Major shareholders' participation in private placement continues to heat up, with total subscription amount of major shareholders exceeding 167.5 billion yuan in 2025.

According to data from Wind, in recent years, there has been a significant increase in the enthusiasm of major shareholders of listed companies to participate in private placements, mainly reflected in the number of cases and the amount of subscription funds. Calculating from the amount subscribed by major shareholders in private placements, by 2025, the total amount subscribed by major shareholders will exceed 167.5 billion yuan, with the subscription amount accounting for nearly 48% of the total cash raised, the former reaching a new high in the past 5 years and the latter reaching a new high in the past 5 years. The significant growth in subscription amount is closely related to the substantial increase in the funds raised by listed companies through private placements. Excluding funds raised for matching purposes, the average cash-based fundraising amount for a single company in 2025 exceeds 2.2 billion yuan, more than 3 times the average in 2024. Data compiled by reporters on private placement cases fully or partially subscribed by major shareholders from 2021 to 2025 show that the funds raised are mainly used for supplementing working capital, project financing, matching financing, financing for acquiring other assets, etc. Among them, supplementing working capital, project financing, and financing for acquiring other assets are the three core uses of the funds.