标题: Farsoon Revises Private Placement to RMB 2.94 Billion for Capacity and Service Projects [打印本页] 作者: admin 时间: 2026-10-12 17:21 标题: Farsoon Revises Private Placement to RMB 2.94 Billion for Capacity and Service Projects Source: STAR Market Daily.
On the evening of October 8, Farsoon announced that the thirteenth meeting of its second board of directors had approved revisions to its 2026 A-share issuance to selected investors. Maximum proceeds were reduced from RMB 3.910 billion to RMB 2.940 billion. The share issuance cap increased from 124.67 million to 124.88 million shares, remaining within 30% of pre-issuance share capital.
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The advanced AM equipment capacity project retains RMB 1.075 billion in proceeds. Funding for the comprehensive AM service platform falls from RMB 2.356 billion to RMB 1.513 billion, while global operations center funding falls from RMB 478 million to RMB 352 million. Combined project investment remains RMB 3.910 billion, with RMB 2.940 billion planned from the issuance.
Fundraising exceeds net assets but matches the funding gap
Farsoon said total assets were RMB 2.854 billion and net assets RMB 2.154 billion at the end of the reporting period. Its debt-to-asset ratio was only 24.54%, indicating relatively low leverage. The estimated funding gap during construction is RMB 3.798 billion, exceeding the proposed RMB 2.940 billion raise. Although fundraising exceeds current net assets, the company says it matches construction funding needs.
Non-capital expenditure totals RMB 787 million, representing 26.79% of proceeds, below the 30% ceiling under Securities and Futures Legal Application Opinion No. 18.
Estimated average annual additional depreciation and amortization during the five years after completion is approximately RMB 193 million, or 6.56% of the funded projects' principal operating costs. Estimated effects are a 3.98 percentage-point reduction in gross margin and a 3.38 percentage-point reduction in net margin. Related risks are disclosed in the offering documents.
The projects aim to expand metal and polymer equipment production, improve manufacturing scale and consistency, establish an integrated AM service platform, broaden applications and services, and strengthen overseas delivery and support. International operations will become more localized from market development through customer delivery. All investment falls within the core business and primarily targets technological innovation.
RMB 622 million in orders supports capacity expansion
Existing printer production capacity is close to fully utilized. In the first half of 2026, utilization measured by the number of systems entering production reached 109.26%, with headquarters production space largely saturated. Orders increased steadily, totaling RMB 622 million for printing equipment at the end of June. Growing aerospace, consumer electronics and new-energy vehicle demand provides support for new capacity.
The capacity project's technologies build on Farsoon's own SLM and SLS processes, with equipment models and applications consistent with its existing portfolio. During the first three years of operation, 1,600 machines will be supplied internally to the comprehensive service platform, with only a small portion sold externally, reducing concentrated short-term sales pressure. The platform will use internally produced metal printers and be operated by the listed parent company, without additional related-party transactions.
The service platform targets high-precision components for consumer electronics, optical communications, embodied intelligence and new-energy vehicles. Farsoon has already entered leading consumer electronics supply chains. The company states that scaling applications such as titanium structural parts for foldable phones reduces significant uncertainty about capacity absorption.
AM equipment and dedicated materials are nationally encouraged industries listed in the classification of industrial strategic emerging industries. All three projects align with the company's principal business and regulatory requirements for investment in technological innovation.
The equipment capacity project will be implemented by Farsoon in Changsha's Xiangjiang New Area, Hunan. Total investment is RMB 1.075 billion, entirely funded from issuance proceeds, mainly for construction, land and equipment purchase and installation.
The comprehensive service platform will be implemented by Farsoon at the same location. Total investment is RMB 2.356 billion, with RMB 1.513 billion from proceeds. New production space and internally manufactured equipment will support expansion into printing services.
Global operations centers will be implemented by wholly owned overseas subsidiaries in Singapore, Germany, the Czech Republic and Vietnam. Total investment is RMB 478 million, with RMB 352 million from proceeds, covering premises leasing and renovation, hardware, software, staffing and product stock. Singapore will use the company's own funds; the other locations are planned to use issuance proceeds.
More than 1,400 systems sold globally
Farsoon develops, manufactures and sells industrial metal SLM and polymer SLS systems, alongside materials, processes and services. It has developed more than 40 equipment models and over 40 dedicated materials and associated processes, serving aerospace, advanced equipment, consumer electronics, sports footwear, tooling, automotive, healthcare, consumer goods, education and research.
Its internally developed technology spans equipment, software, materials, processes and applications. It operates China's only National Engineering Research Center for Additive Manufacturing of Complex Polymer Structures and is a national specialized and innovative Little Giant enterprise. At the end of 2025, it held 195 valid invention patents, 203 utility model patents, 78 design patents and 62 software copyrights.
Cumulative equipment sales exceed 1,400, including more than 800 metal systems. Medium and large installations are increasing, with sales and service reaching over 30 countries and regions. Subsidiaries in Austin and Stuttgart support its European and US markets.
At the October 8 close, shares were RMB 75.45, down 4.23%, with a market capitalization of RMB 31.41 billion.
AI-translated from an article by Beijixiong on Nanjixiong, originally published on 2026-10-09. Text and images retain the original source attribution. Read the original Chinese article
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