7x Bull Stock Sells Near 3 Billion Yuan in Additional Issuance Plan, Major Shareholders Simultaneously Announce Reduction

Jingzhida, a company listed on the STAR Market, recently announced a large-scale private placement plan of nearly 3 billion yuan. The company’s private placement was launched amid a significant surge in its stock price, which has increased more than 7 times in the past year and a half. Despite the strong stock performance, the company has shown increasing revenue but stagnant profits over the past two years. In stark contrast to the large private placement plan, its major shareholders announced a reduction plan at the same time, attracting market attention.

Nearly 3 Billion Yuan Private Placement to Focus on Semiconductor Testing, Revenue Grows but Profits Stagnate

On February 28, Jingzhida released a preliminary plan for issuing A-shares to specific investors for the year 2026, proposing to issue no more than 35 specific investors up to 28.2035 million shares, raising a total of no more than 2.959 billion yuan. This is the company’s first refinancing since listing on the STAR Market in July 2023, with a fundraising cap far exceeding the 1.099 billion yuan raised during its IPO.

According to the plan, the funds will mainly be used for three projects: semiconductor storage testing equipment R&D and industrialization project (planned investment of 820 million yuan), high-end chip testing equipment and cutting-edge technology R&D center (planned investment of 1.538 billion yuan), and working capital supplementation (60 million yuan).

The company’s announcement states that this private placement aims to seize development opportunities in the semiconductor storage testing equipment industry, enhance the industrialization capacity of high-end semiconductor testing equipment, deepen comprehensive service capabilities through “equipment platform + solutions,” and further strengthen R&D and financial strength.

As an innovative enterprise focused on semiconductor testing equipment and system solutions, Jingzhida’s product line covers key testing equipment and fixtures in the semiconductor memory testing field. It is also one of the few domestic manufacturers capable of full coverage of semiconductor memory testing equipment. In recent years, the company has actively shifted from display testing equipment to semiconductor testing equipment, with semiconductor business becoming its core growth engine.

However, the company has shown increasing revenue but stagnant profits over the past two years. In 2024, the company achieved operating revenue of 803 million yuan, a year-on-year increase of 23.83%, but net profit attributable to the parent was 80.16 million yuan, down 30.71%. The 2025 performance quick report shows that the company achieved a total operating income of 1.13 billion yuan, a 40.65% increase, but net profit attributable to the parent was 68.82 million yuan, down 14.15%.

Regarding the decline in net profit in 2025, the company explained that it was mainly due to increased R&D efforts, with R&D investment significantly rising year-on-year, and the implementation of a restricted stock incentive plan in 2025, which affected profits. Data shows that in the first three quarters of 2025, Jingzhida’s R&D expenses reached 105 million yuan, a 35% increase.

Timing of Private Placement Plan and Major Shareholder Reduction

It is noteworthy that the timing of Jingzhida’s private placement plan is quite sensitive, coinciding with a period of record high stock prices and major shareholder reductions.

Over the past year and a half, the company’s stock price has remained strong. From a low of 36.38 yuan (pre-restore) in September 2024, it surged to a record high of 319.71 yuan at the end of February this year, with a maximum increase of 778.8% in just over a year.

After more than a year of growth, the company’s valuation has reached historic highs, with the price-to-earnings ratio (TTM) exceeding 400 times at one point. As of the close on March 5, the PE ratio (TTM) was 355 times, and the price-to-book ratio was 14.36 times. However, since the announcement of the private placement plan, the stock price has fallen by 13.24% as of March 5.

In contrast to the stock price performance, the company’s net profit has continued to decline in 2024 and 2025 despite the rising stock price.

On the same day as the private placement announcement, a shareholder reduction plan was also disclosed. Shenzhen Yuanchuangli Qingyuan Venture Capital Partnership (Limited Partnership) and its concerted actors plan to reduce no more than 1.4545 million shares via centralized bidding from March 23 to June 22, 2026, representing 1.55% of the total share capital.

As of the announcement date, Yuanchuangli Qingyuan and its concerted actors held a total of 6.155 million shares, accounting for 6.55% of the total share capital. This is not the shareholder’s first reduction; in 2025, it reduced a total of 939,600 shares through centralized bidding, cashing out approximately 73.06 million yuan.

While there is a nearly 3 billion yuan refinancing plan and a major shareholder’s large-scale reduction plan, these two announcements have sparked market discussion. Shareholders exiting at high stock prices is normal, but announcing a reduction plan simultaneously with the private placement plan is quite sensitive. Why did Jingzhida’s shareholders choose to announce the reduction plan at the same time as the private placement? The “Daily Economic News” sent an interview email to the company, but as of press time, no reply has been received.

Daily Economic News