标题: Farsoon Cuts Fundraising Cap to RMB 2.94 Billion, Still Above Net Assets [打印本页] 作者: admin 时间: 2026-10-12 17:17 标题: Farsoon Cuts Fundraising Cap to RMB 2.94 Billion, Still Above Net Assets On October 11, 2026, Nanjixiong learned that Farsoon (688433.SH) had disclosed responses to regulatory inquiries and a revised private placement plan on the evening of October 8. The fundraising ceiling was reduced from RMB 3.91 billion to RMB 2.94 billion, a reduction of nearly RMB 1 billion. The revised amount still exceeds the company's RMB 2.154 billion in net assets.
The funds will support three projects: expansion of advanced AM equipment production capacity by 1,000 systems; a comprehensive AM service platform adding 1,600 metal 3D printers; and global operations centers. Total project investment remains RMB 3.91 billion, with the funding gap to be covered through other financing channels.
Regulators focused on substantial depreciation risks. The company acknowledged average annual additional depreciation and amortization of approximately RMB 193 million during the five years after completion, equivalent to 2.8 times its 2025 net profit, and a 3.98 percentage-point reduction in gross margin. The construction and early operating periods are expected to include an extended loss-making phase: projected net profit in year T+2 is negative RMB 92.05 million, with a return to profit expected only in T+4.
Nanjixiong's observation
The smaller placement reflects stricter regulatory scrutiny of fundraising exceeding net assets. A payback period exceeding nine years and successive early losses will pressure near-term performance. Nevertheless, the planned addition of capacity for 1,000 systems demonstrates confidence in industrial printing market growth.
AI-translated from an article by Kuaixiong on Nanjixiong, originally published on 2026-10-11. Text and images retain the original source attribution. Read the original Chinese article
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