In-depth Analysis of SDIC Hi-Tech's Share Reduction in RHT (688323.SH)

According to the latest announcement, SDIC Hi-Tech Investment Co., Ltd. (referred to as “SDIC Hi-Tech”), a shareholder of RHT (688323.SH), plans to reduce its holdings of no more than 1.8 million shares of the company (accounting for 1.00% of the total share capital) through centralized bidding from January 23 to April 22, 2026[1][2][3].

• Reducing Shareholder
  : SDIC Hi-Tech Investment Co., Ltd.
• Shareholding Ratio
  : 10.4167% (holds 18.7501 million shares)
• Reduction Quantity
  : No more than 1.8 million shares (1% of total share capital)
• Reduction Method
  : Centralized bidding transaction
• Reduction Period
  : January 23 to April 22, 2026 (3 months)
• Share Source
  : Acquired before the initial public offering
• Reduction Reason
  : Needs for its own business development[1][2][3]

SDIC Hi-Tech Investment Co., Ltd. is an important subsidiary of State Development & Investment Corp. (SDIC Group) engaged in comprehensive investment business[4][5].

1. Central Enterprise Background
   : As the high-tech investment platform of SDIC Group, it has a strong central enterprise shareholder background and resource advantages[4][5]
2. Investment Field
   : Focuses on high-tech industry investment, covering strategic emerging industries[4]
3. Investment Scale
   : According to historical data, the annual investment scale of SDIC Hi-Tech and its managed funds can reach billions to tens of billions of yuan[5]

“Needs for its own business development” is a common standard statement for shareholder reduction, which may specifically include:

• Capital Return Demand
  : As an investment institution, it needs to monetize part of its investments to support other project investments or optimize asset allocation
• Investment Cycle Management
  : Shares acquired before IPO have been held for a long time, which belongs to the normal investment exit rhythm
• Capital Turnover
  : Central enterprise investment institutions also have capital liquidity management needs; the proceeds from reduction can be used for other strategic investments

Based on current market data calculation[0]:

Indicator	Value
Current Stock Price	22.95 yuan
Maximum Reduction Quantity	1.8 million shares
Maximum Reduction Amount	Approximately 41 million yuan
Total Share Capital	Approximately 180 million shares
Total Market Value	Approximately 4.13 billion yuan

: This reduction accounts for only 1% of the total share capital and about 9.6% of SDIC Hi-Tech’s shareholding (1.8 million / 18.75 million), which is relatively moderate.

Based on the past 30 days’ transaction data calculation[0]:

• Average Daily Trading Volume in Past 30 Days
  : Approximately 12.38 million shares
• Average Daily Turnover Rate
  : 6.88%
• Reduction Period
  : Approximately 90 trading days
• Assumed Average Daily Reduction Volume
  : Approximately 20,000 shares
• Ratio to Average Daily Trading Volume
  : Only about 0.16%

: The average daily reduction volume accounts for only 0.16% of the average daily trading volume, so the direct impact on the market is very limited.

RHT’s stock price performed brightly in 2025[0]:

Time Period	Change Rate
Past 1 Month	+44.43%
Past 3 Months	+46.74%
Year-to-Date	+86.59%
52-Week High	25.70 yuan
Current Price	22.95 yuan

:

• Price-to-Earnings Ratio (P/E): -57.92 times (negative value; the company is currently in a loss state)[0]
• Price-to-Book Ratio (P/B): 5.46 times[0]
• Current price is in the 52-week high range (only about 10% away from the highest point)[0]

:

• After the stock price rose sharply this year, the shareholder chose to reduce holdings moderately to partially realize investment returns, which belongs to normal capital operation
• The current valuation level is not low (P/B ratio of 5.46 times); the shareholder’s reduction may reflect its view on the current valuation

According to research institutions’ analysis of STAR Market reduction behavior[6][7]:

• Relationship Between Reduction Scale and Stock Price
  : The net reduction scale of STAR Market was highly correlated with the解禁 scale in the early stage of opening, and later mainly affected by valuation factors[6]
• Impact of Reduction Method
  : Centralized bidding reduction has a slightly greater impact on stock price than inquiry transfer, but agreement transfer has the smallest impact[7]
• “Stabilizer” Role
  : Industrial capital reduction often plays a “stabilizer” role in stock prices, i.e., reducing holdings when the stock price is overvalued helps to suppress bubbles[6]

• Negative Signal
  : Shareholder reduction may be interpreted by the market as internal shareholders’ cautious view on the company’s prospects, which may cause short-term emotional pressure
• Selling Pressure Expectation
  : Although the actual reduction volume is small, the market may expect further reduction pressure in the future, affecting short-term buying意愿
• Technical Impact
  : The current stock price is at a 52-week high; the reduction announcement may become a catalyst for technical adjustment

RHT’s core value lies in the development prospects of its PI film business:

:

• PI film (polyimide film) is known as “plastic gold” and is a top product in the polymer material pyramid[8]
• Wide application fields: Flexible display, semiconductor packaging, 5G communication, new energy vehicles, aerospace, etc.[8][9]
• High technical barriers and large localization space

:

• In December 2025, the Phase I project of RHT (Shenzhen) Polyimide New Material Industrial Park was successfully started[8]
• The company independently masters the core technologies of high-performance PI films, including synthesis, equipment, and process technologies[9]

:

• The company is currently in a loss state (net profit margin: -18.73%)[0]
• Weak liquidity indicators (current ratio: 0.60, quick ratio: 0.46)[0]
• Negative ROE (-8.07%)[0]

:

• Broad prospects for the PI film industry and large domestic substitution space
• The company has core technologies; gradual project production is expected to improve performance
• As a STAR Market enterprise, it conforms to the national strategic development direction

:

• Performance has not been realized yet, and current valuation is not low
• Shareholder reduction may reflect cautious expectations for the company’s short-term performance
• Intensified industry competition and technical iteration risks

:

• Closely follow the actual reduction rhythm and market reaction during the reduction period
• If the stock price回调过度, it may be a medium-to-long-term layout opportunity
• Pay attention to position control and avoid chasing highs

:

• Focus on tracking the production progress and performance realization of the company’s PI film projects
• Pay attention to signals of improvement in the company’s profitability
• Evaluate the matching degree between valuation and performance growth

1. Reduction Risk
   : Although the ratio of this reduction is small, there is no possibility of other shareholders following up with reductions
2. Performance Risk
   : The company is currently in loss; if performance improvement is less than expected, valuation will be under pressure
3. Market Risk
   : The overall valuation of STAR Market fluctuates greatly and is significantly affected by market sentiment
4. Industry Risk
   : Intensified competition in the PI film industry; technical iteration may lead to changes in the industry pattern

SDIC Hi-Tech’s reduction of 1% of RHT’s shares is a moderate reduction in scale, with limited direct impact on the market. Behind the reduction, it more reflects the normal capital management and asset allocation needs of investment institutions.

Regarding the impact on stock price:

• Short-Term
  : May bring certain emotional pressure, but the substantive impact is limited
• Medium-Term
  : Impact depends on the progress of the company’s PI film business and performance realization
• Long-Term
  : The company’s fundamentals and industry prospects are the core factors determining the stock price trend

: This reduction event is more of a normal capital operation and should not be over-interpreted as a bearish signal. Investors should pay more attention to the progress of the company’s PI film projects and performance improvement, rather than over-focusing on the short-term impact of shareholder reduction.

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:

[1] Caizhongshe - “RHT Shareholder SDIC Hi-Tech Plans to Reduce Holdings by No More Than 1.8 Million Shares, Accounting for 1% of Total Share Capital” (https://m.caizhongshe.cn/news-7411706630243022232.html)

[2] Daily Economic News - “RHT: Shareholder SDIC Hi-Tech Plans to Reduce Holdings by Up to 1.00%” (https://www.nbd.com.cn/articles/2025-12-30/4201745.html)

[3] Eastmoney - “RHT: SDIC Hi-Tech Plans to Reduce Holdings by Up to 1% of the Company” (https://wap.eastmoney.com/a/202512303605783259.html)

[4] State Development & Investment Corp. - SDIC Group Profile (https://www.sdic.com.cn/)

[5] SDIC Group Bond Prospectus - “SDIC Hi-Tech Investment Co., Ltd. is a subsidiary of the company engaged in comprehensive investment business” (https://pdf.dfcfw.com/pdf/H2_AN201809281204033241_1.pdf)

[6] Cinda Securities - “Reduction Rules of Industrial Capital -兼论 STAR Market Unlocking Impact on the Market” (https://pdf.dfcfw.com/pdf/H3_AP202208231577493790_1.pdf)

[7] Guoxin Consulting - “Impact of STAR Market Inquiry Transfer on Listed Companies’ Stock Prices” (https://www.crhcc.com/hglc/hg/2024/12/817c728952874f9db9ba9fd7e67e6280.htm)

[8] Chatplas - “Severe Overcapacity of POM! Yuntianhua, Guoneng and Other Giants Jointly Advocate Against Involution” (https://zshq.zuiyouliao.com/newsDetail-6c6f3f92cae249869d507285e08f9c21.html)

[9] Sina Finance - “Guohai Chemical | Chemical Weekly: Phosphorus Fertilizer and Polyurethane Prices Rise; Focus on Anti-Involution and Chromium Salt” (https://finance.sina.com.cn/roll/2025-12-15/doc-inhavser2218558.shtml)

[0] Jinling API Data - Market Data, Financial Data and Python Calculation Results of RHT (688323.SS)