"A-shares list on the New Third Board" adds another case: Haitai Technology plans to acquire the controlling stake in Xuyou Shares

“A-Shares add another example of acquiring the New Third Board,” Hai Tai Ke (301022) plans to buy the controlling stake in Xu Yu Shares (873815). In an announcement released late on April 6, Hai Tai Ke said the company is currently planning to acquire control of Qingdao Xu Yu Shares, a company listed on the New Third Board, through a combination of issuing shares and paying cash, while also issuing shares to raise supporting funds for the transaction. Because relevant matters involve uncertainty, Hai Tai Ke’s stock has been suspended from trading starting when the market opens on April 7.

Hai Tai Ke expects to disclose the transaction proposal within no more than 10 trading days; the latest time to disclose related information and resume trading is April 21. If this transaction is terminated, the company commits that from the date the relevant announcement is disclosed, it will not plan any major asset restructuring for at least one month.

The announcement shows that the transaction is still at the planning stage. The counterparties initially identified are Yang Bao, the actual controller of Xu Yu Shares, and some or all shareholders of the target company. The transaction is expected not to constitute a related-party transaction, not to constitute a major asset restructuring, and not to constitute a restructuring listing. It will also not result in any change to the company’s actual controller.

Hai Tai Ke was established in 2003. It was listed on the ChiNext Board in 2021. Its main products are injection molding molds and plastic components, which are currently mainly used in areas such as the automotive industry.

The performance forecast indicates that in 2025, Hai Tai Ke expects to achieve attributable net profit of RMB 51.50 million to RMB 66.80 million, representing an increase of 226.86% to 323.97%; it also expects to achieve non-recurring profit/loss-adjusted net profit of RMB 37.00 million to RMB 48.00 million, representing an increase of 353.3% to 488.06%.

Regarding the reasons for the change in performance, Hai Tai Ke said it mainly benefits from the high industry prosperity and the gradual release of production capacity from the company’s IPO-funded projects. The company’s orders continue to increase, and it continues to deepen cost management and control. During the reporting period, the impact amount of non-recurring profit or loss on the company’s attributable net profit is approximately RMB 18.00 million.

The transaction target, Xu Yu Shares, was established in 2000. In September 2022, it was listed on the New Third Board Innovation Layer. Its main business is the research, production, and sales of geotechnical synthetic materials. It is a national-level “little giant” enterprise specializing in niche, high-precision, and specialty/specialized new products. In 2025, Xu Yu Shares achieved operating revenue of RMB 280 million, up 27.8% year over year; attributable net profit was RMB 43.58M, up 25.34% year over year. As of the end of 2025, the company’s total assets were RMB 419 million, and net assets were RMB 249 million.

Since 2026, the M&A and restructuring market has continued to heat up. Examples of “A-Shares acquiring the New Third Board” have kept emerging, and most of them focus on industry-chain collaboration. At the beginning of the year, Desang Lighting disclosed a restructuring plan to acquire 67.48% of the equity of Jiali Shares for RMB 1.45B, further expanding its layout for vehicle-mounted lighting business. In March, Yinlun Shares announced that it is continuously advancing the acquisition of Shenlan Shares; based on the 43.22% equity it already holds, it plans to achieve absolute control for RMB 133 million through methods such as equity transfer by agreement and non-public issuance.

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