A-share Private Placements Raise RMB 422.76 Billion Since 2026; Electronics Leads
Since the start of 2026, 135 A-share companies have completed private placements, raising a total of RMB 422.76 billion through 153 tranches. The electronics sector led with RMB 75.27 billion in proceeds, followed by coal and non-ferrous metals. Hongqiao Holdings raised the most at RMB 63.52 billion, while China Shenhua and SPIC Capital followed. The data also highlights significant premiums and discounts in post-issuance share prices.
Based on the listing date of new shares, 135 companies have conducted private placements since the start of 2026, with 153 placement records in total. These placements involved 50.22 billion shares and raised a combined RMB 422.76 billion. By board, 36 companies on the Shenzhen main board raised RMB 177.55 billion; 44 on the Shanghai main board raised RMB 145.86 billion; 33 on the ChiNext board raised RMB 35.05 billion; and 20 on the STAR Market raised RMB 61.94 billion.
By Shenwan industry classification, the 2026 placements span 24 industries. The electronics, machinery and equipment, and automobile sectors had the most companies conducting placements, with 21, 16, and 14 companies, respectively. In terms of total funds raised, electronics led with RMB 75.27 billion, followed by coal at RMB 74.17 billion and non-ferrous metals at RMB 69.82 billion. By fundraising size, six companies raised over RMB 10 billion, seven raised between RMB 5 billion and RMB 10 billion, 18 raised between RMB 2 billion and RMB 5 billion, 29 raised between RMB 1 billion and RMB 2 billion, and 75 raised less than RMB 1 billion, of which 41 raised under RMB 500 million.
Among the companies that have completed placements, Hongqiao Holdings raised the most at RMB 63.52 billion. China Shenhua and SPIC Capital followed with RMB 60.08 billion and RMB 45.29 billion, respectively. Other large fundraisers include SMIC (RMB 40.60 billion), Air China (RMB 20.00 billion), SPIC Energy (RMB 14.09 billion), Songfa (RMB 7.00 billion), China Energy Engineering (RMB 6.50 billion), BAIC BluePark (RMB 6.00 billion), Qingdao Double Star (RMB 5.72 billion), and Foshan Plastics (RMB 5.68 billion).
Among the placement records since 2026, 96 records show the latest closing price at a premium to the placement price. The largest premiums were seen in Kexiang, Bright Power Semiconductor, and Foshan Plastics, with premiums of 565.68%, 294.36%, and 255.10%, respectively. Conversely, 57 records show a discount, with the largest discounts in JAC Motors, Longsys, and BAIC BluePark, at 57.82%, 32.70%, and 32.01%, respectively.