Summary · why it matters
Jin Chengzi, a company listed on the STAR Market, announced on the evening of September 14 that it has decided to terminate its plan to acquire a controlling stake in Shenzhen Zhibo Taike Technology Co., Ltd. through the issuance of shares and cash payment, along with related fundraising arrangements. Trading in the company's shares will resume at market open on September 15, and the company has committed not to plan any major asset restructuring within one month from the date of the announcement disclosure. On September 7, Jin Chengzi signed an equity acquisition intention agreement with Zhibo Taike's major shareholders Lin Zirong, Yang Zhiming, Cao Zhiqiang, and two Shenzhen-based partnerships, Zhiju Phase I and Zhiju Phase II, agreeing to purchase the controlling stake in Zhibo Taike held by these shareholders and to raise supporting funds. Preliminary calculations indicated that the transaction might constitute a major asset restructuring, but would not result in a change of the company's actual controller and would not constitute a backdoor listing. Trading in the company's shares was suspended from market open on September 8, with the suspension expected to last no more than five trading days. The announcement stated that during the suspension period, all parties actively advanced the matter and registered and reported insiders with knowledge of inside information, but after friendly negotiations among the transaction parties, they were unable to reach agreement on core terms and ultimately decided to terminate. The announcement did not specify which core terms were at issue. Jin Chengzi stated that neither party is required to bear any liability for breach of contract, and that this termination will not adversely affect the company's business operations, production and operating activities, or financial condition. Public information shows that Jin Chengzi is mainly engaged in laser processing control systems, while Zhibo Taike was founded in 2015 and is a specialized and innovative enterprise in Shenzhen, focusing on high-end optical scanning galvanometers and solutions for niche application scenarios. It holds nearly 80 invention patents and has a market share of over 30 percent in China's high-end galvanometer market. This terminated acquisition was the second industrial integration initiated by Jin Chengzi this year. In July 2026, the company completed the acquisition of a 55 percent stake in Changchun Samit Optoelectronics Technology Co., Ltd. for 179 million yuan in cash, entering the fast steering mirror sector. Jin Chengzi's 2026 semi-annual report shows that in the first half of the year, the company achieved operating revenue of 133 million yuan, up 0.54 percent year on year, and net profit attributable to the parent company of 63.97 million yuan, up 130.91 percent year on year. The high growth was mainly due to a non-recurring gain of 50.36 million yuan from the disposal of a 15 percent stake in Kamen Haas and the revaluation of the remaining equity. Net profit attributable to the parent company after deducting non-recurring items was 18.73 million yuan. As of the last trading day before the suspension on September 7, Jin Chengzi's share price closed at 44.40 yuan per share, with a total market capitalization of 4.56 billion yuan and a price-to-earnings ratio on a trailing twelve-month basis of about 62 times.
Beijing JCZ Technology Co. Ltd. A