The new boss "spends" 700 million to acquire the private placement! What are Zhen'an Technology's intentions after three consecutive years of losses?

After the new actual controller took over, Zhen’an Technology (300767.SZ) has been active.

Recently, Zhen’an Technology issued two major announcements simultaneously, advancing both a private placement and an equity incentive plan.

The company plans to issue no more than 46.4167 million shares to the actual controller, Ning Huaxiang, and her controlled enterprise Shenzhen Dongchuang Digital Technology Co., Ltd., raising up to 741 million yuan, all of which will be used to supplement working capital and repay bank loans. On the same day, the company disclosed a 2026 restricted stock incentive plan, proposing to grant 3.4536 million shares to incentive recipients at a grant price of 9.98 yuan per share.

Screenshot from Zhen’an Technology’s official website showing shock absorption simulation video

New Controller Strengthens Control with Heavy Investment

7.4 Billion Yuan Private Placement Paves the Way for Future Asset Injections?

According to the private placement plan, the issuance price is 15.96 yuan per share, with a lock-up period of up to 36 months for subscribers. After the issuance, Ning Huaxiang and her husband Zhou Jianqi’s control over the listed company will be further strengthened. The company explicitly stated in previous announcements that the purpose of this issuance includes “further enhancing control over the company, which is conducive to improving the stability of the company’s control and laying a foundation for sustainable development.”

This private placement is another key move following Ning Huaxiang and Zhou Jianqi’s takeover of Zhen’an Technology.

In June 2025, Shenzhen Dongchuang Technology Co., Ltd., controlled by Ning Huaxiang and Zhou Jianqi, acquired 100% of Huachuang Sanxin, the controlling shareholder of Zhen’an Technology, for 616 million yuan, indirectly holding 18.12% of the listed company’s shares; simultaneously, the original actual controller, Li Tao, waived his voting rights for his 12% stake and promised not to seek control. After the transfer was completed in October 2025, Ning Huaxiang and Zhou Jianqi officially became the new actual controllers.

Before this capital increase, the company’s controlling shareholder, Huachuang Sanxin, held 18.12% of shares. Ning Huaxiang and Zhou Jianqi indirectly controlled this stake through Huachuang Sanxin. After the capital increase, Ning Huaxiang and her concerted parties control a total of 29.90% of the shares, remaining as joint actual controllers.

Zhen’an Technology stated that after the control change, the new actual controllers will leverage their resources in high-end manufacturing fields such as computers, communications, and other electronic devices to optimize the company’s business structure, promote sustainable development, and protect the interests of all shareholders.

In fact, since the change of control, the market has been expecting whether the new controllers’ businesses can be injected into the listed company. Zhen’an Technology also clearly stated that “this issuance can further support the company’s future business development and liquidity needs during transformation, accelerate the formation of the company’s future development pattern, thereby enhancing the company’s core competitiveness, improving the quality and efficiency of the company’s development, enhancing asset quality, and increasing the company’s value.”

This capital injection provides “blood transfusion” to Zhen’an Technology, which has limited self-sustaining capacity, and leaves more room for imagination in future business restructuring and asset integration. On the Shenzhen Stock Exchange’s interactive platform, investors have repeatedly asked about “asset injections” by the new actual controllers.

Screenshot from Shenzhen Stock Exchange’s Interactive Platform

Qichacha shows that Ning Huaxiang and her husband own multiple companies involved in liquid cooling products, IoT technology services, network technology services, industrial internet technology services, and electronic special materials.

Rare Equity Incentive “Exclusive to One Person”

Clear Profit of at Least 50 Million Yuan by 2028

Alongside the private placement plan, a restricted stock incentive plan was also disclosed. According to the draft stock incentive plan, the grant price is 9.98 yuan per share, about 53% of the closing price on the announcement day. The first grant is only to one person: Wu Weihua, vice general manager and CFO, who will be granted 2.7629 million shares, accounting for 80% of the total grant. This situation is relatively rare in A-share equity incentives.

Data shows that Zhen’an Technology appointed Wu Weihua as vice general manager and CFO on November 28, 2025. As of the appointment date, Wu Weihua did not directly hold any shares in the company. The company stated that this incentive plan aims to “further establish and improve the company’s long-term incentive mechanism, attract and retain outstanding talent.”

Screenshot from Zhen’an Technology’s Restricted Stock Incentive Plan

The plan sets three vesting periods from 2026 to 2028, with performance targets based on 2025 as the baseline: revenue growth rates of no less than 30%, 56%, and 71.6%; or net profit growth rates of no less than 50%, 100%, and a net profit of at least 50 million yuan in 2028.

Looking at the company’s recent performance, achieving these targets will be challenging. Financial data shows that the company lost 41.1342 million yuan in 2023 and 141 million yuan in 2024, with an estimated loss of 103 million to 134 million yuan in 2025. As of the end of September 2025, accounts receivable reached 606 million yuan.

Zhen’an Technology’s 2025 performance forecast

The company explained that the continued losses in 2025 are mainly due to the slower-than-expected recovery of some long-aged accounts receivable and significant changes in the credit risk characteristics of some receivables, leading to credit impairment provisions according to accounting standards. The capacity utilization rate of Hebei Zhen’an Seismic Isolation Technology Co., Ltd. was low, and an initial assessment estimated fixed asset impairment.

Public information indicates that Zhen’an Technology’s main business is manufacturing seismic isolation products for buildings, currently in a downward industry cycle; in recent years, slowed construction industry growth and receivables impairment have posed significant challenges.

Reporting: Nandu·Wan Finance Reporter Zhang Haixia, Intern Liu Meixiu