Core Viewpoint - The leading domestic OLED panel manufacturer Visionox (002387) is set to welcome state-owned capital control through a private placement to Hefei Jianshu Investment Co., Ltd, which will increase its stake to 31.89%, transitioning the company from having no actual controller to being state-controlled, potentially enhancing long-term value across various dimensions such as strategic planning and market confidence [1][2]. Group 1: Capital Increase and Control Change - Visionox plans to issue 419 million shares at a price of 7.01 yuan per share, raising up to 2.937 billion yuan, which will be used to supplement working capital and repay debts [1]. - Hefei Jianshu, a state-owned investment platform, previously held 11.45% of Visionox's shares, and this capital increase will solidify its position as the controlling shareholder [1][2]. Group 2: Industry Context and Collaboration - Hefei is a core city in China's display industry and ranks first in the "Top Ten Cities for High-Quality Development of China's New Display Industry" for 2024-2025 [2]. - Visionox has established a strong operational foundation in the OLED sector, with advanced production lines in multiple locations, including a sixth-generation flexible AMOLED production line in Hefei [3]. Group 3: Financial Strength and Market Position - The capital increase will enhance Visionox's financial strength and optimize its capital structure, providing a stable foundation for long-term strategic development and business sustainability [4]. - Visionox ranks third globally in AMOLED smartphone panel shipments, with a year-on-year increase of 16.7% in the third quarter of 2025, reflecting a recovering market [4]. Group 4: Innovation and Technology - Visionox's ViP technology enhances production efficiency and product performance while circumventing foreign technological barriers, positioning the company strategically in high-end display sectors [5]. - The company has received significant awards for its innovations, indicating a strong competitive edge and commitment to advancing the OLED industry [5].