Beilu Pharma(SZ:300016) Xin Lang Zheng Quan·2025-09-30 08:46Core Viewpoint - The capital operations of Beilu Pharmaceutical, involving significant shareholder sell-offs and a planned private placement, raise questions about the underlying logic and potential market implications [1][2][3] Group 1: Shareholder Actions - Major shareholders, including Chongqing Three Gorges Paint Co., Ltd., have been actively reducing their stakes, with plans to sell up to 9.7 million shares, representing 1.98% of total shares [1] - From March 25 to June 19, 2025, Chongqing Three Gorges Paint reduced its holdings by 2.9988 million shares, decreasing its ownership from 8.23% to 7.59%, resulting in approximately 22 million yuan in cash [1] - The actual controller, Wang Daixue, also sold 7.3783 million shares in July 2025 for nearly 60 million yuan, following a previous sale of 9.7893 million shares in 2023 for over 66 million yuan [2] Group 2: Private Placement Details - Beilu Pharmaceutical announced plans to raise up to 300 million yuan through a simplified procedure for a private placement, aimed at funding the construction of a pharmaceutical production workshop and upgrading raw material production lines [1] - The pricing for the private placement has not been finalized but will be set at no less than 80% of the average price over the 20 trading days prior to the issuance date, raising concerns about potential arbitrage opportunities if the placement price is lower than the recent sell-off prices [2] - Historical context shows that in 2015, Beilu's private placement price was 12.9 yuan per share, while the market price remained above 15 yuan, leading to significant unrealized gains for participating shareholders [2]