Trading Halt on Wednesday! Zhiyang Innovation Plans Major Asset Restructuring

Zhiyao Innovation (688191) announced on the evening of February 3rd that it is planning to acquire control of Shenzhen Lingming Photonics Technology Co., Ltd. (hereinafter referred to as “Lingming Photonics”) through methods such as issuing shares, privately placing convertible bonds (if any), and paying cash (if any), while also raising supporting funds.

Based on preliminary estimates, this transaction is expected to constitute a major asset restructuring as defined by the “Administrative Measures for Major Asset Restructuring of Listed Companies,” and is also expected to be a related-party transaction. This transaction will not result in a change of control of the company.

Zhiyao Innovation stated that since the relevant matters of this transaction are still in the planning stage and there are uncertainties, in order to ensure fair information disclosure, protect investors’ interests, and avoid significant impacts on the company’s stock price, the company’s stock has been suspended from trading starting from the opening of the market on February 4, 2026 (Wednesday), with an expected suspension period of no more than 5 trading days, according to relevant regulations of the Shanghai Stock Exchange.

The announcement shows that this transaction is still in the planning stage. Zhiyao Innovation is actively engaging with the transaction intention party and has initially communicated with Lingming Technology (Zhuhai) Partnership Enterprise (Limited Partnership), Zang Kai, and other main transaction counterparts, and has signed a letter of intent.

Zhiyao Innovation is an artificial intelligence enterprise dedicated to assisting the digital and intelligent transformation and upgrading of industries. It focuses on artificial intelligence algorithms, big data analysis, Internet of Things technology, digital twin technology, and embodied intelligence technology, with continuous accumulation and practical application. By building a multi-source sensing cloud-edge collaboration system of “algorithm-software-hardware,” it provides AI solutions for industries such as power, water conservancy, rail transit, and new energy, achieving AI commercialization.

According to research, the target company Lingming Photonics is also a well-known technology company in the industry.

Lingming Photonics founder Zang Kai obtained a Ph.D. in Electronic Engineering from Stanford University in 2017. After graduation, he worked at Microsoft headquarters in the Hololens virtual reality product group. In 2018, Zang Kai returned to China to establish Lingming Photonics, focusing on the research and industrialization of high-performance single-photon detector chips.

Lingming Photonics is part of Shenzhen’s overseas high-level talent team, a national “Little Giant” enterprise with a focus on specialized, refined, distinctive, and innovative development, a Shenzhen specialized and innovative SME, and a national high-tech enterprise.

The single-photon avalanche diode (SPAD) designed by Lingming Photonics is a core component that helps modern electronic devices achieve 3D perception. It is widely used in automotive, smartphones, robotics, automation, human-computer interaction, smart home, and other fields. To bring cutting-edge SPAD and 3D sensing research results into technological and commercial applications, the company focuses on adopting BSI 3D stacking technology, which involves hybrid bonding of backside-illuminated sensing wafers and digital logic circuit wafers, to achieve excellent performance and system integration.

In September 2025, Lingming Photonics disclosed on its official website that it had officially completed Series C3 financing, with a total investment of nearly 100 million yuan from Zhejiang provincial state-owned capital platforms. The funds will be mainly used to accelerate the iteration and upgrade of core technologies and enhance mass production capabilities. In the future, Lingming Photonics will continue to deepen its “LiDAR camera” technology route, using hardware innovation to promote sensing upgrades in intelligent driving, robotics, spatial perception, and other fields.

It is worth noting that Lingming Photonics is currently involved in litigation with Suteng Company, which is regarded by the industry as the “First Case of Intellectual Property Rights in LiDAR Chip Technology.”

On January 5, 2026, Lingming Photonics issued a statement on its official website that on December 31, 2025, it filed a trade secret infringement lawsuit with the Shenzhen Intermediate People’s Court against Shenzhen Suteng Juchuang Technology Co., Ltd. (“Suteng Company”) for infringing on the company’s business secrets and technical secrets. The case has been accepted and filed. Previously, Lingming Photonics had also filed lawsuits against Suteng Company for infringing on the company’s invention patents at the Shenzhen and Hangzhou Intermediate People’s Courts.

Lingming Photonics stated that if the company wins any of these cases, Suteng Company will face legal consequences such as the prohibition of selling its related products. The company further declared, “All of the company’s products are independently developed results, and there is no infringement of others’ intellectual property rights. The previous lawsuits filed by Suteng against the company lack substantive evidence support.”

(Source: Shanghai Securities Journal)