Dinglong Co., Ltd. Soars Backed by Dong Chengfei and Former Employer "Jointly" Selling

Ask AI · Why Does Dong Chengfei Frequently Carry Out Coordinated Trades With His Former Firm?

When Dinglong shares’ stock price climbed to a new historical high, retail investors were still celebrating the earnings report. Meanwhile, Dong Chengfei and his former employer, Xingzheng Global, had already quietly closed out their profits. A closer look at changes in shareholders shows that the Ruijun products steered by Dong Chengfei and the products under Xingzheng Global not only synced up in backing this doubled long-term bull stock, but also repeatedly staged coordinated operations over the course of three years.

The strong performance of Dinglong shares has drawn attention.

On March 27, Dinglong shares briefly hit the “20cm” daily limit for gains during trading. It closed up 17.33%, at 53.07 yuan, continuing to set a new historical high. Judging by the news flow, the company recently issued, all at once, “earnings reports” for the first quarters of 2025 and 2026, directly fueling the surge in the stock price.

Looking across a longer timeframe, Dinglong shares is actually a “long bull stock.” From 2023 to now, its cumulative rise is nearly 150%. During this period, well-known private fund manager Dong Chengfei and his former employer, the Xingzheng Global fund, carried out multiple rounds of coordinated trades together.

Among them, in the first quarter of 2023, Dong Chengfei’s Ruijun products and the funds under Xingzheng Global simultaneously moved into Dinglong shares. From the second quarter of 2023 to the third quarter of 2025, the stock price of Dinglong shares mainly went through range-bound turbulence. Relevant funds under Xingzheng Global and the Ruijun products managed by Dong Chengfei long exhibited an inverse-trading pattern, often “buying and selling in tandem.” Now, while Dinglong shares has started to “soar,” the Ruijun side and the Xingquan side are selling together.

It’s worth noting that Dong Chengfei’s Ruijun and the Xingzheng Global fund do not only “meet” at Dinglong shares—there have also been “meetings” involving Hailan Home, Bull Group, and Chipone Micronics.

****“Bull stock”****Dinglong shares

By the close on March 27, Dinglong shares closed at 53.07 yuan, setting a new historical high. Statistics show that since 2026, the stock’s cumulative gain has reached 41.14%.

From the perspective of the news, Dinglong shares has released its 2025** annual report and a forecast for its 2026**** Q1 report. According to the announcement, for the full year of 2025****, the company achieved operating revenue of 36.6**** billion yuan, up 9.7%**** year over year, and attributable net profit to shareholders of 7.2**** billion yuan, up 38.3%; for the first quarter of 2026, the company expects attributable net profit of 2.4**** billion to 2.6**** billion yuan, up 70.22%**** to 84.41%****.**

Dinglong shares is in the electronic chemicals industry. Its business mainly falls into two categories: semiconductor materials and chips, and general consumables for printing and photocopying.

Among them, the semiconductor materials and chips business is the company’s key focus, accounting for nearly 60% of total revenue. It further involves sub-sectors such as CMP process technology materials, high-end wafer photoresist for lithography, semiconductor display materials, semiconductor advanced packaging materials, integrated circuit chip design and applications, and others.

Further analysis shows that the CMP** polishing pads, CMP**** polishing liquids and cleaning liquids under the company’s CMP**** process technology materials segment, as well as semiconductor display materials, are the “pillars” of the existing semiconductor materials and chips business.** Over the entire 2025 year, the above three items achieved sales revenue of 1.09B yuan, 294M yuan, and 544M yuan respectively, with year-over-year growth of 52.34%, 36.84%, and 35.47% respectively.

It is understood that Dinglong shares’ downstream customers include multiple mainstream domestic wafer manufacturers. With ongoing capacity expansions at those manufacturers, the company’s CMP process technology materials segment has been able to grow. The company’s semiconductor display materials segment corresponds to display panel makers as customers. Its core growth logic follows the expansion of downstream high-generation AMOLED production lines, and the introduction pace of application scenarios such as smart cockpits and AR glasses will also affect it.

At the same time, the market has some expectations for Dinglong shares’ semiconductor advanced packaging materials and high-end wafer photoresist. From the current layout, the two segments have not yet formed a scale.

Regarding semiconductor advanced packaging materials, Dinglong shares states that it has already deployed seven products, and two of them have secured orders from multiple customers. It also points out that it will continue to push key products through validation and introduction with customers at major domestic packaging and testing plants, while actively developing new key customer groups.

For high-end wafer photoresist for lithography, Dinglong shares has already put some capacity in place. Specifically, the Phase I plant of 30 tons per year of KrF/ArF high-end wafer photoresist for lithography in Qianjiang is already in operation. The main plant buildings and supporting facilities for the Phase II production line with 300 tons per year of KrF/ArF high-end wafer photoresist for lithography have been completed.

In its 2025 annual report, Dinglong shares indicates that its high-end wafer photoresist for lithography and semiconductor advanced packaging materials business are still in the early stage of market development and volume ramp-up, not yet profitable, and that continued investment to a certain extent affects the level of attributable net profit in this reporting period. The announcement shows that in 2025, the company’s R&D investment totaled 519M yuan, accounting for as much as 14.19% of revenue.

It should be noted that, besides its semiconductor materials and chips business, Dinglong shares has also recently planned to “enter” the lithium-battery segment that has returned to favor in recent years.

On January 26, Dinglong shares announced that it intends to acquire 70% of the equity of Haofei New Materials for 630 million yuan. The latter is a producer of dispersants for new-type lithium batteries, with a layout and R&D of multiple functional dispersants, binders, and other functional processing auxiliary materials.

According to the announcement, Haofei New Materials’ unaudited revenue for the first 11 months of 2025 was approximately 480 million yuan, with an overall valuation of 900 million yuan. Some analysis suggests that the valuation multiple for the acquisition of PE in this transaction will not exceed 10x, and after completion, it may increase the company’s net profit.

Ruijun and Xingquan-side funds**“Meetings”**

Recently, Dinglong shares saw a sharp rise in its stock price, becoming a focus in the capital market. Stepping out of the day-to-day surge perspective, it has already established a long bull pattern. Since 2023, its cumulative gain is approaching 150%.

What’s interesting is that on the eve of the market move, a group of well-informed institutions had already taken positions in advance. The most representative of these is precisely the Ruijun Asset Series products managed by Dong Chengfei, as well as his former employer, the Xingzheng Global fund.

The two institutions’ first synchronized positions in Dinglong shares began in Q1 2023. Looking at the data, in that period, Xingquan Hetai and Xingzheng Global Xinghe Three-Year Holding Period increased their holdings in Dinglong shares by 1.4271 million shares and 1.0178 million shares respectively, bringing their holdings to 26.9874 million shares and 18.3238 million shares.

In the same time period, Ruijun Youfu 3 and Ruijun Youfu 1 under Dong Chengfei also entered Dinglong shares as new holders among the top ten tradable shareholders, holding 7.6323 million shares and 7.0633 million shares respectively. And in that quarter, Dinglong shares’ stock price performed strongly, with cumulative gains of more than 15%.

After the first round of synchronized entry, the timing of their rebalancing began to diverge and, in Q2 2023, the two staged inverse operations. At that time, Xingquan funds cashed out profits when the stock price was high. Xingquan Hetai and Xingzheng Global Xinghe Three-Year Holding Period reduced their holdings by 7.41M shares and 5.3844 million shares respectively. On the other side, Ruijun Youfu 1 chose to modestly add shares against the trend, increasing its holdings by 10% to 7.9633 million shares, while Ruijun Youfu 3 did not appear among the top ten tradable shareholders.

After that, Ruijun and the Xingquan side repeatedly “met” each other in the shareholder list of Dinglong shares.

In Q2 2025, Dinglong shares’ stock price fell into sideways consolidation. Again, both sides carried out operations that were strikingly opposite. The Xingquan side added shares against the trend: Xingquan Hetai increased its holdings by 911,800 shares, bringing its holdings to 13.7337 million shares; Xingzheng Global Xinghe Three-Year Holding Period also simultaneously increased its holdings by 730.5k shares, with the latest holdings at 11.2194 million shares. Meanwhile, Ruijun assets started its exit rhythm: Ruijun Youfu 1 exited the top ten tradable shareholders of the company, completing a phase of reducing its position.

Only one quarter later, the two sides reversed their actions again in Q3 2025. The Xingquan side turned to reducing holdings: Xingquan Hetai reduced its holdings by 2.9 million shares, and Xingzheng Global Xinghe Three-Year Holding Period directly faded out of the top ten tradable shareholders. Ruijun Youfu 1, however, re-entered the rankings and took back the chips to lay out anew.

From an overall retrospective view, from Q2 2023 to Q3 2025, Dinglong shares’ stock price mainly moved within a range of volatility. During this cycle, Xingzheng Global and Ruijun assets long exhibited an inverse trading pattern, which carries a strong sense of “hedging”.

And as, at the current stage, Dinglong shares has started its primary upswing and market sentiment has surged, the two institutions have returned to synchronized operations again, collectively moving to lock in profits. Data show that in Q4 2025, Xingquan Hetai was the first to reduce its holdings by 70,000 shares, with ending holdings of 10.75560,000 shares; Ruijun Youfu 1** also has exited the company’s top ten tradable shareholders, completing the reduction.**

****“Former employer”****and “Little Xingquan”

In fact, Dong Chengfei’s frequent “meetings” with the Xingquan fund are inseparable from his past experience within the Xingquan fund.

Over the years, Dong Chengfei has deeply worked within the Xingquan fund system, and after going on his own as a private fund manager, the frequent “interactions” with his former home were planted with key seeds in advance.

Not only Dinglong shares—since 2024, Ruijun Youfu 1** managed by Dong Chengfei has continued to appear on the lists of the top ten tradable shareholders of multiple A****-share listed companies, such as Hailan Home, Bull Group, and Chipone Micronics, and it has repeatedly staged coordinated trades together with the Xingquan side.**

Taking Hailan Home as an example, at the end of 2021, Xingquan Trend and Xingquan New Vision—once controlled by Dong Chengfei—entered Hailan Home with 36.1958 million shares and 40.4470 million shares respectively. After just one quarter, Ruijun Wenshang (Ruijun Benefit) quickly moved in. At the same time, the Xingquan-side funds also made large increases in holdings. In Q2 2022, Ruijun Wenshang exited the top ten shareholders, while Xingquan New Vision also reduced its holdings in sync.

Time moved to Q2 2025, and once again, the two sides “met” at Hailan Home. At that time, Ruijun Wenshang, having newly entered in Q1 2024 in a big way, was gradually reducing its holdings. Xingquan Trend, after newly entering in Q2 2025, again exited the top ten shareholders in Q3.

In addition, in Q1 2024, Ruijun Youfu 1 newly entered Bull Group and became the tenth-largest shareholder. In the same period, while being managed by Xie Zhiyu, Dong Chengfei’s former public offering colleague, Xingquan Yiyi and Xingquan Heyun were continuously reducing their holdings. Before less than a quarter passed, Ruijun Youfu 1 exited Bull Group.

It is necessary to emphasize that the highly synchronized trading rhythm between Ruijun assets and Xingzheng Global over the long term is not attributable solely to Dong Chengfei alone.

Long before Dong Chengfei joined Ruijun assets, the two core founders of this institution—Du Changyong and Wang Xiaoming—were already the early generation veterans of the Xingquan fund itself. In 2003**, the two were dispatched by Industrial Bank to participate in setting up the predecessor of the Xingquan fund, Industrial Fund, and in 2004****, they jointly managed Xingquan’s first public offering fund, the Xingquan Convertible Bonds. This fund also became the pioneer of convertible bond funds in China.**

In 2014, Wang Xiaoming was the first to leave the Xingquan fund and founded Xingju Investment. The following year, Du Changyong also left the Xingquan fund and founded Ruijun assets. Between 2017 and 2018, Ruijun assets and the Xingquan side already displayed coordinated “enter together, exit together” characteristics in investment operations involving Morning Light shares. In 2020, the private funds under the two parties completed a merger, setting a historical record for private fund mergers in China, and Ruijun assets also rose instantly into the industry’s top-tier ranks.

With Ruijun assets’ development up to the present relying on the early generation veterans of the Xingquan side, the phenomenon of coordinated investments between the two may continue in the future.

责任编辑 | Zhang Boran