Core Viewpoint - Defu Technology is undergoing significant capital operations, including a planned private placement to raise 1.93 billion yuan while simultaneously witnessing substantial share reductions by major shareholders, raising concerns about the implications of this "simultaneous placement and reduction" phenomenon [1][3]. Group 1: Capital Operations - Defu Technology plans to issue up to 189 million shares in a private placement to raise 1.93 billion yuan, with 1.43 billion yuan allocated for acquiring 100% equity of a Luxembourg copper foil company, 200 million yuan for electronic chemical projects, and 300 million yuan for working capital [1]. - The private placement price will not be lower than 80% of the average stock price over the 20 trading days prior to the pricing date, which sets a lower limit of approximately 28.32 yuan per share based on the current stock price of 35.4 yuan [1][3]. Group 2: Shareholder Reductions - Since 2024, several original shareholders have been reducing their stakes, with LG Chem reducing 12.84 million shares and Ganfeng Lithium reducing nearly 2.3 million shares [1]. - In July 2025, Gansu Tuozhen Equity Investment Fund and its concerted parties announced plans to reduce up to 21.44 million shares, representing 3.4% of the total share capital, potentially cashing out around 527 million yuan at a stock price of 24.6 yuan [1]. Group 3: Stock Performance and Market Reaction - Defu Technology's stock price has surged by 170% since the beginning of 2025, with a notable increase of 172.99% from June 20 to August 13 [2]. - The simultaneous high-level reductions by shareholders and the upcoming private placement may indicate that the current stock price is overvalued, as the significant price increase has prompted investors to seek optimal exit strategies [3]. Group 4: Financial Performance - In the first half of the year, Defu Technology reported revenue of 5.299 billion yuan, a year-on-year increase of 66.82%, and a net profit attributable to shareholders of 38.71 million yuan, marking a turnaround from previous losses [4]. - Despite the apparent improvement in performance, the company has reported negative net cash flow from operating activities for several consecutive years, indicating insufficient actual cash generation capacity [4].
定增减持迷局|德福科技发布19.3亿元定增预案不到十天 实控人拟在高位减持套现