Top Leader Achieves 8 Limit-ups in 15 Days: This Week's List of A-shares Disclosing Mergers and Restructuring Developments

The A-share market’s mergers and acquisitions continue to be active. As of Friday’s close, Zhongnan Culture has been on 8 consecutive trading limits for a proposed acquisition of 57.3% equity in Jiangyin Sulong Thermal Power, Shitou Co., Ltd. has been on 3 limits in 4 days for a proposed acquisition of 97.44% equity in Hangzhou Lipo Technology, Farsen is set to sell 10% equity of Belden Steel Cord to Hong Kong’s Beikaerte, Dongfang Xinneng plans to acquire 100% equity of Haicheng Ruihai and 80% equity of Electric Investment Ruixiang in cash, Shengxin Lithium Energy’s subsidiary plans to acquire 13.93% equity in Huirong Mining for 1.26 billion yuan, and Jinhui Co. plans to acquire 100% equity in Fusheng Mining for 210 million yuan, all of which have hit the daily limit.

According to incomplete statistics from the Financial Associated Press, as of the time of publication, 24 A-share listed companies have disclosed merger and acquisition progress this week, including Kaiweite, Sega Technology, Shanghai Energy, Jiuzhou Yigui, Kemin Food, International Composite Materials, Weike Technology, Hengwei Technology, Yuneng Technology, Shougang Co., Ltd., Huakong Saige, Ruineng Technology, Xiamen Tungsten, Dongwei Semiconductor, Tongce Medical, Hengbo Co., Ltd., Guanghetong, Junsheng Electronics, Guangliwei, Daye Co., Ltd., Wandekai, Changyuan Donggu, Sitai Li, and Taifu Pump Industry. The specific situation is shown in the figure below:

Among them, Ruineng Technology announced on Wednesday that the company is planning to acquire no more than 75% equity in Botai Intelligent Equipment (Guangdong) Co., Ltd. through a combination of issuing shares and paying cash to gain control, and to raise matching funds. This transaction is expected not to constitute a major asset reorganization and will not lead to a change in company control. Given the uncertainty of the matter, to protect investor interests, the company’s stock will be suspended from trading starting March 26, 2026, and the suspension is expected to last no more than 10 trading days. Notably, on that day, Ruineng Technology’s stock price surged sharply and hit the limit, closing at 22.30 yuan per share, with a latest total market value of 4.628 billion yuan.

According to incomplete statistics, this week, listed companies that disclosed merger and acquisition progress and suspended or resumed trading also include Kaiweite, Shougang Co., Ltd., Wandekai, Changyuan Donggu, and Taifu Pump Industry.

Kaiweite announced on Friday evening a plan to acquire a total of 100% equity in Jingyi Semiconductor from 26 trading counterparties including Yikun, Jingge Gongzhi, Jingge Gongchuang, Jingge Gongying, Jingge Dingfeng, and Jingge Weilai, through a combination of issuing shares and paying cash, and to raise matching funds. Upon completion of this transaction, Jingyi Semiconductor will become a wholly-owned subsidiary of Kaiweite. Through this transaction, the company’s product layout in power semiconductors will be further improved, and it can jointly build a more comprehensive power semiconductor solution with Jingyi Semiconductor, with improved application scenarios and technical specifications. After the transaction is completed, the R&D resources of both parties will also achieve complementary synergy, optimizing power devices and driving ICs together. Notably, Jingyi Semiconductor is one of Kaiweite’s major customers. Kaiweite stated that based on existing business relationships and capital linkages, both parties can expand market coverage through cross-selling and channel sharing. The company’s stock will be suspended from March 16, and will resume trading on March 30.

Shougang Co., Ltd. announced after trading on Thursday that the company is planning to issue convertible corporate bonds and pay cash to purchase assets and raise matching funds, with the target asset being the equity of its holding subsidiary Shougang Zhixin Electromagnetic Materials (Qian’an) Co., Ltd. This transaction may constitute a related party transaction but is expected not to constitute a major asset reorganization. Given the uncertainty of the matter, the company’s stock will be suspended from trading starting March 27, 2026, and a trading plan is expected to be disclosed within 10 trading days, with the latest resumption by April 13, 2026. If the disclosure does not occur on schedule, the company will terminate the planning and commit not to plan major asset reorganization within one month. Wandekai announced on Monday evening that it is planning to acquire 100% equity in Zeng Rui Zhi Control through issuing shares and paying cash, and plans to raise matching funds. The company’s stock will be suspended from trading starting March 24, 2026, and the trading plan is expected to be disclosed no later than April 8, 2026, with a significant increase of 12.7% in the stock price on the trading day before the suspension.

Changyuan Donggu announced on Monday that the company is planning to purchase 100% equity of Xiangyang Kanghao Electromechanical Engineering Co., Ltd. held by Hubei Xinyuan Power Technology Group Co., Ltd. through a combination of issuing shares and paying cash, and to raise matching funds. This transaction is expected to constitute a major asset reorganization and a related party transaction. The company’s stock will be suspended from trading starting March 24, and the suspension is expected to last no more than 10 trading days. Notably, the legal representative of Kanghao Electromechanical is Li Zuoyuan. According to Changyuan Donggu’s semi-annual report for 2025, Kanghao Electromechanical and Changyuan Donggu share the same actual controller, and the legal representative, largest shareholder, and one of the actual controllers of Changyuan Donggu is Li Zuoyuan.

Taifu Pump Industry announced on Monday that the company’s actual controllers, Chen Yiwen and Lin Huifu, are planning matters related to a change of control, which may lead to changes in the company’s controlling shareholder and actual controller. After applying to the Shenzhen Stock Exchange, the company’s stock and convertible corporate bonds will be suspended from trading starting March 24, 2026, with the suspension expected to last no more than 2 trading days, during which “Taifu Convertible Bonds” will suspend conversion. Taifu Pump Industry announced on Wednesday that it will continue to be suspended, expecting that it will not be able to resume trading on March 26.

This is the second announcement by Taifu Pump Industry regarding the change of control in recent days. The latest announcement indicates that the relevant parties are actively advancing all aspects of this transaction, and the overall plan is still under negotiation, with the trading parties yet to sign a formal agreement. Before the first announcement of the change of control on the evening of March 1, Taifu Pump Industry issued an announcement on equity changes, mentioning that from May 25, 2021, to February 27, 2026, the shareholding ratio of Chen Yiwen, Lin Huifu, and their concerted actions in Taifu Pump Industry decreased from 48.46% to 45%, due to the recent reduction in shares held by some of Chen Yiwen and Lin Huifu’s concerted actors, as well as passive dilution from the conversion of Taifu Pump Industry’s convertible bonds and the cancellation of equity incentives.

(Source: Financial Associated Press)