Seagull Sanitary Ware opened limit-up again in early trading on August 28, notching a fifth consecutive daily limit-up. The company previously disclosed that Botai Chelian plans to acquire about 129 million shares for 800 million yuan, at about 6.19 yuan per share, a premium of roughly 72.42 percent over the August 14 closing price. After the deal, Botai Chelian will become the controlling shareholder, and Ying Zhenkai will become the actual controller. At the same time, controlling shareholder Zhongyu Investment also agreed to transfer about 32.37 million shares to Fuqing Yaohong. Sanfeng Holdings appears behind both transferees, and its ultimate beneficiary Cao Hui is the son of Cao Dewang and currently serves as chairman of Fuyao Glass. But the announcement stressed that Botai Chelian and Fuqing Yaohong have no related-party relationship or concerted action arrangement. Seagull Sanitary Ware mainly makes prefabricated integrated kitchen and bathroom products, while Botai Chelian provides automotive and mobile terminal solutions. The company said it will use Botai Chelian's industrial resources to support upgrades. It also cautioned that the change of control remains uncertain and that it has no plan to change its main business in the next 12 months. From 2023 to 2025, Seagull Sanitary Ware posted losses for three consecutive years, with net profit attributable to the parent company of minus 40 million yuan in the first half of this year.
PATEO CONNECT Tech (Shanghai)
