Ustc Intelligence Fundraising Project Implementation Location Suspected of Two Changes, Controlling Shareholder Made Precise Cash-Out in Second Half of 2025!

Does the timing of AI insider cash-out accurately relate to project progress?

Reporter: Zhang Guangri Editor: Wu Yongjiu

Recently, Keda Intelligent announced adjustments to its fundraising projects, specifically the “New Power System Intelligent Terminal Industrialization Project” (hereinafter referred to as the New Industrialization Project). In June 2024, the company’s board approved the investment in the “New Power System Intelligent Terminal Industrial Base Project” (hereinafter referred to as the New Base Project). In September of the same year, the planned investment scale for this project was sharply reduced from about 261 million yuan to approximately 120 million yuan. A review by Daily Economic News found that the implementation locations of the New Base Project may have changed twice, and the New Base Project and the New Industrialization Project might be the same project, with potentially slow progress.

Possible Changes in Implementation Location of Fundraising Projects

The review by Daily Economic News suggests that the company’s fundraising project—the New Base Project—may have undergone two changes in its implementing entity and location.

In June 2024, Keda Intelligent held a board meeting and an extraordinary shareholders’ meeting, approving the investment in the New Base Project. The project’s implementation entity was proposed to be a wholly owned subsidiary newly established in Hefei Feixi Economic Development Zone, with the implementation location at the southwest corner of the intersection of Chuangxin Avenue and Pingtianpu Road in Hefei, Anhui Province, with a fundraising investment of about 261 million yuan.

In September and October 2024, Keda Intelligent again held board and extraordinary shareholder meetings, agreeing to change the project’s implementation entity from the newly established subsidiary in Hefei Feixi Economic Development Zone to the parent company itself. The implementation locations were changed from the southwest corner of the intersection of Chuangxin Avenue and Pingtianpu Road in Hefei to No. 777 Sizhuan Road in Songjiang District, Shanghai, and No. 5111 Wangjiang West Road in Hefei High-tech Zone. The planned investment from fundraising was reduced from about 261 million yuan (excluding financial management income and interest) to 120 million yuan, with the remaining funds, along with accumulated financial management income and interest totaling about 152 million yuan, permanently allocated as working capital.

On March 16, 2026, the company’s board approved changing the implementation entity of the New Industrialization Project from the parent company to its second-level wholly owned subsidiary, Kezhi Digital Energy (Hefei) Co., Ltd. The project locations were unified to the northwest corner of the intersection of Fuxing Road and Huolongdi Road in Hefei High-tech Zone, with other project details remaining unchanged.

Based on the fundraising amount and location changes, the New Base Project and the New Industrialization Project may be the same project. However, the announcement did not explicitly state this. Are these two projects the same? Daily Economic News sent this question to Keda Intelligent’s securities department email, but as of press time, no reply has been received.

Funding for the New Industrialization Project comes from Keda Intelligent’s 2021 private placement plan. In 2021, the company raised a total of 625.8 million yuan through private placement, with a net amount of about 616 million yuan after expenses. As of February 28, 2026, about 477 million yuan of this was used to supplement working capital, accounting for approximately 77%. Of this, only 27.82 million yuan had been invested in the New Industrialization Project, with remaining funds of 92.17 million yuan, totaling 120 million yuan.

(Image source: screenshot from Keda Intelligent announcement)

If the New Base Project and the New Industrialization Project are the same, then after investing 27.82 million yuan, does the repeated change of implementation location risk wasting funds? Why is the project progress so slow? Why do the locations keep changing? Daily Economic News also sent these questions to Keda Intelligent’s securities department email, but no reply has been received as of press time.

Major Insider Cash-Out in Late 2025

Keda Intelligent has been deeply involved in the power energy sector for over 20 years. It is a leading domestic provider of digital energy integrated solutions that achieve a complete “source-grid-load-storage” industrial chain through自主研发智能化产品. It also has scaled and multi-scenario implementation capabilities in industrial robots, with core businesses in two main sectors: digital energy and intelligent robots.

Daily Economic News notes that after the stock price doubled from its lows, the company’s controlling shareholder and actual controller completed a precise cash-out in the second half of 2025. Using adjusted prices, Keda Intelligent’s lowest stock price in 2024 was 3.92 yuan. After September 2024, the stock price steadily rose, reaching around 15 yuan at its peak. Throughout 2025, the stock price fluctuated between 8 and 15 yuan. According to relevant announcements, between August 26, 2025, and October 10, 2025, the controlling shareholder and actual controller, Huang Mingsong, reduced his holdings through centralized bidding and block trades, totaling a 2.63% reduction and cashing out approximately 250 million yuan. The average price for the centralized bidding was 14.66 yuan, nearly selling at the peak.

(Image source: screenshot from Keda Intelligent announcement)

As of March 17, 2026, Tonghuashun shows Keda Intelligent’s closing price at 11.75 yuan, with a market value of about 9.145 billion yuan and a forward P/E ratio of 113.2.

In January 2026, filings with the Hong Kong Stock Exchange indicated that Keda Intelligent submitted an application for listing. Recently, the China Securities Regulatory Commission issued the “Requirements for Supplementary Materials for Overseas Issuance and Listing (March 3–March 13, 2026).” The CSRC’s International Department requested additional information from eight companies, including details on the domestic and overseas use of raised funds.