A-share semiconductor companies surge in stock transfer inquiries at the beginning of 2026: 7 companies' shareholders collectively cash out over 5 billion yuan, 6 companies' takeover institutions achieve profits!

Everyday Economic News Reporter | Huang Zongyan Everyday Economic News Editor | Wu Yongjiu

Another semiconductor company in the A-shares market has recently completed an inquiry-based transfer.

According to statistics from “Everyday Economic News,” since 2026, the semiconductor and chip industry in the A-shares market has experienced a wave of intense “inquiry transfers” peaks. As of March 6, seven listed companies, including SMIC Microelectronics, Biyi Micro, Jiangbolong, Shengmei Shanghai, Jingshen Co., Ltd., Jiulian Technology, and Dekeli, have successively completed their inquiry transfer plans.

This series of actions not only involves large amounts but also reflects, against the backdrop of industry cycle fluctuations and performance differentiation, different considerations by company shareholders and industry capital regarding liquidity management and valuation judgments.

It is worth noting that as of the close on March 9, six companies’ stock prices have risen compared to the transfer prices, with the total unrealized gains of the acquiring institutions reaching 1.666 billion yuan; among them, Jiangbolong’s stock price increased the most, rising 55.65% above the transfer price; Shengmei Shanghai is the only company whose stock price declined, with the current unrealized loss of 29.1% for the acquiring institutions compared to the transfer price.

The largest equity transfer: Jiangbolong’s discount rate of 40% ranks first, Jiulian Technology has the highest transfer volume

In terms of transaction scale and market enthusiasm, this round of inquiry transfers shows significant “top-tier effect” and “uneven heat.”

According to statistics from “Everyday Economic News,” the shareholders of the seven companies above have cashed out more than 5 billion yuan through inquiry transfers. Among them, Jiangbolong, a leader in storage modules, transferred 12.5744 million shares, with a cash-out amount of 2.667 billion yuan, ranking first and far surpassing other peers. Followed by Jingshen Co., Ltd., with a cash-out of 1.085 billion yuan and an inquiry transfer volume of 13.1 million shares.

Regarding institutional participation, market funds show a strong willingness to chase high-quality targets. Jiangbolong remains the most followed and involved, receiving 107 valid bids, with 54 institutions successfully subscribing, the highest among the institutions involved in this survey; Shengmei Shanghai attracted 30 institutions, ranking second; SMIC Microelectronics and Jingshen Co., Ltd. also attracted 28 institutions each. Biyi Micro received subscriptions from only two institutions, making it the least participated company.

Notably, during the inquiry transfer plans of these seven companies, many top domestic and foreign institutions appeared. For example, in Jiangbolong’s allocation list, the foreign giant UBS AG (UBS) received the largest share, amounting to 407 million yuan; domestic insurance funds Taikang Asset, Dajia Asset followed, along with leading public funds such as E Fund, Guotai Fund, and well-known private equity firms like Shengquan Hengyuan. Additionally, in Jingshen Co., Ltd.'s transfer list, notable institutions such as Xingzheng Global Fund, Nord Fund, Caitong Fund, as well as top international investment banks like Morgan Stanley and J.P. Morgan, participated.

Data sources: listed company announcements, Dongfang Caifu

Regarding the inquiry mechanism, data shows that all seven companies set the “70% of the average stock trading price of the company’s shares in the 20 trading days before the sending of the subscription invitation” as the transfer price floor (i.e., the minimum price). Statistics indicate that, compared to the closing price on the pricing date (the date of sending the subscription invitation), the average discount rate of the transfer prices of these seven companies is about 17.64%, but there is significant variation among individual stocks.

It is noteworthy that Jiangbolong, with a 40% discount rate and a cash-out amount of 2.667 billion yuan, has the highest figures among the seven companies for these two metrics; Jiulian Technology and Shengmei Shanghai follow closely, with discount rates of 16.95% and 15.25%, respectively; while Biyi Micro, which had the fewest subscribing and successful subscribing institutions, has the lowest discount rate at 9.41%. In terms of the number of shares transferred, Jiulian Technology’s shareholders transferred 15 million shares, ranking first among these seven companies.

Fundamentals Perspective: Performance and Institutional Participation Are Positively Correlated

A detailed analysis of the fundamental data of these seven companies reveals that the activity level of inquiry transfers is strongly positively correlated with the company’s performance and the industry chain segment they belong to. Performance forecasts for 2024-2025 show that the industry is experiencing significant structural differentiation.

Jiangbolong, located in the midstream design and module segment of the industry chain, performed the best. Its recent forecast for 2025 shows that the company is expected to achieve a net profit attributable to shareholders of 1.25 to 1.55 billion yuan during the reporting period, with a year-on-year increase of 150.66% to 210.82%. Similarly, SMIC Microelectronics, also in the design segment, expects a 108.05% year-on-year increase in net profit in 2025, reaching 285 million yuan, which may be a key reason why it attracted 28 institutions to participate at relatively low discounts.

Data sources: listed company announcements

However, the fortunes of companies in different parts of the industry chain vary greatly. Jingshen Co., Ltd., in the midstream multimedia SoC chip design segment, expects a significant slowdown in net profit growth in 2025; Jiulian Technology, in the downstream smart terminal and IoT module field, is expected to see its losses expand to 210 million yuan in 2025; similarly, Dekeli, in the downstream optical communication module segment, is expected to see a 32.42% decline in net profit in 2025 due to industry destocking.

From the performance of these companies, despite the short-term impact of industry cycle fluctuations on the semiconductor and chip industry, its status as a core pillar and key investment direction of the national long-term strategy remains unshaken.

Recently, Zheng Ganjie, director of the National Development and Reform Commission, pointed out that the country will focus on cultivating six emerging pillar industries and six future industries. Among the six emerging pillar industries, integrated circuits rank first, alongside aerospace, biomedicine, low-altitude economy, new energy storage, and intelligent robots, forming the core growth poles. Data shows that these six industries had a total output value close to 6 trillion yuan in 2025; looking ahead to 2030, their scale is expected to double or even higher, surpassing 10 trillion yuan.

Disparities in Gains and Losses for Acquiring Institutions: Jiangbolong’s Institutions Unrealized Gains of 1.4 Billion Yuan, Shengmei Shanghai’s Institutions Near 300 Million Yuan Unrealized Loss

As of the close on March 9, the seven institutions involved in the first batch of semiconductor inquiry transfers in 2026 generally showed “most unrealized gains, some under pressure.” Based on the transfer prices and the closing prices on March 9, most institutions have realized paper gains after taking over, but some have experienced unrealized losses.

Data sources: Dongfang Caifu

According to statistics, as of March 9, six companies’ stock prices have risen compared to the transfer prices. Among them, Jiangbolong’s stock price increased the most, rising 55.65% above the transfer price based on the March 9 closing price; Biyi Micro and Dekeli followed, with stock prices up 26.12% and 25.79%, respectively.

In terms of unrealized gains for the acquiring institutions, Jiangbolong’s institutions led with an unrealized gain of 1.484 billion yuan; followed by Jingshen Co., Ltd., with an increase of 74 million yuan; Dekeli and SMIC Microelectronics saw increases of 48 million yuan and 40 million yuan, respectively.

It is worth noting that Shengmei Shanghai is the only one among the seven companies whose transferred equity market value decreased. Based on the March 9 closing price, the company’s stock price fell 2.91% compared to the transfer price, with the equity of the acquiring institutions shrinking by 22 million yuan.

The most pressing question for investors is whether the stock prices of these companies can further rise after the institutions take over.

From industry fundamentals, Jiangbolong disclosed in its investor relations activity record on March 4 that, regarding the sustainability of this cycle, it believes that, based on third-party institutional information, as AI inference undergoes structural changes in system architecture and resource scheduling—especially with the application of KV Cache and RAG technology—the storage capacity demand for AI inference has increased significantly. Coupled with the rapid expansion of AI infrastructure and HDD supply shortages, this has driven explosive growth in storage demand; however, due to capacity build-up cycle delays, the short-term contribution of storage manufacturers’ capital expenditure increases will be limited.

I contacted Dekeli as an investor, and a staff member stated that the company is optimistic about the future of the optical communication industry. The company is undergoing a strategic transformation from a past focus on the telecom market to a dual development of telecom and data communication, aiming to seize opportunities brought by explosive growth in computing power demand. Regarding competitors, the staff noted that few companies have a business model exactly like theirs. This is mainly due to Dekeli’s rich product line—covering optical amplifiers, optical modules, and subsystems. Compared to other companies in the industry, Dekeli’s product variety is broader, and its application scenarios are more comprehensive. As for the company’s outlook on future stock prices, the person said, “It’s not convenient to comment.”

Disclaimer: The content and data in this article are for reference only and do not constitute trading advice. Please verify before use. Operate at your own risk.

Cover image source: Meiri Media Asset Library