A notable private equity leader has recently made a significant investment move that has captured the market's attention. Qiu Guolu, Chairman of Gaoyi Asset Management, has emerged as a key participant in the latest private placement by semiconductor testing equipment maker Jingzhida.
Jingzhida recently announced the completion of its private placement fundraising, successfully securing a total of 2.857 billion yuan. The offering comprised 7.6175 million shares at a price of 375 yuan per share. According to the company's statement, the newly raised capital will be strategically directed toward the industrialization of semiconductor memory testing equipment, the research and development of high-end chip testing tools, and the pursuit of cutting-edge technological breakthroughs. Upon project completion, this initiative is expected to significantly bolster Jingzhida's research and innovation capabilities along with its large-scale production capacity within the high-end semiconductor testing and inspection equipment sector. Furthermore, it will strengthen the company's financial standing and continuously enhance its core competitiveness and profitability.
The final allocation list for this private placement includes 22 institutional investors. A diverse group of prominent entities has subscribed, including multiple public funds such as Lorde Fund, China Universal Fund, Caitong Fund, and E Fund. The list also features major institutions like Zhonghui Life Insurance, Huatai Asset Management, UBS AG, Shenwan Hongyuan Securities, and Huaan Securities Asset Management.
Of particular interest is the presence of the Jinyang (Gaoyi Guolu No.1 Chongyuan Fund), a private fund managed by the well-known private equity veteran Qiu Guolu. This fund was allocated 213,000 shares in the placement, with the total subscription amount reaching approximately 80 million yuan. Additionally, private fund products under Yiluo Fund and Yuanfeng Fund also participated and successfully secured allocations.
Jingzhida is recognized as a leading innovative enterprise in China's semiconductor testing and inspection equipment industry. The company specializes in semiconductor memory testing and new display device inspection, offering systematic, full-station testing solutions to a global clientele. Its current semiconductor testing solutions primarily target memory sectors like DRAM, covering bare die electrical performance and functional testing during the wafer manufacturing stage, as well as chip particle electrical parameter testing, functional testing, aging testing, and repair during the packaging and testing phase.
Since the beginning of this year, Jingzhida has signed significant orders totaling 2.887 billion yuan, a figure that is 2.6 times its projected total revenue for the full year of 2025. This underscores the persistently strong demand for semiconductor testing equipment. Tianfeng Securities noted that Jingzhida, with its deep focus on semiconductor testing and display inspection equipment, is benefiting from accelerated domestic substitution and downstream capacity expansion, leading to continued growth in high-end testing machine shipments. The company has achieved full-process coverage across the front, middle, and back ends in the new display inspection field, building a solid technological "moat." In the semiconductor memory testing sector, it has made breakthroughs across the entire DRAM process, presenting vast opportunities for domestic substitution.
Despite recent market turbulence and rapid sector rotation in the A-share market, numerous private equity institutions continue to actively monitor and position themselves for AI-related investment opportunities. Xingshi Investment stated that in the second quarter, accelerated capital expenditure by domestic internet giants and faster-than-expected growth in cloud business revenue have confirmed the robust demand for AI. With the development of open-source ecosystems for domestic large models and the deepening implementation of applications, the sustainability of AI demand has some support. During August's tech sector recovery, internal performance divergence has intensified. While the AI industry's positive trend continues with evolving model capabilities and AI ecosystems, the next blockbuster application scenario beyond coding has yet to be clearly defined. At this stage, there is a need to focus on leading enterprises that possess genuine innovation capabilities, core technologies, and higher growth certainty.
In the realm of new technologies, Huaxia Future Capital indicated it will use AI as its core focus, concentrating on on-device hardware (consumer electronics) and applications (software), while also paying attention to spillover investment opportunities from AIDC-related computing power. Sectors with strong industrial logic, such as domestic computing power, humanoid robots, innovative drugs, and national defense and military industry, are expected to show rotational dynamics in a high-risk-appetite environment, with opportunities lurking amidst volatility.
Regarding specific allocation strategies, Yingfeng Capital stated it will hunt for Alpha opportunities along three main lines: the AI computing hardware supply chain, high-end copper materials, and the fulfillment of military orders. In the optical communications sector, Yingfeng Capital judges that the medium-term investment theme will shift from "high-speed optical module rate iteration" to "optics into the cabinet + polarization-maintaining fiber + CPO/NPO scaling." Manufacturers with the capabilities for mass-producing panda-type polarization-maintaining fiber and precision FAU assembly processes are poised to enjoy both valuation re-rating and earnings upgrades.