shareholders (Hua Hong Group, Shanghai Integrated Circuit Fund, Phase II of the National Big Fund, and Guotou Pilot Fund) at a price of 43.34 yuan per share to acquire shares in Huali Micro. Lock-up periods for these shareholders range from 6 to 36 months. As of September 23, Hua Hong Grace's stock price closed at 229.52 yuan, representing a 429.58% premium over the placement price.
Cash Subscription Companies
Of the 10 cash-subscription placements:
- 4 companies raised funds for project financing: Founder Technology (600601), Jingzhida (688627), Shengyi Electronics (688183), and Chen'an Technology (300523).
- 3 companies raised funds for loan repayment: Sanchao New Materials (300554), Shan Gao Huan Neng (000803), and Shengyi Electronics (688183).
Market Performance
As of September 23, all companies that conducted cash-subscription private placements in the past month saw their stock prices rise above the placement price, with an average increase of 26.51%.
Top Three Gainers (Cash Subscription)
| Company | Ticker | Price Premium Over Placement Price | Placement Target | |---|---|---|---| | Yongtaiyun | 001228 | 59.96% | Yongtai Investment (controlled by actual controllers Chen Yongfu and Jin Ping) | | Sanchao New Materials | 300554 | 40.84% | Boda Heyi (controlling shareholder) | | Hongxin Electronics | 300657 | 32.20% | Actual controller |
All three companies' placement targets were the actual controllers, controlling shareholders, or entities controlled by them.
Yongtaiyun (001228) – Details
Yongtaiyun specializes in cross-border chemical logistics supply chain design, development, and services. The company raised a net amount of 245 million yuan from Yongtai Investment, a partnership controlled by actual controllers Chen Yongfu and Jin Ping.
The company has maintained rapid revenue growth since 2024:
- 2024: Revenue growth of 77.32%
- 2025: Revenue growth of 48.38%
- H1 2026: Revenue growth of 22.58% year-on-year
However, net profit growth has been volatile. Notably, on August 20, the company disclosed receiving CSRC approval for its private placement. The stock rose 5.74% the next trading day and has gained 37.78% cumulatively since the announcement.
Sanchao New Materials (300554) – Details
The company raised a net amount of 364 million yuan, with the sole placement target being its controlling shareholder, Boda Heyi. After disclosing CSRC approval on August 28, the stock rose 5.22% on the first trading day and has gained 12.46% cumulatively since the announcement.
Hongxin Electronics (300657) – Details
The company raised a net amount of 220 million yuan, with the sole placement target being its actual controller. After disclosing CSRC approval on July 30, the stock rose 7.68% on the first trading day and has gained 21.47% cumulatively since the announcement.
Comparative Index Performance
In September (as of September 23), the average gain of cash-subscription private placement companies was 3.08%, outperforming the Shanghai Composite Index (1A0001), which fell 1.25%, and the Shenzhen Component Index (399001), which fell 2.7% over the same period.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Investors should make their own decisions and bear associated risks.
Source
同花顺财经Eastern
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A-Share private placements: 12 firms raise 20.25 billion yuan, controlling-shareholder deals lead gains