Zhang Jianping Exits Kexiang Shares’ Top Shareholders as His Wife Builds a Stake

Highlights

Kexiang Shares (科翔股份, 300903.SZ) reported that Zhang Jianping (章建平), a well-known individual investor, was no longer among its ten largest shareholders as of September 30, 2026. He had held 9.4618 million shares, or 2.17%, at June 30. The available information does not establish whether he sold his entire position or reduced it below the top-ten threshold; estimates based on the quarter’s share-price range put the value of shares he sold at no less than RMB 175 million. His wife, Fang Wenyan (方文艳), entered the top ten with 7.1016 million shares. The company also reported a sharp third-quarter earnings recovery, with all first-three-quarter profit attributable to the third quarter.

Sentiment Analysis

• The article conveys a mixed financial picture. Kexiang Shares posted strong revenue growth and returned to profitability over the first three quarters, while the third-quarter results were especially pronounced after a first-half net loss.
• Investor positioning is uncertain rather than definitive: Zhang Jianping disappeared from the top-ten list, but the disclosure does not prove that he fully exited. His wife’s new position and other investors’ changes add context without establishing a unified view among major holders.
• The share-price history is volatile. The stock rose substantially in the first half, then declined sharply between June 23 and August 3, before closing higher on October 16. These movements, alongside an increase in shareholder accounts, may indicate heightened market interest, but do not establish future performance.
• Overall sentiment is mixed, with positive operating figures offset by price volatility and uncertainty about investor decisions. The article is descriptive and includes no investment recommendation.

Article Text

Kexiang Shares disclosed its third-quarter report on the evening of October 16, 2026. The report showed that Zhang Jianping, often described in Chinese financial coverage as a prominent individual investor, was no longer listed among the company’s ten largest shareholders as of September 30. The company’s earlier disclosure had shown that he held 9.4618 million shares at June 30, equal to 2.17% of the company, making him its seventh-largest shareholder and a new entrant to the list for that quarter.

The third-quarter list ended with investor Zhang Yaokun (张耀坤), who held 5.3957 million shares, or 1.24%. Because Zhang Jianping no longer appeared in the top ten, the disclosed information does not show whether he sold his entire holding or reduced it below the amount held by the shareholder at the bottom of the list. During the third quarter, Kexiang Shares traded as high as RMB 115.96 per share and as low as RMB 43.17 per share. Using that range, reports estimated that the value of shares Zhang Jianping sold was at least RMB 175 million. This is an estimate based on the price range, not a confirmed transaction value.

Fang Wenyan, Zhang Jianping’s wife, entered the top-ten list during the third quarter as the company’s eighth-largest shareholder. She held 7.1016 million shares, with a reported holding value of approximately RMB 655 million. The report said all of her shares were held through a customer margin-trading and securities-lending account at Guotai Haitong Securities (国泰海通证券); her ordinary securities account held 0 shares. Zhang Jianping’s shareholding structure in the company’s half-year report was similar: his entire position was held through the same type of customer account, with 0 shares in an ordinary securities account.

The article also noted a comparable change in Zhang Jianping’s disclosed position in Zhongji Innolight (中际旭创). He entered that company’s top ten tradable shareholders in the second quarter of 2026, with 5.9348 million shares, or 0.53%. In September, Zhongji Innolight announced that, as of August 31, he was no longer among either its ten largest shareholders or its ten largest shareholders of unrestricted shares.

Several other significant investors changed their holdings in Kexiang Shares. Pan Yuhong (潘宇红) increased the position by 10 million shares during the third quarter, bringing the total to 20 million shares, or 4.59%, and moving into third place. Wang Xiao’an (王孝安) added 4.5 million shares, taking the holding to 19.5 million, or 4.48%, while remaining fourth. Wu Bohong (伍伯宏) added 615,600 shares and held 12.3356 million, or 2.83%, moving down to sixth place. Chen Jun (陈君), who had held 6.5 million shares, or 1.49%, at June 30, was no longer on the list. Zhang Yaokun entered at tenth.

The operating results showed a strong improvement. In the first three quarters, Kexiang Shares recorded revenue of RMB 3.979 billion, up 45.92% year on year, and net profit attributable to shareholders of RMB 244 million, compared with a loss in the year-earlier period. Third-quarter revenue was RMB 1.850 billion, up 100.90% year on year, while attributable net profit was RMB 311 million, also representing a return to profit. The half-year report had recorded an attributable net loss of RMB 66.3792 million. Consequently, the company’s entire reported profit for the first three quarters came from the third quarter.

The number of ordinary shareholders also rose during the quarter. At September 30, the company had approximately 35,600 ordinary shareholders, compared with 34,800 at the end of the second quarter, an increase of approximately 2.25%.

Kexiang Shares operates in the printed circuit board, or PCB, industry. It develops, manufactures, and sells high-density printed circuit boards and offers products including multilayer boards, high-density interconnect boards (HDI), thick-copper boards, high-frequency and high-speed boards, metal and ceramic substrates, IC substrates, and rigid-flex boards. The company identifies automotive electronics, high-end consumer electronics, new energy, communications equipment, industrial control and medical equipment, smart terminals, optical modules, and servers among its application areas.

The stock’s price moved sharply during the year. It reached a record high of RMB 116.88 per share on June 23, after gaining more than 470% between January 5 and June 23. It subsequently fell by more than 60% from June 23 to August 3. On October 16, Kexiang Shares closed at RMB 89.92 per share, up 3.48% for the day. Its latest market capitalization was RMB 39.15 billion, and its cumulative gain for the year was 366.15%. The source report states that its content is not investment advice and that investors bear the risks of acting on it.

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