Jinchengzi Terminates Acquisition of Controlling Stake in Zhibotai Ke; Shares Resume Trading on September 15

Corporate ActionM&A · Partnership
โดย 中国基金报·CN·Read original
Summary · why it matters

Jinchengzi, stock code 688291, announced on the evening of September 14 that it has decided to terminate the planned major asset restructuring involving the purchase of a controlling stake in Shenzhen Zhibotai Ke Technology Co., Ltd. through the issuance of shares and cash payment, along with the raising of supporting funds. Trading in the company's shares will resume at market open on September 15. The announcement stated that the termination was due to the parties' failure to reach agreement on core terms, and the company has committed not to plan any major asset restructuring within one month from the date of the announcement's disclosure. This intra-industry merger lasted only one week from the trading suspension for planning on September 8 to the announcement of termination. Zhibotai Ke was founded in September 2015, focusing on high-end optical scanning galvanometers and application-specific solutions, with nearly 80 invention patents. Its high-end scanning galvanometers hold a market share of over 30 percent in China. Jinchengzi's main business is laser processing control systems, and galvanometers are important supporting hardware for its control systems. The acquisition was intended to extend the company upstream into core optical components. Earlier in July this year, Jinchengzi completed the acquisition of a 55 percent equity stake in Changchun Samit Optoelectronics Technology Co., Ltd. for approximately 179 million yuan. As of September 7, before the trading suspension, Jinchengzi closed at 44.40 yuan per share, up 3.14 percent, with a total market capitalization of 4.558 billion yuan.

Impact on stocks 1

Others▼ · 1 stocks
Beijing JCZ Technology Co. Ltd. A
688291
▼ NegativeCapitalrelevance

Jinchengzi terminated its planned major asset restructuring to acquire a controlling stake in Zhibotai Ke, ending the upstream optical-component expansion.

Off-coverage companies 2

深圳市智博泰克科技股份有限公司Private▼ Negative
Capitalrelevance

Zhibotai Ke's planned sale of a controlling stake to Jinchengzi was terminated after the parties failed to agree on core terms.

萨米特Private± Mixed
relevance

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