[Reading Financial Reports] March Listed Company Directional Share Issuance (Private Placement) Update: Total Actual Fundraising Amount Was 59.847B Yuan; China Shenhua and Xiamen Port Lead in Fundraising Amount

Reprinted from: Xinhua Finance

Xinhua Finance Beijing, April 2 — Data shows that in March 2026, a total of 25 A-share listed companies implemented private placements, up 32% year-on-year; the actual fundraising totaled approximately 59.85B yuan, down 54% year-on-year. China Shenhua and Xiamen Port are among the leading in fundraising scale.

According to the statistics based on the first disclosure date of the plan, in March 2026, there were 37 A-share companies that announced private placement plans, with an estimated fundraising scale of about 45.42B yuan, a 93% decrease year-on-year. Among them, Xinwei Communications, Hesheng Silicon Industry, and others have relatively large proposed fundraising amounts.

Actual fundraising in March was about 59.85B yuan

Based on disclosure data, by the listing date of the private placement shares, in March 2026, a total of 25 A-share listed companies carried out private placements, up 32% year-on-year; the total actual funds raised were about 59.85B yuan, down 54% year-on-year, but up 49% month-on-month.

Figure 1: Number of private placements and total actual funds raised by A-share companies since March 2025

Among the companies that implemented private placements in March 2026, China Shenhua ranked first in actual fundraising amount. China Shenhua issued an additional 1.36B shares at a price of 29.4 yuan/share, with a total actual fundraising of 40.08 billion yuan. The net proceeds are planned to be used to purchase 100% equity of Guoyuan Electric Power held by China Energy Group, 100% equity of Xinjiang Energy, 100% equity of chemical companies, 100% equity of Wuhai Energy, 100% equity of Pingzhuang Coal Industry, 41% equity of Shenyuan Coal, 49% equity of Jinshen Energy, 100% equity of Baotou Mining, 100% equity of shipping companies, 100% equity of coal transportation companies, and 100% equity of port companies, as well as to acquire 100% equity of Inner Mongolia Construction Investment held by Western Energy through cash payment.

The second highest in actual fundraising is Xiamen Port. The company issued about 800 million new shares in March at a price of 6.56 yuan/share, with total actual funds raised of 5.25B yuan. The net proceeds are planned to be used to purchase a 70% stake in Xiamen Container Terminal Group Co., Ltd.

Jingfeng Mingyuan ranks third in actual fundraising. The announcement shows that the company’s new share issuance price is 50.39 yuan/share, with total actual funds raised of 2.03B yuan. The net proceeds are planned to be used to acquire 100% equity of Yichong Technology.

Statistics show that 10 companies have fundraising scales below 500M yuan, among which Metro Design and Zhongcheng Shares have relatively smaller fundraising amounts.

Figure 2: Companies implementing private placements in March 2026

From an industry distribution perspective, according to Zhongzheng industry statistics, the raw materials industry carried out 10 private placements with a total fundraising scale of about 7.15B yuan; the industrial sector ranked second with 6 placements; and information technology ranked third with 3 placements.

Figure 3: Number of private placements by industry in March 2026 (classified by Zhongzheng industry)

Disclosing 37 private placement plans, with the information technology industry leading

Based on the first disclosure date of the plans, in March 2026, a total of 37 private placement plans were disclosed by A-share listed companies (including combined statistics of fundraising and supporting fundraising under the same plan), with a total proposed fundraising of about 45.42B yuan, a 93% decrease year-on-year but a 10% increase month-on-month. The significant decline in proposed fundraising compared to the previous year is mainly due to multiple banks disclosing private placement plans during the same period last year, resulting in a high base.

Figure 4: Number of companies disclosing private placement plans and total proposed funds in March 2025

Looking at individual companies, among those disclosing private placement plans in March 2026, Xinwei Communications has the largest proposed fundraising amount. The company’s announcement states that the total amount of funds raised through targeted issuance of shares will not exceed 6 billion yuan, used for projects involving business satellite communication devices and components, RF devices and components, chip thermal management devices and components.

Hesheng Silicon Industry’s estimated total fundraising amount ranks second, reaching 5.8 billion yuan. According to the plan, Hesheng Silicon Industry intends to raise no more than 5.8 billion yuan, which will be used for the Shanshan Silicon-based New Material Industrial Base 8×75MW back-pressure unit project (Phase I), supplement working capital, and repay bank loans.

Figure 5: Companies disclosing private placement plans in March 2026

From an industry distribution perspective, according to Zhongzheng industry statistics, in March 2026, the information technology industry issued 13 private placement plans with a total proposed fundraising of 21.82B yuan; the industrial sector issued 11 plans; and the raw materials industry ranked third with 4 plans.

Figure 6: Number of companies disclosing private placement plans in March 2026 (classified by Zhongzheng industry)

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