DSBJ(SZ:002384) Zhong Guo Jing Ji Wang·2025-10-20 02:10Core Viewpoint - Dongshan Precision (002384.SZ) is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy, brand recognition, and overall competitiveness. The details of the H-share issuance are still under discussion and require approval from various regulatory bodies, indicating significant uncertainty regarding the implementation of this plan [1]. Group 1: H-Share Issuance - Dongshan Precision is in the process of planning the issuance of H-shares to further its international development and overseas business layout [1]. - The company is currently discussing the details of the H-share issuance with relevant intermediaries, with no specific plan finalized yet [1]. - The issuance and listing will require approval from the board, shareholders, and regulatory authorities, which introduces a high level of uncertainty regarding the execution of this plan [1]. Group 2: Recent Fundraising Activities - As of June 11, 2025, Dongshan Precision raised approximately 1.39 billion RMB through a private placement of A-shares, with a total of 125,693,822 shares issued at a price of 11.17 RMB per share [2]. - The recent fundraising was conducted at a price significantly lower than the market price, raising concerns about the valuation and timing of the issuance [2]. - Since its listing in 2010, the actual controllers of Dongshan Precision have cumulatively cashed out 3.38 billion RMB through share reductions, highlighting a trend of significant insider selling [2]. Group 3: Asset Impairment - Over the past three years, Dongshan Precision has reported asset impairment losses totaling nearly 2 billion RMB, primarily from inventory write-downs, fixed asset impairments, and goodwill impairments [2]. - As of June 30, 2025, the company had a goodwill book value of 2.12 billion RMB, with a provision for goodwill impairment of 170 million RMB [3]. Group 4: Recent Investments - On June 13, 2025, Dongshan Precision's board approved the acquisition of 100% of Source Photonics Holdings (Cayman) Limited for a maximum consideration of 629 million USD, along with a subscription for convertible bonds worth up to 1 billion RMB [4]. - The total investment for this acquisition and related activities is capped at approximately 5.935 billion RMB [4]. Group 5: Shareholding Structure - As of October 16, 2025, the controlling shareholders of Dongshan Precision hold a total of 609.10 million shares, representing 33.26% of the total share capital [6]. - Following recent pledges, the number of pledged shares has increased to 175.71 million, accounting for 28.85% of their holdings and 9.59% of the company's total shares [6][7].