Xiangshan Shares to Acquire Wuluo Smart for 800 Million Yuan, Adding AI Computing Power Business

M&A · PartnershipCorporate Action
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Summary · why it matters

Xiangshan Shares announced after market close on September 14 that it plans to acquire 100% equity of Zhejiang Wuluo Smart City Technology Co., Ltd. through a combination of share issuance and cash payment, and to raise supporting funds, with the total transaction consideration tentatively set at 800 million yuan. Upon completion of this transaction, the company will add an AI computing power equipment business to its existing auto parts business, forming a dual-engine structure of auto parts plus AI computing power. According to the plan, the company intends to issue shares and pay cash to Ningbo Genxi, Zhejiang Qintong, Zhiyan Xinhe, Wenzhou Qunhong, Ruisheng Intelligent, and Wang Ling to purchase their combined 100% equity in Wuluo Smart, with consideration paid to Ningbo Genxi, Zhejiang Qintong, Zhiyan Xinhe, and Wenzhou Qunhong through share issuance and cash, and consideration paid to Ruisheng Intelligent and Wang Ling through cash only. The issue price for the shares to be issued for this asset purchase is 35 yuan per share. The company also plans to issue shares through a book-building process to no more than 35 qualified specific investors to raise supporting funds, with the number of shares to be issued not exceeding 30% of the company's total share capital before this restructuring, and the total supporting funds raised not exceeding 100% of the transaction price for the asset purchase paid by share issuance. Wuluo Smart is mainly engaged in the research, development, production, and sales of AI computing power equipment and products, covering computing acceleration cards, AI servers, integrated storage and computing machines, and computing clusters. In a statement disclosed the same day, the company said that in the 20 trading days before the suspension, from August 4 to August 31, 2026, its share price rose from 39.06 yuan to 53.00 yuan, a cumulative increase of 35.69%. After excluding the impact of the broader market, the change was 34.76%, and after excluding the impact of the same industry sector, it was 36.97%, all exceeding 20%. The company said it has completed registration of insiders with knowledge of inside information and prepared a transaction process memorandum.

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宁波亘曦Private± Mixed
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智焱芯合Private± Mixed
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浙江秦桐Private± Mixed
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温州群宏Private± Mixed
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