Farsoon Technologies' targeted A-share placement clears sponsor review ahead of Shanghai STAR Market vote

Western Securities filed the listing sponsor recommendation for Farsoon Technologies (Shanghai STAR Market: 688433), covering a planned issuance of A-shares to up to 35 qualified investors priced at no less than 80% of the 20-day average price, pending Shanghai Stock Exchange review and CSRC registration. The filing shows 2025 revenue of RMB 715.5 million, up from RMB 492.0 million in 2024, with net profit of RMB 69.0 million versus RMB 67.2 million, while Q1 2026 posted a RMB 3.7 million net loss on RMB 129.6 million revenue. Total assets reached RMB 2.85 billion as of March 31, 2026, with accounts receivable of RMB 409.6 million (57.25% of 2025 revenue) and inventory of RMB 540.1 million.

Farsoon's core lines span metal LPBF systems, polymer SLS printers, powder-handling equipment, and printing services, competing with EOS, HP, and SLM Solutions in a market where the filing flags dependence on US- and German-sourced lasers and galvanometers as a trade risk. The rising receivables ratio and large inventory balance suggest lengthening payment cycles as Farsoon scales installations, a pattern common among Chinese AM equipment makers shifting toward service revenue. If approved, the placement adds capital for capacity expansion without changing Farsoon's position in a crowded metal AM segment.