Chinese FPGA leader, Shanghai Anlu Information Technology (Anlu Tech), faces significant turmoil as seven key institutional shareholders, including the National Integrated Circuit Industry Investment Fund (Big Fund), have simultaneously announced plans to sell their stakes. The group intends to collectively divest up to 4% of the company's total shares.
This exodus coincides with a continued deterioration in the company's financial performance. Anlu Tech's latest earnings forecast projects 2025 revenue to fall 15.6%-21.8% year-over-year to between 510-550 million yuan, with net loss attributable to shareholders widening to 230-280 million yuan. The company has now reported losses for three consecutive years, with revenue shrinking significantly from its 2022 peak.
While Anlu Tech attributes the downturn to cyclical demand fluctuations and high R&D investment, the coordinated shareholder retreat signals eroding confidence. Notably, the Big Fund had already reduced its holdings twice in 2025 prior to this latest plan.
In a contrasting move just days before the earnings warning, Anlu Tech unveiled a private placement plan to raise up to 1.262 billion yuan for R&D in advanced and planar process FPGA/FPSoC chips, highlighting its attempt to invest its way out of the current slump.
ICgoodFind : The simultaneous shareholder sell-off and persistent losses at Anlu Tech underscore the acute challenges facing domestic FPGA firms. While heavy R&D investment is a necessary path forward, the company must navigate intense competition and await a meaningful market recovery.
