CXI's Q3 Results Swing to Operating Loss, Dilution from Capital Raise and Capital Reduction Raise Shareholder Concerns

Revenue dropped ~19.8% to 158.4M CNY (32.1B KRW), operating loss of -6.0M CNY, net loss of -7.8M CNY. EPS -0.3 CNY.
In March 2026, issued 7,290,519 shares at 730 KRW each (total 5.3B KRW) via third-party allotment, raising working capital. Largest shareholder changed to LIN JINSHENG (12.79%).
Cash decreased from 1,060M to 215M CNY due to investment in use rights assets (land leases).
Stock price 391 KRW, market cap 146B KRW. Small shareholders 99.85%.
After the period, shareholders approved capital reduction and stock split (April 2026), negative impact.
[AI Summary]The company's financial performance deteriorated sharply with operating and net losses, and the equity issuance diluted existing shareholders. The subsequent capital reduction and stock split add further negative pressure. While long-term land investments may be positive, the immediate operational weakness and shareholder dilution overshadow.