Piano recently announced the termination of its share subscription agreement with Qingdao Chuxin Gongchuang Technology Co., Ltd., switching to a full underwriting by its controlling shareholder, Hangzhou Chuxinwei Technology Partnership. The total fundraising amount remains capped at 395 million yuan. The pricing base date has been changed from a fixed price of 11.43 yuan per share to 80% of the average price on the issue launch date, and the subscriber has shifted from an external investor to the controlling shareholder. Hangzhou Chuxinwei only completed its takeover of Piano's control three months ago, and the new owner has been in place for less than 100 days before the private placement plan underwent a major overhaul. The company's main business continues to incur losses, with an estimated non-recurring net loss of 32.36 million to 34.29 million yuan in the first half of 2026, widening further from the same period last year, and only a one-time gain from the disposal of its Tianjin subsidiary's assets has been used to dress up the financial statements. The proceeds from this private placement will be entirely used to repay bank loans and replenish working capital, which market participants view as a short-term bailout by swapping equity for debt, with clear shortcomings in medium- to long-term competitiveness investment.
Guangdong Piano Customized Furniture Co LtdPrivate placement overhaul and widening losses signal financial distress
Suofeiya Home Collection Co Ltd