Hefei State Capital Steps In with Over ¥2.9 Billion to Seize Control of Display Giant—Despite Nearly ¥10 Billion Losses in 3 Years

On November 9, 2025, Visionox announced that it is preparing to issue A-shares to designated investors. Once the issuance is complete, the company’s controlling shareholder will shift to Hefei Jianshu Investment Co., Ltd., and its actual controller will become the People’s Government of Shushan District, Hefei.

Hefei Jianshu already holds 11.45% of Visionox. Under the new plan, Visionox intends to issue 419 million shares to Hefei Jianshu at an offering price of RMB 7.01 per share, with total proceeds not exceeding RMB 2.937 billion. Upon completion, Hefei Jianshu’s stake will increase to 31.89%.

This marks yet another major step in Hefei state capital’s long-running involvement with Visionox. Back in 2018, Visionox established its Hefei subsidiary, and within just three months introduced multiple Hefei state-backed shareholders, including Heping Company, the Chip-Display Fund, and Xingrong Company.

In 2021, Hefei state entities officially joined Visionox’s shareholder structure. The company’s then-controlling shareholder, Tibet Zhihua Capital, transferred 160 million shares—representing 11.7% of Visionox’s total equity—to Hefei Jianshu. At the same time, Hefei Jianshu signed an acting-in-concert agreement with Kunshan Economic Development Co., the second-largest shareholder, resulting in Visionox becoming a company with no defined controlling owner.

Visionox traces its roots to 2001 and evolved from Tsinghua University’s OLED project team founded in 1996. The company went public in 2018 via a reverse merger with Black Cow Foods. Its core business focuses on the R&D, manufacturing and sales of small- and medium-sized OLED displays, as well as Micro-LED panels.

According to CINNO Research, Visionox held an 11.2% share of the global AMOLED smartphone display market in 2024, ranking third worldwide and second in China. DSCC data shows that Visionox led the global AMOLED wearable display market in 2024 with a commanding 27% shipment share.

Financially, however, the company has faced continued pressure. From 2022 to 2024, Visionox reported revenues of RMB 7.477 billion, RMB 5.926 billion and RMB 7.929 billion, while net losses totaled RMB 2.066 billion, RMB 3.726 billion and RMB 2.505 billion, respectively.

In the first three quarters of 2025, the company posted revenue of RMB 6.051 billion, up 3.5% year-on-year, yet recorded a net loss of RMB 1.623 billion—still an improvement of 9.67% compared with the prior year. Summed across the last three full years plus 2025’s first three quarters, Visionox has accumulated more than RMB 9.9 billion in losses.

For Q3 2025 alone, revenue reached RMB 1.93 billion, a slight 0.85% increase year-on-year, while net loss narrowed to RMB 561 million, improving 9.55%.

Despite sustained losses, Visionox continues to bet big on new capacity. In August 2024, the company partnered with the Hefei Municipal Government to build and operate an 8.6-generation flexible AMOLED production line with a massive total investment of RMB 55 billion. Of this, RMB 33 billion will come from equity investment and RMB 22 billion from debt financing. The project will be led by Visionox’s wholly owned subsidiary, Hefei Guoxian Technology Co., Ltd.

In the capital market, Visionox shares closed at RMB 8.47 on October 31, the last trading day before suspension, giving the company a latest market value of roughly RMB 11.83 billion.