Zhongjiu Flash Medical Seeks Up to RMB 400 Million in Capital Increase; Changhong Retains Control

Zhongjiu Flash Medical Technology Co. , Ltd.' s capital increase and share expansion project has been listed on the Southwest United Equity Exchange, seeking to raise no more than RMB 400 million. According to the listing information, the capital increase aims to drive core business development, with new registered capital not exceeding RMB 126.2347 million and new shareholders' equity portion capped at 20%. Investors must be legally registered domestic enterprise legal persons or private equity investment funds, with no overseas investors after look-through, and paid-in registered capital of no less than RMB 50 million.

Zhongjiu Flash was established in September 2022 with registered capital of RMB 504.9505 million, jointly held by six shareholders including Changhong Group, the Institute of Applied Electronics of the China Academy of Engineering Physics, and the West China Precision Medicine Industry Innovation Center. Changhong Group holds 43.965% as the largest shareholder, while West China Precision Medicine holds 0.9804%. Upon completion of the capital increase, Changhong Group's contribution ratio will be no less than 35.172%, preserving its position as the largest shareholder.

The company focuses on FLASH radiotherapy technology, which requires delivering irradiation at ultra-high dose rates exceeding 40 Gray per second within millisecond-level timeframes while precisely controlling dosage. Zhongjiu Flash has deployed dual technology routes covering electron beam and X-ray, with its e-Flash system already in clinical trials and the X-Flash system having completed type inspection. In mid-July, its self-developed ultra-high dose rate electron beam radiotherapy system, the e-Flash 200A, officially entered the innovative medical device special review procedure of the National Medical Products Administration's Medical Device Technical Review Center. The equipment can shorten a single treatment session to under one second.

Financial data shows that Zhongjiu Flash recorded revenue of RMB 0 and a net loss of RMB 1.1629 million in the first quarter of 2026. As of the end of that quarter, the company's total assets stood at RMB 521 million, with net assets of RMB 454 million. Sichuan Changhong announced on the evening of August 6 that its board had approved a resolution agreeing to the Changhong Group Sichuan Shenwan Hongyuan Strategic Emerging Industry Fund Partnership's investment in Zhongjiu Flash, with the investment amount not exceeding RMB 60 million, of which Sichuan Changhong and its controlled subsidiaries' corresponding equity interest is approximately RMB 30.8 million. Sichuan Changhong's 2025 annual report shows that in 2024 and 2025, the company sold goods and provided services to Zhongjiu Flash amounting to RMB 4.027 million and RMB 7.3049 million, respectively.