Jiangfeng Electronics' private placement not exceeding 1.928 billion yuan approved by the Shenzhen Stock Exchange, with contributions from Guotai and Haitong.

China Economic Net Beijing, March 19 — Jiangfeng Electronics (300666.SZ) received approval from the Shenzhen Stock Exchange for its private placement of securities yesterday.

The company’s revised plan for a private placement of shares, disclosed on December 22, 2025, shows that the target investors for this issuance of A-shares are no more than 35 specific investors, including securities investment fund management companies, securities firms, trust companies, financial companies, insurance investors, qualified foreign institutional investors, RMB qualified foreign institutional investors, and other legal persons, individuals, or other qualified investors as specified by the China Securities Regulatory Commission. Among them, securities investment fund management companies, securities firms, qualified foreign institutional investors, and RMB qualified foreign institutional investors that subscribe through more than two products managed are considered as one investor; trust companies participating as investors can only subscribe with their own funds. All investors will subscribe with cash.

This private placement of A-shares will be conducted via inquiry-based pricing, with the pricing date set as the first day of the issuance period. The issue price will not be less than 80% of the average trading price of the company’s shares over the twenty trading days prior to the pricing date, and will not be below the par value per share.

The shares issued in this offering are domestic-listed RMB ordinary shares (A-shares), with a par value of RMB 1.00 per share. After the lock-up period expires, the shares issued will be applied for listing and trading on the ChiNext Board of the Shenzhen Stock Exchange. The number of shares issued will be determined by dividing the total raised funds by the issue price, and will not exceed 30% of the company’s total share capital before this issuance, i.e., no more than 79,596,204 shares (including this number).

After deducting RMB 40 million for financial investments from the total raised funds, the maximum total amount raised in this issuance will not exceed RMB 1,927.829 million (including this amount). After deducting issuance costs, all funds are planned to be used for the industrialization projects of static electricity吸盘 for 5,100 integrated circuit equipment annually, ultra-high purity metal sputtering targets for 12,300 ultra-large-scale integrated circuits annually, the Shanghai Jiangfeng Electronics R&D and technical service center project, as well as for working capital and debt repayment.

As of the announcement date of the plan, the company has not yet identified specific investors, so the relationship between the investors and the company cannot be determined.

As of the announcement date, the company’s controlling shareholder and actual controller is Yao Lijun. As of June 30, 2025, Yao Lijun directly held 56,765,724 shares of the listed company. His concerted action partners, Jiangge Investment and Hongde Investment, held 4,208,135 and 4,208,076 shares respectively. Together, they control 24.57% of the company’s shares. Based on the maximum issuance limit, after this issuance, the actual controller Yao Lijun will control a total of 18.90% of the company’s shares and will remain the company’s actual controller. This issuance will not lead to a change in the company’s control.

According to the company’s listing sponsorship letter (revised draft) disclosed on the same day, the sponsor for this issuance is Guotai Haitong Securities Co., Ltd., with sponsorship representatives Ge Junjie and Xie Jinyu.

(Responsible Editor: Sun Chenwei)