Core Viewpoint - Defu Technology is undergoing significant capital operations, planning to raise 1.93 billion yuan through a private placement while simultaneously witnessing substantial share reductions by major shareholders, raising concerns about the implications of this "simultaneous placement and reduction" phenomenon [1] Group 1: Capital Operations - Defu Technology disclosed a private placement plan on September 16, 2025, intending to issue no more than 189 million shares to raise 1.93 billion yuan, with 1.43 billion yuan allocated for acquiring 100% equity of Luxembourg Copper Foil, 200 million yuan for electronic chemical projects, and 300 million yuan for supplementary working capital [1] - The planned issuance price for the private placement will not be lower than 80% of the average trading price of the company's stock over the 20 trading days prior to the pricing benchmark [1] Group 2: Shareholder Reductions - Since 2024, several original shareholders of the company have gradually reduced their holdings, with LG Chem reducing 12.84 million shares in total during the third and fourth quarters of 2024 and the first quarter of 2025 [1] - On September 25, 2025, the actual controller of Defu Technology, Ma Ke, announced a high-level reduction of shares, holding 192,588,725 shares, which accounts for 30.55% of the total share capital [1] - Many of the reduction actions occurred after a significant increase in Defu Technology's stock price, which surged by 170% since the beginning of 2025, particularly rising by 172.99% from June 20 to August 13 [1] Group 3: 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 38.7062 million yuan, marking a turnaround from losses [1] - Despite the apparent improvement in performance, the net cash flow from operating activities was -570 million yuan, continuing a trend of negative cash flow for several years, with net cash flows of -310 million yuan, -372 million yuan, -477 million yuan, and -550 million yuan from 2021 to 2024 respectively [1]
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