After four consecutive years of losses, Guoge Optoelectronics has terminated a non-public share offering of no more than 1.5 billion yuan; the failed bid by China-Germany Securities to act as the sponsor has come to naught.

China Economic Net, Beijing, April 4—Wog Guangdian (603773.SH) last night disclosed an announcement regarding the termination of its 2025 annual A-share stock issuance to specific investors and the withdrawal of its application documents.

On April 3, 2026, the company held the sixth meeting of the Fifth Session of the Board of Directors, which deliberated and adopted the resolution titled “On Terminating the 2025 Annual Issuance of A-Share Stocks to Specific Investors and Withdrawing the Application Documents.” The company decided to terminate the 2025 annual issuance of A-share stocks to specific investors and apply to the Shanghai Stock Exchange to withdraw the relevant documents.

Regarding the reasons for terminating the issuance to specific investors and withdrawing the application documents, Wog Guangdian stated that since the company announced its 2025 annual A-share stock issuance plan to specific investors, the company has been actively advancing various works together with relevant intermediary institutions. After comprehensively considering multiple factors, including the current external environment, the company’s actual circumstances, and its future development plans, and following full communication with all parties and a prudent analysis, the company decided to terminate the 2025 annual issuance of A-share stocks to specific investors and apply to the Shanghai Stock Exchange to withdraw the related application documents. The company will continue to closely monitor developments in the capital market, and in the future, based on its own development needs, reasonably utilize various capital-market tools to help achieve long-term, healthy development of the company.

The financing prospectus for the company’s 2025 annual A-share issuance to specific investors (draft for filing) disclosed by Wog Guangdian on November 1, 2025 shows that the total amount of proceeds for this issuance will not exceed 150,000.00 million yuan (including this figure). The net proceeds after deducting issuance expenses are intended to be invested in the following projects: the Glass-based MiniLED display backlight module project, replenishment of working capital, and repayment of bank loans.

The underwriter for this private placement by Wog Guangdian is China Germany Securities Co., Ltd., and the sponsor representatives are Li Xiang and Yao Xinghao.

As of the date the prospectus for issuance was signed, the specific investors for this issuance have not yet been determined, and therefore the relationship between the specific investors and the company cannot be determined.

Before this issuance, the company’s controlling shareholder and actual controller is Yi Weihua. Yi Weihua directly holds 64,198,300 shares of the company, accounting for 28.59% of the company’s total share capital. In addition, he indirectly controls 4.34% of the company’s shares held by Wode Investment by holding 1.89% partnership interests in Wode Investment and serving as its executive affairs partner (9,741,498 shares). Yi Weihua and Wode Investment are acting in concert. Yi Weihua cumulatively controls 32.92% of the company’s shares (73,939,798 shares) by voting rights, and is the company’s actual controller.

Wog Guangdian’s performance forecast for 2025 shows that, based on preliminary calculations by the finance department, the company expects to realize revenue for fiscal year 2025 of 240,000.00 million yuan to 270,000.00 million yuan, an expected increase of 17,916.71 million yuan to 47,916.71 million yuan compared with the same period last year, representing a year-on-year growth of 8.07% to 21.58%. The company expects net profit attributable to owners of the parent for fiscal year 2025 to be -10,000.00 million yuan to -14,000.00 million yuan. The company expects net profit attributable to owners of the parent after deducting non-recurring gains and losses for fiscal year 2025 to be -11,500.00 million yuan to -16,000.00 million yuan.

According to Wog Guangdian’s 2024 annual report, in 2024, the company’s net profit attributable to shareholders of listed companies was -1.22 billion yuan; in 2023, it was -4.5406 million yuan; and in 2022, it was -328 million yuan. Net profit after deducting non-recurring gains and losses was -137 million yuan; in 2023, it was -45.0832 million yuan; and in 2022, it was -312 million yuan.

Wog Guangdian was listed on the Shanghai Stock Exchange on April 17, 2018, with an initial public offering of 23,648,889 shares at an issue price of 33.37 yuan per share. The sponsor was ShenGong Securities Co., Ltd., and the sponsor representatives were Li Siyu and Sun Zhaoyuan.

The company raised total offering proceeds of 78,916.34 million yuan, with net proceeds of 73,817.00 million yuan. The company’s IPO prospectus shows that it originally planned to raise 738 million yuan for the TFT-LCD glass deep processing project, the special functional coating deep processing project, the research and development center construction project, and replenishment of working capital.

For Wog Guangdian’s public offering of new shares, the total issuance expenses were 50.99 million yuan (excluding value-added tax). Underwriting and sponsorship fees were 40.19 million yuan.

Pursuant to the “Approval Reply on the Non-Public Issuance of Shares by Jiangxi Wog Guangdian Co., Ltd.” issued by the China Securities Regulatory Commission (CSRC Approval No. [2022] 1497), in 2022 the company conducted a non-public issuance of 14,800,347 shares of Renminbi ordinary shares (A shares), at an issue price of 11.52 yuan per share, raising a total of 170,050.00 million yuan. After deducting underwriting and sponsorship fees of 2.80 million yuan, the proceeds were 16,770.00 million yuan. These proceeds were remitted into the company’s proceeds supervision account by Huaxi Securities Co., Ltd. on September 19, 2022. In addition, after deducting new external expenses directly related to the issuance of equity securities, such as legal fees and audit capital verification fees, and after deducting prepaid (excluding tax) sponsor fees in advance totaling 1.5894 million yuan, the net proceeds were 16,611.06 million yuan.

(Responsible editor: Cai Qing)

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