Keda Industrial's Nearly 7.5 Billion Yuan M&A Deal Rejected by Shanghai Stock Exchange

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Keda Industrial's plan to acquire a 51.55% stake in Tefu International through a share and cash issuance, along with a related fundraising, was not approved by the Shanghai Stock Exchange's Reorganization Committee. The deal was valued at 7.475 billion yuan. The committee's on-site inquiries focused on three main issues: the listed company's control over the target company, the fairness of the transaction price, and the reasonableness of the target company's revenue growth. Tefu International's operating revenues for 2024 and 2025 were 4.738 billion yuan and 8.185 billion yuan respectively, representing a year-on-year increase of 72.75% in 2025. Such a rejection of a restructuring by the exchange is relatively rare in the A-share market in recent years. Previously, the restructuring deals of Dadi Ocean and Ningxia Building Materials were also rejected. Keda Industrial stated that its current production and operations are normal, and the above result will not have a significant impact.

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广东特福国际控股有限公司Private▼ Negative
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Its acquisition by Keda Industrial was rejected by the exchange, blocking the deal.

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