The "Hefei System" state-owned assets have taken action, investing over 2.9 billion yuan in cash to gain control of a display screen giant! The investment target has incurred nearly 10 billion yuan in losses over the past three years

On November 9, 2025, Visionox announced that the company is planning to issue A-shares to specific targets. If the issuance is completed, the company's controlling shareholder will change to Hefei Jianshu Investment Co., Ltd., and the actual controller will change to the People's Government of Shushan District, Hefei City.

Previously, Hefei Jianshu already held 11.45% of the company's shares. This time, Visionox plans to issue 419 million shares to Hefei Jianshu at an issuance price of 7.01 yuan per share, with a total fundraising amount not exceeding 2.937 billion yuan. After the issuance is completed, Hefei Jianshu's shareholding ratio will increase to 31.89%.

In fact, Hefei State-owned Assets had invested in Visionox as early as 2018. In September of that year, Visionox established Hefei Visionox, and just three months later, it introduced three Hefei state-owned shareholders: HePing Company, XinPing Fund, and XingRong Company.

Subsequently, in 2021, Hefei State-owned Assets officially acquired shares in Visionox. Visionox's controlling shareholder, Tibet Zhihe Capital Management Co., Ltd., signed an agreement with Hefei Jianshu to transfer 160 million shares to it, accounting for 11.7% of the total shares of the company. At the same time, Hefei Jianshu signed a "Joint Action Agreement" with the second-largest shareholder, Kunshan Economic Development Company. After the equity change is completed, the company will become an enterprise without an actual controller.

According to information, Visionox was established in 2001, originating from the OLED project team established at Tsinghua University in 1996. In 2018, the company went public by "backdoor listing" through Heiniu Food. The company's main business is the research and development, production, and sales of OLED small and medium-sized display devices, as well as Micro-LED displays.

Source: Visionox official website

According to CINNOResearch data, Visionox's global market share of smartphone AMOLED panels in 2024 is 11.2%, ranking third globally and second domestically. DSCC data shows that in 2024, Visionox ranked first globally in the AMOLED smart wearable panel market with a shipment share of 27%.

In terms of performance, Visionox achieved revenues of 7.477 billion yuan, 5.926 billion yuan, and 7.929 billion yuan from 2022 to 2024, with net profits of -2.066 billion yuan, -3.726 billion yuan, and -2.505 billion yuan, respectively.

In the first three quarters of 2025, the company's main revenue was 6.051 billion yuan, an increase of 3.5% year-on-year; the net profit attributable to the parent company was -1.623 billion yuan, a year-on-year increase of 9.67%. Based on this calculation, the company's cumulative losses in the first three years and the first three quarters of this year exceeded 9.9 billion yuan. In addition, in the third quarter of 2025, the company's single-quarter main revenue was 1.93 billion yuan, an increase of 0.85% year-on-year; The net profit attributable to the parent company for the single quarter was -561 million yuan, a year-on-year increase of 9.55%, with losses narrowing.

Despite consecutive years of losses, the company is still betting on new production lines. In August 2024, Visionox will collaborate with the Hefei Municipal Government to establish and operate a production line for 8.6-generation flexible active matrix organic light-emitting display devices, with a total investment of 55 billion yuan, including 33 billion yuan in equity investment and 22 billion yuan in debt financing, using Visionox's wholly-owned subsidiary Hefei Guoxian Technology Co., Ltd. as the investment, construction, and operation platform.

In the secondary market, as of the last trading day before suspension (October 31), the company's stock price closed at 8.47 yuan per share, with a latest market value of approximately 11.83 billion yuan.

Article authors: Xu Shaohang, Du Hengfeng, Source: Daily Economic News, Original title: "Hefei System State-owned Assets Step In, Investing Over 2.9 Billion Yuan in Cash to Acquire Control of Display Screen Giant! Investment Target Has Lost Nearly 10 Billion Yuan in Over 3 Years"

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