Guoke Holdings Leads Restructuring of ST Infi with 2.841 Billion Yuan Investment to Take Control
Guoke Holdings has led six restructuring investors in signing a restructuring investment agreement, planning to subscribe to ST Infi's capital reserve shares at 2.61 yuan per share, with total investment of approximately 2.841 billion yuan. After the restructuring is completed, Guoke Holdings will become the largest shareholder and gain control. ST Infi announced on the evening of September 17 that the company held a board meeting on September 16 and approved the relevant proposals. Based on the subscription price, the restructuring investors will subscribe to approximately 1.088 billion shares in total. The lead investor is Hunan Guoke Holdings Co., Ltd., and other members of the consortium include Hainan Xinchen Jingwei Technology Co., Ltd., Changsha Huashi Semiconductor Co., Ltd., Wuhan Qianchen Enterprise Management Consulting Partnership, Hubei Chuliuguang Technology Investment Partnership, and Shenzhen Zhongtou Strategic Emerging Industry Private Equity Fund Partnership. Guoke Holdings is an industrial holding platform deeply engaged in the integrated circuit sector and is the controlling shareholder of Goke Micro, holding 17.98% of its shares. In the first half of 2026, Goke Micro achieved revenue of 1.378 billion yuan, up 85.81% year on year, and net profit attributable to the parent of 196 million yuan, up 872.78% year on year. ST Infi stated that bringing in restructuring investors will inject incremental capital and leverage industrial resources to drive the transformation and upgrading of its main business toward the integrated circuit industry. The restructuring investment is tentatively set at 2.841 billion yuan, and the overall repayment rate for ordinary claims is targeted at 80%. The company is still in the pre-restructuring stage. The Shenzhen Intermediate People's Court has decided to initiate the pre-restructuring process but has not yet formally accepted the restructuring application. If the restructuring fails, there is a risk of bankruptcy declaration and delisting of the stock. On September 17, ST Infi's share price surged during trading and hit the daily limit, closing at 7.18 yuan per share, up 9.95%, with a total market value of approximately 8.6 billion yuan.
ST Yingfei Reports Net Loss of 110 Million Yuan in 2026 Interim Report, Loss Widens Year-on-Year
ST Yingfei released its 2026 interim report, with net profit attributable to the parent company at a loss of 110 million yuan, a widening of 101 million yuan compared with the same period last year. Total operating revenue was 189 million yuan, down 19.50 percent year-on-year. Net cash outflow from operating activities was 36.174 million yuan, the asset-liability ratio rose to 116.00 percent, and diluted earnings per share was negative 0.09 yuan.
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ST Infei Authorizes Director Zhang Wei to Act as Legal Representative
ST Infei announced that, given Liu Zhaohuai has resigned as chairman and legal representative, the board has decided to authorize Zhang Wei to perform the duties of legal representative, including signing major contracts, authorization documents, bidding documents, and periodic reports on behalf of the company, as well as handling other matters requiring the legal representative. The authorization lasts from the date of this board approval until a new legal representative is appointed. In the first quarter of 2026, ST Infei reported revenue of 90.29 million yuan and a net loss attributable to the parent of 19.55 million yuan.
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ST Infly first-half loss widens to 110 million yuan, revenue down 19.5% year on year
ST Infly released its 2026 interim report. First-half operating revenue was 189 million yuan, down 19.5% year on year, while net profit attributable to the parent swung from a loss of 9.62 million yuan a year earlier to a loss of 110 million yuan. Second-quarter operating revenue was 98.96 million yuan, down 24.6% year on year, and net profit attributable to the parent widened from a loss of 14.41 million yuan a year earlier to a loss of 90.82 million yuan. As of the end of the second quarter, total assets were 1.487 billion yuan, down 9.8% from the end of the previous year, and net assets attributable to the parent were negative 217 million yuan, down 92.8% from the end of the previous year. The company said its IoT product business was hit by weakening market demand, rising storage and chip prices, and intensifying competition, leading to a year-on-year decline in revenue, while it is advancing out-of-court restructuring, pre-reorganisation and reorganisation matters to address financial difficulties.
Infinova Chairman Liu Zhaohuai Resigns
Infinova announced that Liu Zhaohuai has applied for retirement due to advanced age, resigning from his positions as director, chairman, legal representative, chairman of the board's strategy and budget committee, and member of the nomination committee. After his resignation, Liu Zhaohuai will not hold any position in the company but will actively support the company's development as a shareholder.
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ST Infi Chairman Liu Zhaohuai Retires, Total Shareholding Ratio Reaches 32.43%
ST Infi announced that Chairman Liu Zhaohuai has applied for retirement due to advanced age, resigning from his positions as director, chairman, legal representative, and other roles. He will no longer hold any position in the company but will support its development as a shareholder. As of the announcement date, Liu Zhaohuai directly holds 195 million shares of the company and indirectly controls 193 million shares through JHL INFINITE LLC, with a total shareholding ratio of 32.43%, of which the voting rights ratio is 20.27%. In the first quarter of 2026, ST Infi achieved revenue of 90.29 million yuan and a net loss attributable to the parent company of 19.55 million yuan.
Huachangda Chairman Li Defu Faces Proposed 1.1 Million Yuan Fine Over ST Infi Information Disclosure Violations
Huachangda Chairman Li Defu has received an advance notice of administrative penalty from the Shenzhen Securities Regulatory Bureau in connection with ST Infi's information disclosure violations. He is proposed to be given a warning and fined 1.1 million yuan. Investigations found that ST Infi's wholly owned subsidiaries Infi Systems and Xinpu Interconnect inflated revenue and profit in 2019 and 2020 through fictitious projects and premature revenue recognition. This led ST Infi to overstate 2019 revenue by 492 million yuan and total profit by 84.36 million yuan, and 2020 revenue by 378 million yuan and total profit by 48.13 million yuan, resulting in false records in the relevant annual reports. Li Defu, who served as ST Infi's deputy general manager and chief financial officer at the time, has been identified as another directly responsible person. Huachangda announced that this penalty is unrelated to the company. Li Defu has been serving as chairman since December 16, 2022, is currently performing his duties normally, and the matter does not affect the company's production and operations. Huachangda's share price has fallen 42.95 percent this year, closing at 3.48 yuan per share on July 21, giving it a total market value of 4.92 billion yuan.
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ST Infi expects net loss attributable to parent of 85 million to 98 million yuan in first half of 2026
ST Infi disclosed its earnings forecast, expecting a net loss attributable to the parent of 85 million to 98 million yuan in the first half of 2026, compared with a loss of 9.6225 million yuan in the same period last year, a significant widening of the loss. The company's net loss after deducting non-recurring items is expected to be 55 million to 68 million yuan, compared with a loss of 23.1541 million yuan in the same period last year. Basic loss per share is expected to be between 0.0709 yuan and 0.0818 yuan. The change in performance is mainly due to a slight year-on-year decline in revenue scale and gross profit margin caused by insufficient working capital, and the absence of a large reversal of credit impairment losses on a single project that occurred in the same period last year. Non-recurring items are expected to affect net profit by approximately 30 million yuan. The company stated that it has achieved a significant year-on-year reduction in expenses through cost reduction and efficiency improvement, and the operating loss excluding non-recurring items has narrowed year-on-year.
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