新华财经北京10月14日电统计显示，2025年9月，A股上市公司共计实施定增15起，同比上升200%；实际募资总额约1447.14亿元，同比上升10359%。 按照首次披露预案日口径统计，2025年9月A股上市公司定增预案发布数量共计33起，拟募资规模约326亿元，同比上升37.45%。其中，拓荆科技、中材科技 等企业拟募资规模相对靠前。 9月实际募资约1447亿元 根据信披数据，以定增股份上市日统计，2025年9月A股上市公司共计实施定增15起，同比上升200%；实际募集资金合计约1447.14亿元，同比上升 10356%、环比上升695%。 图1：2024年9月以来A股实施定增数量及实际募集总额 2025年9月实施定增的上市公司中，中国船舶的实际募资额排在首位。中国船舶新增股份数量为30.53亿股，发行价格为37.59元／股，实际募资总额为1147.7 亿元，募集资金净额拟用于吸收合并中国船舶重工股份有限公司。 实际募资额排在第二位的是芯联集成。该公司9月增发新股约13.14亿股，发行价格为4.04元／股，实际募资总额为53.07亿元，募集资金净额拟用于购买芯联 越州集成电路制造（绍兴）有限公司72.33 ...

北京商报讯（记者 李海媛）前三季度已过，公募机构参与非公开发行股票（以下简称"定增"）认购的热 情不减。10月11日，共有5家发布旗下20余只基金参与定增的公告。此外，近一个月，还有包括葛兰、 朱少醒、范妍、张清华、杨锐文等知名基金经理旗下部分在管产品也参与了上市公司定增。另据公开数 据，年初至今，公募机构参与定增的认购总金额合计超300亿元，同比增长超五成，还有5家机构年内认 购总金额超10亿元。有机构表示，今年定增市场供给稳中有升，反映了定增市场关注度提升和资金参与 热情的增加，或是市场对于定增类资产后续表现预期较为积极的一种信号。 | 基金名称 | 获配数量 | 总成本(元) | 总成本 日書令 | | 账面价 值占基 | 锁 定 | | --- | --- | --- | --- | --- | --- | --- | | | (股) | | 资产净 | 账面价值(元) | 金资产 | | | | | | 值比例 | | 浄值比 | 期 | | | | | | | | | | 易方达增强回报债 | | | | | 0.10% | 6个 | | 券型证券投资基金 | 1,047,443 | 33,999 ...

Core Viewpoint - The company, Tanshan (探路者), has announced a plan to raise 1.93 billion yuan through a private placement, which has raised significant market skepticism due to its financial stability and the vague purpose of the funds [2][21]. Financial Status - Tanshan's financial condition is robust, with operating cash flows of 202 million, 409 million, and 225 million yuan from 2022 to 2024, totaling 836 million yuan in net inflow [3][4]. - The company has substantial cash reserves, with 827 million yuan in cash and 139 million yuan in financial assets, totaling nearly 1 billion yuan [4]. - Tanshan's debt burden is minimal, with short-term loans of only 10 million yuan and long-term debt of 100 million yuan, resulting in an asset-liability ratio of 20.55%, significantly lower than industry averages [4][7]. Fundraising Details - The proposed fundraising of 1.93 billion yuan is intended solely for "supplementing working capital," which is unusual given the company's strong financial position [2][21]. - The placement price of 7.28 yuan per share is significantly lower than the market price of 9.22 yuan at the time of the announcement, raising concerns about potential harm to minority shareholders [2][21]. Control Structure - Following the completion of the fundraising, the controlling shareholder, Li Ming, is expected to increase his stake from 13.68% to 33.60%, significantly consolidating his control over the company [3][19]. - The actual control of Tanshan appears to be shifting towards Huang Tao, the second-generation leader of Century Jinyuan Group, who has been quietly increasing his influence over the company [3][15]. Market Reactions and Speculations - The market has expressed doubts regarding the necessity and transparency of the fundraising, especially given the lack of specific project plans associated with the raised funds [2][21]. - Potential uses for the raised funds include enhancing the chip business, facilitating asset operations, or supporting other companies controlled by Huang Tao [20][21]. Regulatory Considerations - The recent amendments to the regulations by the China Securities Regulatory Commission emphasize that raised funds should be used for specific projects related to the main business, raising questions about the compliance of Tanshan's fundraising plan [4][21].

Summary of Key Points Core Viewpoint - In August 2025, A-share listed companies in China implemented a total of 12 private placements, marking a 50% year-on-year increase, with total funds raised amounting to approximately 18.213 billion yuan, a significant year-on-year increase of 209% [1][2]. Company-Specific Summaries - TCL Technology led the fundraising efforts with a total of 4.359 billion yuan raised through the issuance of 1.035 billion new shares at a price of 4.21 yuan per share, aimed at acquiring a 21.5311% stake in Shenzhen Huaxing Semiconductor [5][6]. - *ST Songfa ranked second, raising 4 billion yuan by issuing approximately 109 million new shares at 36.67 yuan per share, with funds allocated for green high-end equipment manufacturing projects [5][6]. - Huadian International secured the third position with 3.428 billion yuan raised through the issuance of new shares at 4.86 yuan per share, intended for expansion projects and restructuring costs [5][6]. Industry Distribution - The industrial sector led the private placements with 4 instances, raising a total of approximately 6.362 billion yuan, followed by the information technology, materials, and consumer discretionary sectors, each with 2 placements [7][8]. - In terms of pre-announced private placements, the information technology sector had the highest activity with 14 proposals, aiming to raise over 9.465 billion yuan, while the industrial sector had 10 proposals totaling 4.595 billion yuan [14][15]. Overall Market Activity - A total of 44 private placement proposals were disclosed in August 2025, with a proposed fundraising scale of approximately 35.278 billion yuan, reflecting a year-on-year increase of 112% and a quarter-on-quarter increase of 24% [1][9].

Core Viewpoint - The commitment from the controlling shareholder, Maoming Port Group Co., Ltd., provides strong support for Maohua Shihua's upcoming issuance of shares to specific targets, signaling positive market sentiment and stabilizing investor confidence [1][2]. Group 1 - Maohua Shihua convened the 10th temporary meeting of the 13th board of directors on August 29, 2025, to review and approve the proposal for the issuance of shares to specific targets for the year 2025 [1]. - Maoming Port Group has committed not to reduce its holdings in Maohua Shihua shares from six months prior to the board resolution date until the date of the commitment letter [1]. - If the share issuance is completed and Maoming Port Group holds a certain percentage of voting rights in Maohua Shihua, it will not transfer or delegate the management of the shares acquired through this issuance for 18 months [1]. Group 2 - The commitment includes adherence to restrictions on shares obtained through stock dividends or capital reserve transfers until the lifting of the share restriction period [1]. - Should the restriction period conflict with the latest regulatory opinions or requirements, Maoming Port Group will adjust accordingly [1]. - Any reduction of shares after the restriction period must comply with relevant laws and regulations, and violations of the commitment will result in legal liabilities [1].

Core Viewpoint - Securities firms are actively participating in the private placement of listed companies in A-shares, with a total subscription amount of 20.062 billion yuan as of July 13 this year [1][2]. Group 1: Participation and Market Trends - A total of 32 securities firms have participated in the private placements of A-share listed companies this year, with a combined subscription amount of 20.062 billion yuan [1]. - Large securities firms are more active in private placements, with four firms participating in more than ten placements each. Guotai Junan Securities leads with participation in 32 companies, followed by CITIC Securities and CICC with 15 each, and Haitong Securities with 10 [2]. - Seven securities firms have participated in private placements with subscription amounts exceeding 1 billion yuan, with Guotai Junan Securities at the top with 6.025 billion yuan [2]. Group 2: Industry Focus - The main industries for securities firms' private placement subscriptions include power, equipment manufacturing, and healthcare [2]. - Some companies, such as Jimin Medical, Changjiang Power, and Zhongke Titanium, have attracted multiple securities firms for their private placements, indicating strong interest [2]. Group 3: Performance of Private Placement Projects - Most projects have generated floating profits for securities firms, with Changjiang Power showing a 12% increase from its placement price, resulting in a floating profit of approximately 578 million yuan for the participating firms [4]. - However, some projects have resulted in floating losses, such as Jiuzhou Pharmaceutical, where the stock price fell below the placement price, leading to losses for participating firms like CITIC Securities and Guotai Junan Securities [4]. Group 4: Factors Influencing Participation - The enthusiasm for participating in private placements is influenced by various factors, including the intended use of raised funds, industry conditions, construction cycles, future revenue assessments, placement prices, and lock-up periods [3]. - Securities firms need to analyze both the fundamentals of the companies and the trends in the secondary market, as the latter can be more challenging to predict [5].

Group 1 - The trend of full-staff fundraising has become more common among mid-tier and lower-tier institutions due to increased fundraising difficulties in recent years [2][4] - Some institutions have set strict KPIs for investment managers, such as raising no less than 5 million yuan, with consequences for failure to meet targets [3] - A notable case involves a new "billion-dollar institution" that hired nearly 100 Investor Relations (IR) staff and set daily fundraising targets, with termination for non-compliance within three months [4] Group 2 - The practice of full-staff fundraising is not new, but it is less common for investment institutions to engage in fundraising themselves [6][8] - Some institutions have resorted to collaborating with external financial advisors (FAs) or developing internal FA teams due to market downturns [9] - A controversial approach involves requiring all investment managers to sign FA agreements with portfolio companies to assist in subsequent financing, with performance metrics tied to their annual salaries [10] Group 3 - Mandatory co-investment has been a topic of debate, with some institutions imposing strict co-investment requirements on employees [11][13] - Examples include a state-owned enterprise requiring a 10% co-investment in projects, with project approval contingent on meeting this threshold [14] - Another case involved a market-oriented fund that laid off employees based on their willingness to co-invest in new fund offerings, citing a lack of commitment to the company's growth as justification for termination [14] Group 4 - Specialized fundraising funds have evolved in response to the challenges faced by traditional blind pool funds, with general partners (GPs) needing to generate management fees [16][18] - Some GPs are willing to take on projects without management fees, driven by the desire to expand their management scale despite the lack of financial incentives [20] - The role of local governments in investment attraction has led some GPs to act as intermediaries, although this can be a challenging and lengthy process [22][23] Group 5 - Acquiring publicly listed companies has emerged as a strategy for GPs, as valuations are often lower than in the primary market [26][27] - However, transitioning from primary to secondary market operations poses significant challenges, including the need for specialized knowledge and the competitive landscape [28][30] - The difficulty of executing public company acquisitions has led some to consider private placements as an alternative, although success is highly dependent on market conditions and the quality of the companies involved [31][32] Group 6 - Recent regulatory actions have targeted firms engaging in unrelated business activities, highlighting the scrutiny faced by GPs [34] - Despite criticism, some in the industry argue that pursuing alternative income sources is a pragmatic approach to sustaining operations [35]

Core Points - In June 2025, A-share listed companies implemented 14 private placements, a year-on-year increase of 133.33%, raising approximately 533.23 billion yuan, a significant increase compared to the previous year [1][2] - The major contributors to the fundraising were major banks, including Bank of China, Postal Savings Bank, and others, which raised over 1 billion yuan each for capital expansion [2][4] Group 1: Fundraising Overview - The total amount raised in June 2025 was approximately 533.23 billion yuan, with a year-on-year increase [2][4] - The number of private placement proposals disclosed in June 2025 was 35, with a proposed fundraising scale of approximately 21.67 billion yuan, a year-on-year increase of 107.37% [1][8] - The financial sector led the fundraising efforts with 5 placements totaling about 524 billion yuan, followed by the industrial sector with 4 placements raising approximately 29.31 billion yuan [7][15] Group 2: Major Companies Involved - Bank of China raised the highest amount, totaling 165 billion yuan by issuing 27.825 billion shares at a price of 5.93 yuan per share, aimed at increasing its core Tier 1 capital [4][6] - Postal Savings Bank followed with a fundraising of 130 billion yuan by issuing approximately 20.934 billion shares at a price of 6.21 yuan per share, also for core Tier 1 capital [4][6] - The largest proposed fundraising from private placements was by Changchuan Technology, aiming to raise up to 3.132 billion yuan for semiconductor equipment R&D and working capital [11][12]

Group 1 - The main financing method for listed companies this year remains private placements, with 70 companies completing placements by June 22, raising a total of 580.95 billion yuan, a year-on-year increase of 529.39% [1] - The top five sectors for fundraising through private placements include banking, non-bank financials, public utilities, defense and military, and basic chemicals, with three banks raising a total of 415 billion yuan [1] - Major state-owned banks, such as Bank of China and Bank of Communications, have significantly contributed to the increase in private placement scale, with Bank of China raising 165 billion yuan and Bank of Communications raising 120 billion yuan [1] Group 2 - The majority of private placements are subscribed by institutional investors and natural persons, with nine companies having their entire placements subscribed by major shareholders this year [2] - The recovery of the private placement market is supported by policy initiatives, including the China Securities Regulatory Commission's merger guidelines released in September last year, which have revitalized the market [2] - The active period of mergers and acquisitions among A-share listed companies is becoming an important investment theme, allowing investors to participate in quality M&A transactions through private placements [2]

Group 1 - In April 2025, A-share listed companies implemented a total of 9 private placements, a year-on-year decrease of 59%, with actual fundraising amounting to approximately 15.306 billion yuan, down 13% year-on-year [1][2] - The number of private placement proposals disclosed in April 2025 reached 40, with a proposed fundraising scale of approximately 23.217 billion yuan, an increase of 8% year-on-year [1][7] - The leading companies in actual fundraising in April 2025 included Dongfang Electric, with a total of 4.123 billion yuan raised, followed by Waigaoqiao with 2.475 billion yuan, and Baiwei Storage with 1.9 billion yuan [4][5] Group 2 - The industrial sector led the number of private placements in April 2025, with 3 placements totaling approximately 5.56 billion yuan [6][14] - The information technology sector had the highest number of disclosed private placement proposals, totaling 12, with a proposed fundraising amount exceeding 3.804 billion yuan [14][15] - The second highest in terms of disclosed proposals was the industrial sector with 9 proposals, followed by the consumer discretionary sector with 7 proposals [14][15]