Profit skyrocketed by 715 times, yet stockholders are suffering heavy losses? Jiang Bolong's 560 yuan private placement hides risks, as 21 institutions become "high-priced pick-up artists."

Storage leader Jiangbolong has reported "explosive" performance. In the first half of this year, the net profit attributable to shareholders reached 10.577 billion yuan, a year-on-year increase of approximately 715 times, hitting the upper limit of the performance forecast. However, the stock price of Jiangbolong, which once peaked at 749.88 yuan, has continued to decline after the release of the semi-annual report, closing at 406.45 yuan on August 14. The 21 institutions and individual investors that participated in Jiangbolong's 3.7 billion yuan private placement, purchasing at 560 yuan per share, have become "high-position buyers," with overall losses exceeding 1 billion yuan. Prior to this high-premium private placement, the actual controllers, related parties, and core executives of Jiangbolong had cashed out more than 5 billion yuan through multiple rounds of share reductions. As a result, Jiangbolong has faced criticism from the market for "bad practices." The BUG column inquired with Jiangbolong, and the staff stated that the companys decisions are largely based on its own operational factors and could not comment on the stock price. Jiangbolong has announced plans to repurchase shares worth 400 million to 800 million yuan for equity incentives or employee stock ownership plans. However, in order to fund the stock buyback, Jiangbolong has resorted to borrowing from banks. Some investors have urged Jiangbolong to buy back and cancel shares, but have not received a response. Jiangbolong's operational net cash flow has shifted from positive to negative, yet it continues to stockpile excessively. Analysts believe that if the cycle reverses, the impact on Jiangbolong will be catastrophic.