Hairong Technology Acquires 55% Stake in Sugar Box Foods for 130 Million Yuan at a High Premium, Gaining Access to Hema Supply Chain

Corporate Action
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Summary · why it matters

Hairong Technology plans to use its own funds of 130 million yuan to acquire a 55% stake in Sugar Box Foods held by Sugar Pouch Technology. After the transaction, Sugar Box Foods will become its controlling subsidiary. As of March 31, 2026, Sugar Box Foods' net assets were only 29.8739 million yuan, making the acquisition premium significant and generating a certain amount of goodwill. Hairong Technology cautioned that if the target company's future operations fall short of expectations, there is a risk of goodwill impairment. Sugar Box Foods is a professional bakery manufacturer that has established a stable supply relationship with Hema China. The strategic cooperation agreement signed by both parties stipulates that, provided Sugar Box Foods fully performs the contract, Hema China and/or its affiliates will place annual purchase orders with Sugar Box Foods for a total tax-inclusive amount of no less than 210 million yuan. However, the agreement also lists various circumstances under which Hema can unilaterally reduce the purchase amount. Financial data shows that Sugar Box Foods' accounts receivable are highly concentrated, with accounts receivable from Shanghai Hema Internet of Things Company Limited accounting for over 70%. Hairong Technology flagged customer stability risks in this regard. Hairong Technology's 2025 revenue was 998 million yuan, down 8.18% year-on-year, with a net loss attributable to the parent company of 18.1281 million yuan, marking its first annual loss since listing. However, first-quarter performance this year surged significantly.

Impact on stocks 1

Others▲ · 1 stocks

Off-coverage companies 3

糖盒食品（昆山）有限公司Private± Mixed
Capitalrelevance

Becomes controlling subsidiary of Hairong Technology; high premium acquisition with goodwill risk, but gains stable supply relationship with Hema.

上海糖兜科技有限公司Private▲ Positive
Capitalrelevance

Sells 55% stake in Sugar Box Foods to Hairong Technology for 130 million yuan, realizing a gain.

盒马鲜生Private± Mixed
Demandrelevance

Hema is the major customer of Sugar Box Foods, with a purchase commitment of at least 210 million yuan annually, but can unilaterally reduce orders.

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