Farsoon's Placement Cut Funds the Printers and Haircuts the Service Factory

RMB 3.91 billion requested in April. RMB 2.94 billion on the table in October. Of the three projects, one kept every yuan. Farsoon's revised placement puts a split into plain numbers. Printer capacity backed by booked sales is funded in full. A services factory built on a projection has to find a large share of its money somewhere else.

Where Farsoon's RMB 970 Million Reduction Landed

Farsoon Technologies' board approved the adjusted 2026 placement on October 8. The ceiling falls from RMB 3.91 billion to RMB 2.94 billion, and the share issuance cap is set at about 125 million shares (Company announcement, reported by STNN, Oct 8, 2026). The cut comes to roughly RMB 970 million, and the three projects did not share it equally.

The April plan divided the money three ways. Advanced equipment capacity was to get RMB 1.075 billion, the AM comprehensive service platform RMB 2.356 billion, and a global operations center RMB 478 million (Analyst commentary, Eastmoney, May 22, 2026). Financial portal JRJ summarized the October 8 announcement the same day. According to JRJ, the equipment project keeps its full allocation, the services platform now draws about RMB 1.51 billion, and the operations center about RMB 352 million.

The board's stated reason was shareholder authorization and the company's “actual circumstances.” That wording explains nothing, but the allocation does. The project built on machines Farsoon already sells came through untouched. The project built on parts Farsoon has not yet sold took most of the cut.

From a 60% Services Bet to Half of a Smaller Raise

Our August roundup reported the exchange's acceptance of the original plan. At that point the services platform was the centerpiece, with about 60% of proceeds. Analysts presented the raise as Farsoon moving from selling equipment to delivering equipment, materials, process, printing services and global delivery as one platform.

On JRJ's figures, the platform is now about 51% of a smaller raise and is funded to roughly 64% of its own budget. That leaves a gap of about RMB 843 million. Farsoon will have to cover it from operating cash or bank debt, or build a smaller first phase.

Equipment's share of the raise rises from about 27% to about 37% without gaining a yuan. The mix changed because services shrank.

This is not a pricing story. The share cap barely moved, so the revision does not point to weaker expectations for the share price. Attention on the company keeps rising regardless. Our news pipeline logged 25 items from companies matching “Farsoon” in the last 180 days, against 9 in the 180 days before that. The count matches on company name only, so it is not a census of all coverage.

Farsoon's Printer Revenue Earned Its Full Allocation

The 2025 segment figures show why. Equipment and accessories brought in RMB 554 million, up 38.10%, at a 42.62% gross margin. Printing services only started producing revenue in 2025 and delivered about RMB 84 million at a 38.60% margin (Broker research, Guohai Securities via Gelonghui, Jun 9, 2026). The same report cites company figures showing more than 800 metal machines sold worldwide.

So the services platform asked public investors to fund a business less than a sixth the size of the printer line, at a lower margin, on the strength of modeled future volumes. The equipment project asked them to fund more of what customers already buy.

The first half of 2026 pointed the same way. Revenue rose 42.27% to RMB 341 million, and the company credited significantly higher printer sales. Attributable net profit, however, was only RMB 8.43 million (Interim report, reported by Xinhua Finance/cnfin, Aug 11, 2026). Demand for the machines is real. Profit at that level cannot easily cover an RMB 843 million gap.

BLT's 2023 Raise as the Yardstick for Farsoon

Farsoon has raised money on the STAR Market before. Its 2023 IPO funded a machine maker's first-generation capacity and R&D. The 2026 plan was the company's first attempt to make services the main use of proceeds. The October revision is also the first change of substance to that plan since it was filed in April.

Bright Laser Technologies is the closer precedent. BLT's private placement raised about RMB 3.03 billion, all of it received on December 5, 2023 (Regulatory filing, Shanghai Securities News, May 9, 2026). BLT raised the full amount for an integrated parts-manufacturing model it was already running at scale. Farsoon is trying to build its services side from an RMB 84 million base.

BLT's filings also show how slowly placement money becomes running capacity. On March 26, 2026, more than two years after the funds arrived, BLT's board authorized up to RMB 700 million of temporarily idle proceeds for cash management. In May, the board ratified cash-management use that had gone beyond that authorization. Anyone weighing Farsoon's projection had a recent local example of capacity money still sitting in cash-management products.

Who Pays for Farsoon's Remaining RMB 843 Million

Any route other than placement equity likely slows the services build compared with the April plan, and with it the 3C titanium part production the platform is aimed at. The demand case for that production rests on Apple's confirmed use of 3D-printed titanium in Apple Watch Ultra 3 and Series 11 cases. How fast Farsoon can fund its platform therefore affects how fast Chinese capacity for that work comes online.

The competitive effect is narrower. Farsoon will probably keep selling printers to third-party service bureaus rather than displacing them quickly. The discount here is milder than the one 3DEO's insolvency exposed in metal service-bureau economics. Still, it comes from the same doubt about whether service output will arrive as projected.

Why Farsoon's Cut May Be Review Mechanics, Not a Verdict

There is a real case against this reading. The board gave no reason for the cut, and trims during STAR review often come from removing working-capital items or deducting recent financial investments, not from a judgment on a project's merits. The RMB 2.356 billion project budget may stay as it is, with Farsoon funding the gap itself.

The two projects also depend on each other. Farsoon plans to equip its own service fleet from the expanded printer capacity, so the fully funded equipment project still moves the services build forward.

Technology is not the weak point. Our patent linkage associates 46 active patent records with Farsoon, and because it matches on names, that count undercounts subsidiaries. What remains unsettled is how the services factory gets financed.