Core Viewpoint - The company Visionox announced a plan to issue 419 million shares at a price of 7.01 yuan per share, aiming to raise up to 2.937 billion yuan to supplement working capital and repay debts, with the controlling shareholder changing to Hefei Jianshu [1][2] Group 1: Stock Issuance Details - The stock issuance is directed towards Hefei Jianshu, which currently holds 160 million shares (11.45% ownership) and will increase its stake to 31.89% post-issuance, becoming the controlling shareholder [5][9] - The total amount raised from the issuance will be used entirely for working capital and debt repayment, improving the company's cash flow and reducing debt pressure [9][10] Group 2: Company Financials - For the first three quarters of 2025, Visionox reported revenue of approximately 6.051 billion yuan, a year-on-year increase of 3.5%, but incurred a net loss of about 1.623 billion yuan, although the loss has narrowed compared to previous periods [10] - The company focuses on new display technologies, including OLED and Micro-LED displays, with applications in smartphones, wearables, and other sectors [9]

Core Viewpoint - The article discusses the strategic partnership between Visionox and Hefei Jianxu Investment Co., Ltd., focusing on a significant stock issuance aimed at raising funds for operational liquidity and debt repayment, which will lead to a change in the company's controlling shareholder and actual controller [2]. Group 1: Stock Issuance and Control Change - Visionox plans to issue 419 million shares at a price of 7.01 yuan per share, raising up to 2.937 billion yuan, which will be used for working capital and debt repayment [2]. - Hefei Jianxu currently holds 11.45% of Visionox's shares and will become the controlling shareholder upon completion of the issuance, with the actual control shifting to the Hefei Municipal Government [2]. Group 2: Business Development and Partnerships - Visionox has over 20 years of experience in the OLED field, focusing on technologies such as under-display cameras and high refresh rates, which have established strong competitive advantages globally [2]. - The collaboration with Hefei aligns with the city's goal of developing a competitive new display industry cluster, with ongoing projects since Hefei Jianxu's investment in 2021 [2]. Group 3: Investment Projects - In 2022, Visionox signed an investment framework agreement with the Hefei Municipal Government for a 110 billion yuan project to build a 6th generation flexible AMOLED production line, which commenced construction in 2022 and is set to be operational by the end of 2023 [3]. - A new agreement for an 8.6 generation flexible AMOLED production line project with a total investment of 55 billion yuan is planned for August 2024, indicating a significant expansion in production capabilities [3]. - The 8.6 generation AMOLED production line project is notable for being the world's first to utilize the no-FMM technology (ViP), marking a significant advancement towards mass production [3].

Core Viewpoint - The company Visionox (002387) plans to issue 419 million shares to Hefei Jianshu at a price of 7.01 CNY per share, raising up to 2.937 billion CNY to supplement working capital and repay debts. This will result in Hefei Jianshu holding 31.89% of the company, changing its controlling shareholder and actual controller to Hefei Shushan District People's Government [1][3]. Group 1: Company Actions - The issuance of shares is a continuation of Hefei Jianshu's investment in Visionox, which began in 2021 when it acquired 160 million shares for 1.76 billion CNY at 11 CNY per share, representing 11.7% of the company [3]. - The company emphasizes that this capital operation reflects the strong support and confidence of its shareholder in the business and future prospects [3]. Group 2: Company Background - Visionox, established in 2001, specializes in the research, production, and sales of OLED display devices and has over 20 years of experience in the OLED industry [4]. - According to CINNO Research, Visionox is projected to hold an 11.2% share of the global smartphone AMOLED panel market in 2024, ranking third globally and second domestically [4]. - In the smart wearable AMOLED panel market, Visionox is expected to lead globally with a 27% shipment share in 2024 [4]. Group 3: Financial Performance - For the first three quarters of 2025, Visionox reported revenues of approximately 6.051 billion CNY, a year-on-year increase of 3.5%, but incurred a net loss of approximately 1.623 billion CNY, although the loss has narrowed compared to previous periods [5]. - Prior to the suspension of trading, the company's stock price was 8.47 CNY per share, with a total market capitalization of 11.831 billion CNY [5].

Core Viewpoint - Hefei State-owned Assets has officially taken control of the panel leader Visionox (002387) through a planned issuance of A-shares to Hefei Jianshu Investment Co., Ltd. [2] Group 1: Company Control and Capital Increase - Visionox announced that its stock will resume trading on November 10, 2025, as it plans to issue 419 million shares at a price of 7.01 yuan per share, raising up to 2.937 billion yuan for working capital and debt repayment [2] - If the issuance is completed, Hefei Jianshu will become the controlling shareholder, with the actual controller changing to the Hefei Shushan District People's Government [2] - This capital operation reflects the strong support and confidence of shareholders in Visionox's business and future [3] Group 2: Industry Position and Market Share - Visionox is a leading enterprise in the OLED industry, holding an 11.2% global market share in smartphone AMOLED panels in 2024, ranking third globally and second domestically [2] - In the global AMOLED smart wearable panel market, Visionox ranks first with a 27% shipment share in 2024 [2] - Following its investment in Visionox, Hefei State-owned Assets has continued to invest in the panel sector, including a collaboration with the Hefei Municipal Government to establish a production line with a total investment of 55 billion yuan [3]

Core Viewpoint - Hefei State-owned Assets has officially taken control of the panel leader Visionox (002387) through a planned issuance of A-shares to Hefei Jianshu Investment Co., Ltd. [1] Group 1: Company Control Change - Visionox announced that its stock will resume trading on November 10, 2025, following a planned issuance of 419 million shares at a price of 7.01 yuan per share, raising up to 2.937 billion yuan for working capital and debt repayment [1] - If the issuance is completed, Hefei Jianshu will become the controlling shareholder, with the actual controller changing to the Hefei Shushan District People's Government [1] Group 2: Market Position and Performance - Visionox is a leading enterprise in China's OLED industry, holding an 11.2% global market share in smartphone AMOLED panels in 2024, ranking third globally and second domestically [1] - In the global AMOLED smart wearable panel market, Visionox ranks first with a 27% shipment share in 2024 [1] Group 3: Historical Context and Future Plans - Hefei State-owned Assets began holding shares in Visionox in 2021, acquiring 160 million shares from the controlling shareholder at a price of 11 yuan per share, totaling 1.76 billion yuan [2] - The recent capital operation reflects the shareholder's strong support and confidence in Visionox's future [2] - Visionox plans to establish and operate an 8.6-generation flexible active matrix organic light-emitting diode production line, with a total investment of 55 billion yuan [2]

Key Points - The article summarizes important announcements from several listed companies in the Shanghai and Shenzhen stock markets on November 9, 2025 [2] Group 1: Corporate Actions - Visionox (维信诺) plans to issue 419 million shares to Hefei Jianzhu Investment Co., Ltd. at a price of 7.01 yuan per share, raising up to 2.937 billion yuan for working capital and debt repayment. This may lead to a change in control of the company [3] - Huachang Communication (会畅通讯) elected He Fei as the new chairman of the board, effective from the date of the board meeting [4][5] - Weining Health (卫宁健康) appointed Liu Ning as the new chairman after the resignation of Zhou Wei due to personal reasons [6] - Delong Co., Ltd. (德尔股份) received approval from the Shenzhen Stock Exchange for a share issuance to acquire 100% of Aizhuo Intelligent Technology (Shanghai) Co., Ltd. [7] - Tianyi New Materials (天宜新材) is undergoing pre-restructuring after a creditor applied for bankruptcy due to the company's inability to repay debts [8] Group 2: Major Contracts - Aerospace Huanyu (航天环宇) announced that its subsidiary, Hunan Feiyu Aviation Equipment Co., Ltd., won a bid for a project worth 246 million yuan [9] Group 3: Shareholding Changes - Hongda High-Tech (宏达高科) announced that its director and deputy general manager, Gu Weifeng, plans to reduce his holdings by up to 100,000 shares, representing 0.06% of the total shares [11] - Jingneng Thermal Power (京能热力) shareholder Zhao Yibo intends to reduce his stake by up to 3%, amounting to approximately 790,920 shares [12] - Jiankeyuan (建科院) plans to reduce its holdings by up to 1%, equating to 146,660 shares [13] - San Sheng Guojian (三生国健) shareholder Dajia International plans to reduce its holdings by up to 1%, totaling 616,790 shares [14] - Yinxin Technology (银信科技) announced that its actual controller's associates plan to reduce their holdings by up to 1%, which is 444,240 shares [15] - Bixing Wulian (碧兴物联) shareholder Beijing Biyuan Technology Co., Ltd. intends to reduce its stake by up to 1%, amounting to 78,520 shares [16] - Xinle Energy (新雷能) shareholder Shanghai Lianxin Investment Management plans to reduce its holdings by up to 0.65%, totaling 3.5 million shares [17] - Silk Road Vision (丝路视觉) director Wang Junping plans to reduce his holdings by up to 0.056%, which is 68,156 shares [19]

Company Announcements - Visionox plans to issue 419 million shares to Hefei Jianshu at a price of 7.01 CNY per share, raising up to 2.937 billion CNY for working capital and debt repayment, potentially changing the company's control to Hefei Jianshu [1] - Industrial Bank's wholly-owned subsidiary, Xingyin Financial Asset Investment Co., has received approval to commence operations with a registered capital of 10 billion CNY, aimed at supporting innovation and reducing corporate leverage [2] - Dazhong Mining's subsidiary has obtained a mining license for lithium resources, although future production remains uncertain due to various factors [3] - Taiji Co. plans to transfer 4.6423% of its shares to China Electronics' subsidiary, aiming to enhance strategic cooperation and industry synergy [4] - Deep Sanda A's major shareholder plans to transfer 3.01% of its shares to China Electronics, also focusing on strategic collaboration [5] - Aerospace Hanyu's subsidiary won a project worth 246 million CNY, expected to positively impact the company's performance [6] Financing and Share Buybacks - Tianchen Medical has adjusted its share buyback price cap from 28.03 CNY to 70.00 CNY per share, with other terms remaining unchanged [7] Shareholding Changes - Jingneng Thermal's shareholder plans to reduce holdings by up to 3% [8] - Yinxin Technology's actual controller's associates plan to reduce holdings by up to 1% [9] - Silk Road Vision's director intends to reduce holdings by up to 0.056% [10] - New Ray Energy's shareholder plans to reduce holdings by up to 0.65% [11] - Jian Ke Yuan's shareholder plans to reduce holdings by up to 1% [12] - San Sheng Guo Jian's shareholder plans to reduce holdings by up to 1% [13] - Bixing Wulian's major shareholder plans to reduce holdings by up to 1% [14] Other Corporate Developments - Deep Sanda A's subsidiary has paid 112 million CNY in taxes and penalties, expected to reduce the company's 2025 net profit by approximately 57.36 million CNY [15] - Weining Health has elected Liu Ning as the new chairman following the resignation of Zhou Wei [16] - Del Shares' plan to acquire 100% of Aizhuo Intelligent Technology through share issuance has been approved by the Shenzhen Stock Exchange's review committee [17]

Core Viewpoint - The company, Visionox, is planning to issue A-shares to specific investors, which may lead to a change in control of the company, with the funds raised aimed at improving liquidity and repaying debts [2][3] Group 1: Stock Issuance Details - Visionox intends to issue 419 million shares at a price of 7.01 yuan per share, raising a total of up to 2.937 billion yuan, with net proceeds to be used for enhancing liquidity and debt repayment [2] - The company has signed a conditional share subscription agreement with Hefei Jianshu Investment Co., Ltd., which will subscribe to the shares in cash [2] - If the issuance is completed, the controlling shareholder will change to Hefei Jianshu, and the actual controller will become the People's Government of Shushan District, Hefei City [2] Group 2: Industry Position and Market Share - Visionox is a leading player in the OLED industry, holding a global market share of 11.2% in smartphone AMOLED panels, ranking third globally and second domestically [2] - In the smart wearable AMOLED panel market, Visionox leads globally with a 27% shipment share in 2024 [2] Group 3: Financial Strategy and Business Development - The company requires additional funding to support market expansion, production, and operational activities due to rapid business growth [3] - The funds raised from the stock issuance will enhance cash flow and reduce debt pressure, providing financial support for further business development [3] - Visionox aims to strengthen its competitive advantage by increasing investment in technology and focusing on high-end AMOLED development to improve overall profitability and industry position [3]

Core Viewpoint - The company, Visionox, plans to issue A-shares to a specific investor, Hefei Jianshu Investment Co., Ltd., to raise up to 2.93 billion yuan, primarily for working capital and debt repayment [1][4]. Group 1: Stock Issuance Details - Visionox intends to issue no more than 419,036,598 shares, which does not exceed 30% of the total shares before the issuance [1]. - The pricing for the new shares is set at 7.01 yuan per share, with total fundraising expected to be no more than 293,744.66 thousand yuan (29.37 billion yuan) [1]. Group 2: Related Party Transactions - Hefei Jianshu, as a related party, will subscribe to the shares in cash, constituting a related party transaction [4]. - The issuance requires several approvals, including shareholder meeting approval, government authority consent, and regulatory approvals from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [4]. Group 3: Control Changes - Before the issuance, Visionox has no controlling shareholder or actual controller; if the issuance proceeds, Hefei Jianshu will become the controlling shareholder [4]. - Hefei Jianshu was established in 2021 and is controlled by the Hefei Shushan District People's Government [5]. Group 4: Company Background and Strategy - Visionox focuses on new display technologies, including the research, production, and sales of OLED and Micro LED displays, with applications in smartphones, wearables, tablets, laptops, automotive displays, and large-size displays [4]. - The company aims to enhance its strength and promote sustainable long-term development through this transaction, which will also help maintain the interests of minority shareholders and boost market confidence [7].

Core Viewpoint - Hefei State-owned Assets has officially taken control of the panel leader Visionox (002387) through a targeted issuance of A-shares [3][6]. Group 1: Company Control and Financing - Visionox plans to issue 419 million shares to Hefei Jianxu Investment Co., Ltd. at a price of 7.01 yuan per share, raising up to 2.937 billion yuan for working capital and debt repayment [6]. - Upon completion of this issuance, Hefei Jianxu will become the controlling shareholder, with the actual controller being the People's Government of Shushan District, Hefei City [6][7]. - This issuance reflects the strong support and confidence of shareholders in Visionox's business and future [7]. Group 2: Market Position and Industry Leadership - Visionox is a leading enterprise in China's OLED industry, holding a 11.2% share of the global smartphone AMOLED panel market in 2024, ranking third globally and second domestically [6]. - In the global AMOLED smart wearable panel market, Visionox leads with a 27% shipment share in 2024 [6]. Group 3: Strategic Investments and Developments - Since acquiring shares in Visionox in 2021, Hefei State-owned Assets has continued to invest in the panel sector, including a 55 billion yuan project to establish and operate a production line for AMOLED products [8]. - The project is significant for Hefei's goal of creating a competitive new display industry cluster and is progressing well, with the main plant of the 8.6-generation AMOLED production line recently completed [8]. Group 4: Future Growth and Competitive Strategy - Visionox aims to enhance its competitiveness by increasing investment in technology and focusing on high-end AMOLED development [9]. - The funds raised from the share issuance will strengthen the company's financial position, allowing for more investment in production, operations, and R&D, thereby improving overall profitability and competitiveness in the digital era [9].