Trading halted on Tuesday! Haitai Technology plans to acquire a New Third Board company

Haitai Ke (301022) announced on April 6 that the company plans to acquire control of Xuyu Shares, a company listed on the National Equities Exchange and Quotations (NEEQ), through an issuance of shares combined with cash payments, and simultaneously raise supporting funds. The company’s stock will be suspended from trading starting April 7, 2026, and the expected suspension period will not exceed 10 trading days.

At present, the transaction is still in the planning stage. Haitai Ke has signed a “Shareholding Cooperation Memorandum” with the actual controller of Xuyu Shares, Yang Bao and other major counterparties, but has not yet signed a formal transaction agreement. The final scope of transaction counterparties, the transaction consideration, and the specific plan await further clarification in the restructuring proposal or restructuring report to be disclosed later.

According to the arrangements, Haitai Ke will disclose the transaction plan and apply for resumption of trading no later than April 21, 2026. If it is unable to disclose at that time, the company will terminate the planning and resume trading, and will also commit not to plan any major asset restructuring again for at least 1 month.

Haitai Ke was founded in 2003. Its main business is the R&D, manufacturing, and sales of automobile injection molding dies and plastic components. Its customers include domestic and international vehicle and parts companies such as Mercedes-Benz, BMW, Volkswagen, BYD, Li Auto, and XPeng, among others. In recent years, the company has expanded into modified plastics and advanced a “molding integration” layout.

Benefiting from an increase in orders for the die business and improved contributions from the modified plastics business, the company expects to achieve attributable net profit of RMB 51.50 million to RMB 66.80 million in fiscal year 2025, representing a year-on-year increase of 226.86% to 323.97%. In January 2026, the company’s Hefei modified plastics production base has commenced operations. Meanwhile, the company’s convertible bond-funded project “Annual production of 150k tons of polymer new materials” is currently under construction, and is expected to reach full production capacity in 2027.

According to publicly available information about Xuyu Shares, the company was established in 2000 and was listed on the NEEQ in September 2022, with registered capital of RMB 100.30 million. The company mainly engages in the R&D and production of geosynthetic materials. Its core product, plastic geogrid, ranks among the top in production in the international market. The company’s products have participated in major engineering projects such as the Qinghai-Tibet Railway and the Beijing-Shanghai Expressway. In the international market, the products have been sold to more than 50 countries and regions worldwide. The company is a national-level “specialized, innovative, and special-new” “Little Giant” enterprise. In 2025, Xuyu Shares achieved operating revenue of RMB 280 million, up 27.80% year on year; and net profit of RMB 150k, up 25.34% year on year.

In terms of main businesses, Haitai Ke serves the automobile manufacturing industry, while Xuyu Shares serves the civil engineering sector; there are significant differences between the two in product applications and customer structure. However, both sides involve the processing and modification of polymer materials. Haitai Ke has already laid out its business in modified plastics, and Xuyu Shares’ geogrids also use polymers as raw materials, which creates certain commonalities at the material technology level.

According to data from the China Civil Engineering Synthetic Materials Engineering Association, statistics show that in 2025, the overall transaction scale of China’s geosynthetic materials market reached RMB 89.6 billion, up 12.3% year on year. The industry is still in an expansion stage, but the competitive landscape is relatively fragmented.

(Source: Shanghai Securities News)