Dashengda plans a 550 million yuan investment in Xingtong Semiconductor, with shares hitting the daily limit early; A-shares have raised a total of 1.56 billion yuan.

Dashengda (603687.SH) hit the daily limit up today, trading at 12.17 yuan, up 10.04% as of the latest report. Yesterday, the stock closed at 11.06 yuan, up 10.05%.

Last night, Dashengda announced a plan to purchase assets and jointly invest with related parties. The company intends to invest a total of 550 million RMB through equity transfer and capital increase to acquire a 22.9831% stake in XinTong Semiconductor Technology (Xiamen) Co., Ltd. (hereinafter “XinTong Semiconductor” or “Target Company”) after the transaction. Specifically, it plans to acquire 2.7074% of XinTong Semiconductor’s pre-capital increase equity from Hainan Dingzheng Private Equity Fund Partnership (Limited Partnership) (hereinafter “Dingzheng Private Equity Fund”) for 27.86 million RMB, 1.5961% from Yangzhou Qiming Equity Investment Partnership (Limited Partnership) (hereinafter “Qiming Equity Investment”) for 22.14 million RMB, and to inject 500 million RMB into XinTong Semiconductor for its capital increase.

The capital increase will be completed in two phases: the first phase involves an investment of 250 million RMB upon meeting the conditions of the agreement; the second phase, contingent on the successful tape-out of the company’s third-generation graphics processor, will also involve an additional 250 million RMB. Meanwhile, the company’s controlling shareholder, Hangzhou Xinshengda Investment Co., Ltd. (hereinafter “Xinshengda”), plans to invest 50 million RMB at the same terms and price as the company to acquire a 1.9608% stake in XinTong Semiconductor after the transaction.

In 2024 and 2025, XinTong Semiconductor’s revenue is projected to be 50.785 million RMB and 27.457 million RMB, respectively; net profit is expected to be -48.996 million RMB and -106.611 million RMB.

On July 26, 2019, Dashengda was listed on the Shanghai Stock Exchange, issuing 50 million shares at 7.35 yuan per share. The sponsor (lead underwriter) was Dongxing Securities Co., Ltd., represented by Jin Guobiao and Jiang Wen.

The total fundraising amount was 367.5 million RMB, with net proceeds of 325.954 million RMB after issuance costs. The prospectus disclosed on June 24, 2019, stated that the funds would be used for a 300 million cubic meter paper packaging production project and a 150 million cubic meter green, environmentally friendly, intelligent high-end packaging box upgrade project.

The total issuance expenses for Dashengda amounted to 41.55 million RMB, of which Dongxing Securities received 21.37 million RMB in sponsorship and underwriting fees.

On April 29, 2024, the company disclosed a special report on the deposit and actual use of the 2023 annual fundraising funds.

Dashengda also issued bonds in 2020. According to the China Securities Regulatory Commission approval document (ZJ Securities Approval [2020] No. 924), the company was approved to issue 5.5 million convertible bonds at 100 RMB each, totaling 550 million RMB, through a combined method of priority allotment to existing shareholders and online subscription at a fixed price, with Dongxing Securities as the lead underwriter.

As of July 7, 2020, the company had actually issued all 5.5 million convertible bonds, raising 550 million RMB. After deducting underwriting and sponsorship fees of approximately 9.43 million RMB (excluding tax), the net proceeds were about 540.57 million RMB. The funds were transferred to the company’s account at Industrial and Commercial Bank of China, Zhejiang Xiaoshan Branch, account number 1202090129901169646. After deducting other issuance costs of approximately 3.78 million RMB (pre-tax), the actual net proceeds amounted to about 536.79 million RMB.

In 2023, Dashengda issued ordinary shares to specific investors. Approved by the China Securities Regulatory Commission (CSRC) with document No. [2023] 1455, the company conducted a targeted issuance of A-shares. Based on subscription results, the final offering price was set at 8.50 RMB per share. As of August 3, 2023, the company issued 76,164,705 shares, raising approximately 647.40 million RMB. After deducting underwriting and sponsorship fees of about 6.80 million RMB and other related issuance costs of approximately 1.60 million RMB (both excluding tax), the net proceeds were approximately 639 million RMB. The capital increase included an addition of 76.16 million RMB to registered capital and 562.83 million RMB to capital reserves (share premium).

In total, Dashengda has raised approximately 1.565 billion RMB through three rounds of fundraising.

(责任编辑：田云绯)