Comprehensive Analysis Report on Private Placement Opportunities - January 15, 2026

January 15, 2026 is a key trading day for the A-share market with overlapping events, covering multiple dimensions such as PBOC liquidity operations, policy signal releases, restricted share unlocks, private placement project progress, and dividend registration [1][2][3]. These intertwined events create a complex market environment affecting private placement investment opportunities.

On January 15, the People’s Bank of China (PBOC) conducted a

with a term of 6 months (181 days) via fixed-quantity, interest rate bidding, and multi-price winning. Since the maturity scale of 6-month outright repos this month is 600 billion yuan, a was achieved, marking the 5th consecutive month that the PBOC has increased the scale of rolling over outright repos [1][2][3].

• Create a favorable liquidity environment for government bond issuances at the start of the year
• Support funding needs for the “good start” effect of credit extension
• Send a clear signal that the monetary policy will maintain a “moderately accommodative” stance
• Guide the liquidity condition to remain stable and ample

Wang Qing, Chief Macro Analyst at Dongfang Jincheng, pointed out that the 2026 new local government debt quota has been issued in advance, and a certain scale of government bonds will be issued in January; meanwhile, after the 500 billion yuan new policy-based financial tool was fully allocated in October 2025, it will continue to drive a large-scale allocation of supporting loans in January this year [2]. The PBOC’s injection of medium-term liquidity into the banking system via outright repos can guide the liquidity condition to remain stable and ample.

The State Council Information Office held a press conference at

, where Zou Lan, Spokesperson and Deputy Governor of the PBOC, and Li Bin, Spokesperson and Deputy Administrator of the State Administration of Foreign Exchange, introduced the effects of monetary and financial policies in supporting high-quality development of the real economy [1].

• Monetary policy orientation and future operational framework
• Adjustment direction of refinancing support policies
• Regulatory orientation for private placement issuance reviews
• Specific measures for the capital market to serve the real economy

According to Wind data, the total number of restricted shares to be unlocked in the coming week (as of January 15) is

, with an unlock market value of approximately based on the closing price on January 9, both of which are significantly lower than this week’s figures [1].

Company	Unlock Date	Unlock Market Value	Unlock Ratio	Special Matters
CoreTek	January 15	Over 10 billion yuan	63.25%	Multiple shareholders promised no share reductions for 12 months
Tianxin Pharmaceutical	January 13-15	Over 4 billion yuan	-	IPO restricted shares
Rongfa Nuclear Power	January 13-15	Over 4 billion yuan	-	Restricted share unlocks
Sepax Technologies	January 13-15	Over 4 billion yuan	-	IPO restricted shares
Huadian New Energy	January 13-15	Over 4 billion yuan	-	IPO restricted shares
Huasheng Lithium Battery	January 13	-	25.35%	40.429 million shares
Shangtai Technology	January 12	-	36.55%	95.327 million shares

The shares to be unlocked this time are IPO restricted shares, accounting for 63.25% of the company’s total share capital. However, the company’s controlling shareholder, actual controller Huang Zhiqiang, and shareholders holding more than 5% of the shares have voluntarily promised: [1]. Meanwhile, the company released a 2025 annual performance pre-increase announcement, expecting net profit to increase by 366.51% to 376.51% year-on-year.

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The 2025 A-share private placement market showed a significant rebound. According to data from Private Equity Ranking Network, as of December 23, 2025, 164 listed companies conducted private placements during the year, with

, a year-on-year surge of 454.4% [4][5].

Indicator	Data	YoY Change
Number of companies conducting private placements	164	Substantial growth
Total fundraising	959.381 billion yuan	+454.4%
Number of private equity participating institutions	52	+23.48%
Total amount allocated to private equity	5.98 billion yuan	+23.48%
Total floating profit of private equity	2.724 billion yuan	Floating profit ratio 45.55%
Stocks with floating profit over 100%	9	-

• Electronics sector is the most favored
  : Private equity institutions were allocated a total of 2.032 billion yuan across 10 electronics sector stocks, accounting for
  33.98% of the total allocated amount
• Power equipment sector
  : Allocated amount of 670 million yuan, ranking second
• The paper & printing, non-ferrous metals, machinery equipment, and basic chemical sectors have relatively prominent floating profit ratios

Li Chunyu, FOF Fund Manager at Rongzhi Investment, analyzed that as a key carrier for innovative fields such as AI computing power, semiconductors, automotive electronics, and consumer electronics, the electronics sector benefits from the continuous advancement of domestic localization and demonstrates competitive advantages in the global market [4].

Item	Details
Issuance price	13.62 yuan/share
Subscription amount	3.175 billion yuan
Subscriber	CATL (300750.SZ)
Shareholding ratio after issuance	Approximately 12%
Lock-up period	36 months

1. LFP procurement commitment
   : CATL will purchase no less than 3 million tons of lithium iron phosphate (LFP) products from Fuling Precision Industry within the next 3 years
2. Cooperation in robotics
   : Promote the application of Fuling Precision Industry’s robotics-related products in CATL’s factory production and manufacturing processes
3. Low-altitude economy layout
   : Reach strategic cooperation with leading enterprises in the low-altitude aircraft industry such as Wo Fei Chang Kong
4. Technical synergy
   : Leverage Fuling Precision Industry’s R&D and manufacturing capabilities for robot joint assemblies to enhance the competitive advantages of the industrial chain

• From 6 months before the pricing benchmark date of this issuance to the date of issuing the commitment letter, CATL has not reduced its holdings of Fuling Precision Industry’s shares
• Shares subscribed through this issuance will not be transferred externally for
  36 months from the date of issuance completion
• Shares derived during the lock-up period must also comply with the 36-month lock-up arrangement
• Share reductions after the lock-up period must strictly comply with relevant regulations of the CSRC and stock exchanges [6][7]

• The 36-month long lock-up period demonstrates the strategic investor’s long-term confidence
• Deep binding with industrial capital, forming upstream and downstream synergies
• Covers three hot tracks: new energy, robotics, and low-altitude economy
• Driven by both performance growth and industrial cooperation

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Entering January 2026, many listed companies have intensively disclosed dividend plans, and relevant dividends have been successively distributed to shareholder accounts [8][9].

Company	Record Date	Ex-Dividend Date	Cash Dividend	Total Dividend Amount	Remarks
China Merchants Bank	January 15	January 16	1.013 yuan per share	25.548 billion yuan	First mid-term dividend
Foxconn Industrial Internet	January 15	January 16	0.33 yuan per share	6.55 billion yuan	Semi-annual dividend
Bank of Jiangsu	January 14	January 15	3.309 yuan per 10 shares	6.072 billion yuan	Mid-term dividend
Postal Savings Bank of China	January 12	January 13	0.123 yuan per share	12.329 billion yuan	Mid-term dividend completed
Foran Energy	January 14	January 15	2.5 yuan per 10 shares	-	First three-quarters dividend

As of January 12, 2026, more than half of the 42 A-share listed banks have implemented 2025 mid-term dividends, and

[9].

• China Merchants Bank
  : Became the focus with a dividend of 10.13 yuan per 10 shares, totaling 25.548 billion yuan in dividends, marking the
  first mid-term dividend
  since the bank’s listing
• Industrial Bank distributed 5.65 yuan per 10 shares, totaling 11.957 billion yuan in dividends
• Everbright Bank distributed 1.05 yuan per 10 shares, totaling 6.204 billion yuan in dividends

Chen Huaping, Vice Chairman of the CSRC, stated at the 30th China Capital Market Forum that

[8].

• Mid-term dividends, quarterly dividends, special dividends and other methods have gradually become popular
• The dividend rhythm is more aligned with corporate operations and shareholder expectations
• High-frequency, high-proportion dividends reflect the profitability and abundant cash flow of listed companies

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As of January 15, 2026, the Shanghai Composite Index has fluctuated and consolidated

, with relatively high trading activity [10].

Date	Closing Price	Change (%)	Turnover
January 15	4109.75	+0.09%	95.26B
January 14	4126.09	-0.30%	95.26B
January 13	4138.76	-0.74%	86.84B
January 12	4165.29	+0.74%	83.95B
January 9	4120.43	+0.82%	72.98B

According to sector performance data, the

performed strongly, while the pulled back [10]:

• Consumer Defensive (+1.01%)
• Financial Services (+0.76%)
• Healthcare (+0.64%)

• Consumer Cyclical (-0.89%)
• Technology (-0.85%)
• Communication Services (-0.43%)

At the start of 2026, Shanghai-listed companies have intensively released announcements on share buyback and increase progress.

, including 98 buyback announcements and 7 share increase announcements [11].

• Kweichow Moutai
  : Launched a new buyback plan of 1.5-3 billion yuan, with 120 million yuan in buybacks already implemented
• COSCO SHIPPING Holdings
  : Cumulative buybacks of 825 million yuan
• Haier Smart Home
  : 1.08 billion yuan in buybacks already implemented
• Sany Heavy Industry
  : 1.36 billion yuan in buybacks already implemented

Throughout 2025, the upper limit of the amount corresponding to new buyback and increase plans of Shanghai-listed companies exceeded

, and the buyback index rose 31.31% for the year, hitting a new historical high [11].

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Based on multi-dimensional analysis, a comprehensive rating of relevant investment opportunities on January 15, 2026 is as follows:

Target/Direction	Type	Rating	Core Investment Logic	Risk Level
Fuling Precision Industry	Private placement project	★★★★★	CATL’s 3.175 billion yuan strategic subscription + 36-month lock-up + 3 million ton procurement commitment + robotics + low-altitude economy	Medium
CoreTek	Restricted share unlock	★★★★☆	366% year-on-year performance growth forecast + shareholder no-reduction commitment for 12 months + electronics sector prosperity + potential for high stock splits	Low
China Merchants Bank	Dividend registration	★★★★☆	First mid-term dividend of 25.548 billion yuan + 1.013 yuan per share + bank stock dividend attributes + valuation advantages	Low
Foxconn Industrial Internet	Dividend registration	★★★★☆	Semi-annual dividend of 6.55 billion yuan + 0.33 yuan per share + AI server leader + definite performance growth	Low
Electronics Sector ETF	Sector allocation	★★★★★	Most favored sector for private placements (33.98% share) + tech growth theme + domestic substitution trend	Medium
Power Equipment	Sector allocation	★★★★☆	Second largest sector for private placements + new energy policy support + valuation recovery potential	Medium
Bank of Jiangsu	Dividend registration	★★★☆☆	Mid-term dividend of 6.072 billion yuan + 3.309 yuan per 10 shares + city commercial bank growth potential	Low

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The current liquidity environment provides strong support for the private placement market:

1. The PBOC’s 300 billion yuan net injection
   injects medium-term liquidity into the market, which is conducive to reducing private placement issuance costs
2. The interest rate environment is relatively favorable
   , and corporate financing costs are at a low level
3. Policy support signals are clear
   , and the monetary policy maintains a “moderately accommodative” stance
4. Expectations of a “good start” for credit
   drive corporate capital expenditure willingness

CATL’s 36-month lock-up commitment for Fuling Precision Industry represents industrial capital’s recognition of long-term investment value. Such projects have the following characteristics:

• Low short-term selling pressure
• Fundamental improvements brought by industrial synergy
• Valuation support endorsed by strategic investors

Multiple shareholders of CoreTek promised no share reductions for 12 months, providing additional share price protection during the peak unlock period. Such targets have the following characteristics:

• Solid fundamentals with expected performance growth
• Limited selling pressure during the shareholder lock-up period
• Sustained prosperity in the electronics sector

• Fuling Precision Industry: Private placement returns + potential dividends
• China Merchants Bank: Dividend returns + valuation recovery
• Foxconn Industrial Internet: Performance growth + dividend returns

• Accounted for
  33.98% of the total amount allocated to private equity private placements in 2025
  , making it the most favored sector
• Multiple drivers including AI computing power, semiconductors, automotive electronics
• Continuous intensification of domestic localization policies

• Second largest sector for private placements + new energy policy support + valuation recovery potential

Risk Type	Risk Description	Response Strategy
Restricted share unlock risk	42.4 billion yuan unlock market value this week	Focus on targets with no reduction commitments; avoid stocks with high unlock ratios
Market volatility risk	Shanghai Composite Index at the 4,100-point high	Diversify allocations; maintain appropriate cash positions
Private placement break risk	High-premium private placement projects	Select projects issued at a discount and with major shareholder participation
Policy uncertainty risk	Potential regulatory signals from the policy conference	Monitor policy directions; adjust allocations promptly

• High-prosperity private placement projects: 40%
• High-quality dividend targets: 30%
• Sector ETF allocation: 20%
• Cash reserve: 10%

• High-quality dividend targets: 30%
• Private placement projects: 25%
• Sector ETF allocation: 25%
• Cash reserve: 20%

• High-quality dividend targets: 50%
• Sector ETF allocation: 30%
• Cash reserve: 20%

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Based on the above analysis, we recommend that investors consider enabling the

to obtain more comprehensive support from professional databases for A-shares and US stocks, including:

1. Technical Indicator Analysis
   : Obtain technical signals and buy/sell points for stocks related to private placements
2. In-Depth Financial Statement Analysis
   : Conduct financial health assessments of key private placement targets
3. DCF Valuation Analysis
   : Calculate the intrinsic value and growth potential of private placement projects
4. Company Comparative Analysis
   : Conduct horizontal comparisons of the investment value of private placement projects in the same industry
5. Chart Visualization
   : Generate price trend charts for private placement projects and industry comparison charts

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[1] Eastmoney - PBOC Increases Scale of Rolling Over 6-Month Outright Repos

[2] People’s Daily Online - PBOC Conducts 900 Billion Yuan Outright Repo Operation on January 15

[3] CLS - State Council Information Office Preview of January 15 Monetary and Financial Policy Press Conference

[4] Sina Finance - 9 Private Placement Stocks Surge Over 100%, Maximum Profit Reaches 274%

[5] The Paper - Global M&A Enters a New Stage of High Quality

[6] Sina Securities - CATL Promises 36-Month No Reduction for Fuling Precision Industry Private Placement

[7] National Business Daily - CATL Plans to Subscribe Over 3.1 Billion Yuan of Fuling Precision Industry’s Additional Shares

[8] Sina Finance - A-Share Listed Companies Intensively Distribute Dividends, 2025 Payout Scale Hits New High

[9] Sina Finance - A-Share Listed Banks’ Mid-Term Planned Payouts Exceed 290 Billion Yuan

[10] Gilin API Data - Market Index and Sector Performance

[11] Securities Times - Shanghai Stock Market Sees Intensive Disclosure of Buyback and Increase Progress at the Start of the Year