KFMI(SZ:300666) Xin Lang Zheng Quan·2025-09-29 13:55Core Viewpoint - Jiangfeng Electronics' capital operations have raised market concerns due to significant fundraising efforts alongside substantial share reductions by related parties of the controlling shareholder [1][2] Group 1: Fundraising and Financial Performance - In July 2025, Jiangfeng Electronics announced a revised plan for a private placement to raise no more than 1.948 billion yuan, aimed at enhancing the semiconductor precision components and high-end target material industrialization projects [1] - The company had previously completed a private placement in September 2022 at a price of 85 yuan per share, raising 1.649 billion yuan, indicating a pattern of frequent fundraising within a short timeframe [2] - For the first half of 2025, Jiangfeng Electronics reported total revenue of 2.095 billion yuan, a year-on-year increase of 28.71%, and a net profit attributable to shareholders of 253 million yuan, reflecting a 56.79% year-on-year growth [2] Group 2: Shareholder Actions and Market Reactions - In April 2025, the controlling shareholder's related parties, Ningbo Jiangge and Ningbo Hongde, sold 2.6 million shares, cashing out approximately 190 million yuan, which has raised questions about the timing and necessity of the company's fundraising [1] - Investors have expressed skepticism regarding the company's need for such a large amount of capital, especially given the decline in share price from the previous fundraising price of 85 yuan to 69 yuan [1]