"Mainland China's A-shares list new third-board cases again" with HaiTaiKe planning to acquire the controlling stake in XuYu Shares

“A-shares acquire the New Third Board” adds another case, Haitai Technology (301022) plans to purchase the controlling stake of Xuyou Shares (873815). Haitai Technology announced on the evening of April 6 that the company is planning to buy the controlling stake of Qingdao Xuyou Shares listed on the New Third Board through a combination of issuing shares and paying cash, and also plans to raise supporting funds through share issuance. Due to uncertainties related to the matter, Haitai Technology’s stock has been suspended from trading since the market opened on April 7.

Haitai Technology expects to disclose the transaction plan within no more than 10 trading days, with the latest disclosure and resumption of trading by April 21. If the transaction is terminated, the company commits not to plan any major asset restructuring for at least one month from the date of disclosure of the relevant announcement.

The announcement shows that the transaction is still in the planning stage, with the preliminary identified counterparties being all or some of the shareholders of the target company, Xuyou Shares, including the actual controller Yang Bao. This transaction is not expected to constitute an associated transaction, a major asset reorganization, or a restructuring listing, nor will it lead to a change in the company’s actual controller.

Haitai Technology was established in 2003 and listed on the ChiNext Board in 2021. Its main products are injection molds and plastic components, which are currently mainly used in the automotive industry and other fields.

Performance forecast shows that Haitai Technology is expected to achieve a net profit attributable to the parent company of 51.5 million to 66.8 million yuan in 2025, a year-on-year increase of 226.86% to 323.97%; it is also expected to achieve a non-recurring profit and loss of 37 million to 48 million yuan, a year-on-year increase of 353.3% to 488.06%.

Regarding the reasons for the performance change, Haitai Technology stated that it mainly benefits from the high industry prosperity and the gradual release of capacity from the company’s initial public offering investment projects. The company’s orders continue to increase, and it is continuously deepening cost control. During the reporting period, the impact of non-recurring gains and losses on the company’s net profit attributable to the parent was about 18 million yuan.

The target of this transaction, Xuyou Shares, was established in 2000 and listed on the New Third Board Innovation Layer in September 2022. Its main business is the research, production, and sales of geosynthetic materials, and it is a national-level specialized and innovative “Little Giant” enterprise. By 2025, Xuyou Shares is expected to achieve operating revenue of 280 million yuan, a year-on-year increase of 27.8%; net profit attributable to the parent of 43.58M yuan, a year-on-year increase of 25.34%. As of the end of 2025, the company’s total assets are 419 million yuan, and net assets are 249 million yuan.

Since 2026, the merger and acquisition market has continued to heat up, with cases of “A-shares acquiring the New Third Board” continuously emerging, mostly revolving around industry chain collaboration. At the beginning of the year, Debang Lighting disclosed a restructuring plan to acquire 67.48% of Jiali Shares for 1.45B yuan, further expanding its automotive lighting business layout; in March, Yinlun Shares announced the ongoing acquisition of Shenlan Shares, on the basis of holding 43.22% of the shares, planning to achieve absolute control through a combination of agreement transfers and private placements worth 133 million yuan.