Analysis of Private Placement Proposal Companies and Multiple Financial Market Events on January 15, 2026

Based on the collected information, I have systematically organized a multi-event analysis report of the financial market on January 15, 2026 for you.

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On January 15, 2026, a total of 5 companies in the A-share market released announcements related to private placements. Among them,

[1]. This reflects the continued active momentum of the private placement market since entering 2026.

ST Songfa is the company with the highest fundraising amount in the private placement proposals disclosed on the day, planning to raise no more than 7 billion yuan through private placement[1]. In recent years, the company has been marked with a *ST due to operational difficulties. This large-scale private placement proposal aims to achieve business transformation and debt resolution through capital market financing. The specific use of the raised funds is yet to be disclosed in further announcements from the company.

As the company has been subject to delisting risk warnings, investors need to closely monitor the feasibility of the private placement plan, the profitability of the investment projects, and the impact of equity dilution on earnings per share after the private placement.

Lante Optics plans to raise no more than 1.055 billion yuan through private placement[1]. As a Sci-Tech Innovation Board (STAR Market) listed company in the optical components sector, this private placement is expected to be used for capacity expansion, technological research and development, or industrial chain extension. The optical track has seen sustained growth in demand in application scenarios such as consumer electronics, automotive electronics, and AR/VR. The company is expected to further consolidate its competitive advantages through private placement fundraising.

Private placements by STAR Market companies usually come with high growth expectations, but investors need to pay attention to the private placement price, issuance targets, and the specific implementation of the investment projects.

Notably, on January 14, Shandong Pharmaceutical Glass (600529.SS) disclosed a plan to issue shares privately to Sinopharm Group enterprises at a “20% discount” price. According to the announcement, the company plans to issue no more than 199 million A-shares privately to Sinopharm International and its wholly-owned subsidiary Shandong Yaoxin, accounting for 30% of the total share capital before issuance. The issuance price is locked at 16.25 yuan per share, with a total fundraising amount of no more than 3.235 billion yuan. After deducting issuance fees, all funds will be used to supplement working capital[2].

• The issuance price is 80% of the average trading price of the stock in the 20 trading days before the pricing benchmark date
• After the issuance is completed, Sinopharm International will directly hold 18.08% of the shares, and indirectly hold 4.99% of the shares through Shandong Yaoxin, with a total shareholding of 23.08%, becoming the controlling shareholder of the company
• China National Pharmaceutical Group (SASAC of the State Council) will replace Yiyuan County Finance Bureau as the new actual controller

Although the company’s monetary funds and tradable financial assets total over 2.5 billion yuan, with sufficient liquidity reserves, it still launched a large-scale private placement plan to supplement working capital, raising market concerns about equity dilution and immediate return dilution[2]. The company’s revenue in the first three quarters of 2025 decreased by 11.1% year-on-year, and its net profit attributable to shareholders decreased by 24.7% year-on-year, with obvious performance pressure.

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On January 15, 2026, the People’s Bank of China (PBOC) will conduct a

through a fixed-quantity, interest rate bidding, multi-price winning method, with a term of 6 months (181 days)[3][4][5].

• Net Injection Scale:
  As 600 billion yuan of 6-month outright reverse repos mature in January, this 900 billion yuan operation means an additional 300 billion yuan roll-over in the month[3]
• Operation Frequency:
  This is the 5th consecutive month that the PBOC has increased the scale of rolling over 6-month outright reverse repos, with the additional scale increasing by 100 billion yuan compared to the previous month[3]
• Liquidity Background:
  The total additional roll-over of outright reverse repos of two maturities in January reached 300 billion yuan, marking the 8th consecutive month that the PBOC has injected medium-term liquidity into the market through outright reverse repos[4]

Wang Qing, Chief Macro Analyst at Orient Securities, pointed out[4]:

1. Support Government Bond Issuance:
   The 2026 new local government debt quota has been issued in advance, and a certain scale of government bonds will be issued in January
2. Support Credit Lending:
   After the 500 billion yuan new policy-based financial tools were fully allocated in October 2025, it will continue to drive a large-scale allocation of supporting loans in January, amplifying the “good start” effect of credit

This operation will create a suitable liquidity environment for the early-year government bond issuance, credit “good start”, etc., and maintain stable funding conditions[3].

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On

, the State Council Information Office held a press conference, inviting Zou Lan, Spokesperson and Deputy Governor of the People’s Bank of China, and Li Bin, Spokesperson and Deputy Administrator of the State Administration of Foreign Exchange, to introduce , and answer reporters’ questions[6][7][8].

Based on recent policy trends and market concerns, the press conference may cover the following topics:

• Monetary policy orientation and liquidity regulation
• Coordination of interest rate policy and exchange rate policy
• Specific measures for financial support to the real economy
• Cross-border capital flows and foreign exchange management
• Application and withdrawal of structural monetary policy tools

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According to statistics from Wind, the number of lock-up shares to be listed next week (January 13-19) totals

. Calculated based on the closing price on January 9, the market value of unlocked shares is approximately [9][10].

• Unlock Scale:
  76.2838 million lock-up shares, accounting for 63.25% of the total share capital, with an unlocked market value exceeding 10 billion yuan[9][10]
• Type of Unlocked Shares:
  IPO lock-up shares
• Unlock Shareholders:
  Controlling shareholder and actual controller Huang Zhiqiang, shareholders with more than 5% shareholding including Bluetrum Management, Bluetrum Technology, Chuangyuan Shiji, and employee stock ownership platform Bluetrum Information
• Shareholder Commitment:
  The above-mentioned shareholders voluntarily promised not to transfer or reduce their shareholdings in any way within 12 months from the date of lock-up expiration (January 15, 2026 to January 14, 2027)[9]
• Performance:
  The company released a 2025 annual performance pre-increase announcement, expecting to achieve operating revenue of 1.83-1.85 billion yuan in 2025, an increase of 0.60%-1.70% year-on-year; net profit of 1.4-1.43 billion yuan, an increase of 366.51%-376.51% year-on-year[10]

Company Name	Unlock Date	Unlock Volume (10,000 shares)	Unlock Market Value (100 million yuan)	Percentage of Total Share Capital
Tianxin Pharmaceutical	January 13	-	>40	-
Rongfa Nuclear Power	January 13	-	>40	-
Sepax Technologies	January 13	-	>40	-
Huadian New Energy	January 13	-	>40	-
Huasheng Lithium Battery	January 13	4042.9	-	25.35%
Shangtai Technology	January 12	9532.7	-	36.55%

Although Bluetrum has the largest unlocked market value, the major shareholders’ promise not to reduce their shareholdings within 12 months has greatly eased the selling pressure on the market. Junwei Electronics stated that the proportion of unlocked shares in the company’s total share capital is relatively low (19.85%), and the overall scale is limited. Combined with the current abundant market liquidity and the continuous upward prosperity of the electronic components sector, the company’s fundamentals are solid[10].

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As of December 31, 2025, the company has repurchased

of the company through the special securities account for share repurchase via centralized bidding transactions, accounting for 0.5024% of the company’s current total share capital of 922,959,225 shares. The highest transaction price for the repurchased shares is 16.00 yuan per share, and the lowest is 11.31 yuan per share. The total amount of funds used is [11].

• Repurchase Amount: No less than 100 million yuan and no more than 200 million yuan
• Repurchase Price: No more than 16.45 yuan per share
• Repurpose: For reducing the company’s registered capital

As of January 12, 2026, the company has repurchased

through the special repurchase account via centralized bidding transactions, accounting for 1.36% of the company’s total share capital. The highest transaction price is 13.00 yuan per share, and the lowest is 11.50 yuan per share. The total payment amount is [12].

• Repurchase Amount: No less than 30 million yuan and no more than 60 million yuan
• Repurpose: For employee stock ownership plans or equity incentives

As of the end of December 2025, the company has repurchased a total of

, accounting for 0.21% of the company’s total share capital. The highest purchase price is 9.98 yuan per share, and the lowest is 6.93 yuan per share. The total payment amount is [13].

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• Dividend Plan:
  Cash dividend of 1.013 yuan per share (before tax)
• Total Dividend Amount:
  Approximately 25.548 billion yuan (before tax)
• A-Share Dividend:
  Approximately 20.897 billion yuan (before tax)
• Equity Registration Date:
  January 15, 2026[14][15]
• Ex-Right/Ex-Dividend Date:
  January 16, 2026
• Cash Dividend Payment Date:
  January 16, 2026

• Dividend Plan:
  Cash dividend of 0.33 yuan per share (before tax)
• Total Dividend Amount:
  6.55 billion yuan
• Equity Registration Date:
  January 15
• Ex-Right/Ex-Dividend Date and Dividend Payment Date:
  January 16[16]

• Dividend Plan:
  Cash dividend of 0.15 yuan per share (before tax)
• Total Dividend Amount:
  65.8622 million yuan (before tax)
• Equity Registration Date:
  January 15
• Ex-Right/Ex-Dividend Date:
  January 16[16]

Company Name	Dividend Plan	Equity Registration Date	Ex-Right/Ex-Dividend Date
Foran Energy	2.5 yuan per 10 shares	January 14	January 15
Hongbo Pharmaceutical	1 yuan per 10 shares	January 12	-
Guangdong Mingzhu	0.20 yuan per share	January 14	January 15

On January 11, Chen Huaping, Vice Chairman of the China Securities Regulatory Commission (CSRC), stated that

[16]. High-frequency and high-proportion dividend measures reflect the improvement in the overall profitability and abundant cash flow of listed companies, as well as the improvement in corporate governance structures and the strengthening of shareholder awareness of returns.

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The PBOC has injected medium-term liquidity into the market through outright reverse repos for 8 consecutive months, with an additional scale of 300 billion yuan in January, creating a suitable environment for government bond issuance and credit “good start”. The overall money market interest rates are stable, and the weighted average interest rate of interbank pledged repo remains within a reasonable range[3].

Since 2026, the private placement market has continued its active momentum. As of January 15, 5 companies have announced the completion of their private placement plans, and 3 companies have raised more than 1 billion yuan through private placements. Financing activities are significantly concentrated in high-tech and strategic emerging industries, with sectors such as semiconductors, new energy, high-end manufacturing, and biomedicine becoming the main positions for private placements[1].

The scale of lock-up share unlocks in January has decreased compared to the previous period, but large-scale unlock companies such as Bluetrum still need attention. Although major shareholders have promised not to reduce their shareholdings temporarily, investors should closely monitor changes in market supply and demand and shareholder behavior after the unlock.

Large-cap blue-chip stocks such as China Merchants Bank and Foxconn Industrial Internet are concentrating on dividend distribution, providing investors with stable cash return opportunities. The high-dividend strategy remains attractive in the current market environment, especially for institutional investors pursuing stable cash flow.

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[1] National Business Daily - A-share Private Placement Overview: 5 Companies Disclose Private Placement Progress (https://www.nbd.com.cn/articles/2026-01-15/4220969.html)

[2] Sina Finance - Holding 2.5 Billion Yuan in Cash Still Launches 20% Discount Private Placement, Why Does Shandong Pharmaceutical Glass Hurriedly Invite Sinopharm as “Parent”? (https://finance.sina.com.cn/cj/2026-01-14/doc-inhhhxnp3884174.shtml)

[3] Eastmoney.com - Increasing by 300 Billion Yuan, PBOC to Conduct 900 Billion Yuan Outright Reverse Repo Operation Tomorrow (https://finance.eastmoney.com/a/202601143619156290.html)

[4] China Fund News - PBOC to Conduct 900 Billion Yuan Outright Reverse Repo Operation (https://www.chnfund.com/article/ARbb4d1439-e47f-44cc-9617-3a1ece695dc1)

[5] Beijing Daily - Increasing by 300 Billion Yuan, PBOC to Conduct 900 Billion Yuan Outright Reverse Repo Operation Tomorrow (https://news.bjd.com.cn/2026/01/14/11524091.shtml)

[6] CLS.com - State Council Information Office to Hold Press Conference on January 15 to Introduce the Outcomes of Monetary and Financial Policies Supporting the High-Quality Development of the Real Economy (https://www.cls.cn/detail/2257369)

[7] Securities Times - State Council Information Office to Hold Press Conference on January 15 to Introduce the Outcomes of Monetary and Financial Policies Supporting the High-Quality Development of the Real Economy (https://www.stcn.com/article/detail/3592552.html)

[8] Sina Finance - State Council Information Office Holds Press Conference Today to Introduce the Outcomes of Monetary and Financial Policies Supporting the High-Quality Development of the Real Economy (https://finance.sina.com.cn/jjxw/2026-01-15/doc-inhhiusf6588317.shtml)

[9] The Paper · Public Securities Journal - Next Week’s Unlocked Market Value Drops to 42.4 Billion Yuan, Multiple Shareholders of Bluetrum Promise No Temporary Share Reduction (https://m.thepaper.cn/newsDetail_forward_32353461)

[10] Eastmoney Wealth Account - Next Week’s Unlocked Market Value Drops to 42.4 Billion Yuan, Multiple Shareholders of Bluetrum Promise No Temporary Share Reduction (https://caifuhao.eastmoney.com/news/20260109231053582417630)

[11] CFi.net.cn - Wanrun Co., Ltd. (002643): Share Repurchase Progress (https://www.cfi.net.cn/p20260105004643.html)

[12] CFi.net.cn - 1 Company Releases Repurchase Announcement After Market Close - Updating (https://www.cfi.net.cn/p20260113000513.html)

[13] Sohu - Tiantong Co., Ltd. Announcement on Share Repurchase Progress (https://q.stock.sohu.com/cn/news.html?textId=100016535604&type=100&tab=200&code=cn_600330&date=2026%2F0106)

[14] NetEase - China Merchants Bank: Equity Registration Date for Profit Distribution is January 15, 2026 (https://www.163.com/dy/article/KIRN5FCR0512B07B.html)

[15] Eastmoney.com - China Merchants Bank: 1.013 Yuan per Share, Equity Registration Date is January 15 (https://finance.eastmoney.com/a/202601093614317520.html)

[16] Securities Times - A-share Listed Companies Concentrate on Dividends, 2025 Cash Dividend Scale Hits a Record High (https://www.stcn.com/article/detail/3585380.html)