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

Securities Times reporter Fan Luyuan

Another example of “A-shares absorbing the NEEQ” has emerged: Haitai Ke (301022) plans to acquire the controlling interest in Xuyuxi Holding (873815). In an announcement late on the evening of April 6, Haitai Ke said that the company is currently preparing to purchase the controlling interest in the NEEQ-listed company Qingdao Xuyuxi Holding by combining issuing shares and paying cash, while also planning to issue shares to raise supporting funds. Due to uncertainty regarding the relevant matters, Haitai Ke’s stock has been suspended from trading starting from the market open on April 7.

Haitai Ke expects to disclose the transaction plan within no more than 10 trading days; at the latest, it will disclose the related information and resume trading on April 21. If the transaction is terminated, the company commits that from the date on which the relevant announcements are disclosed, it will not plan any major asset restructuring for at least 1 month.

The announcement shows that this transaction is still at the planning stage. The counterparty initially identified is the actual controller of Xuyuxi Holding, Yang Ba o, and all or some of the shareholders of the target company included. The transaction is expected not to constitute a related-party transaction, not to constitute major asset restructuring and not to constitute a restructuring listing, and will also not result in any change in the company’s actual controller.

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

The performance forecast shows that in 2025, Haitai Ke is expected to achieve attributable net profit of CNY 51.50 million to CNY 66.80 million, representing an increase of 226.86% to 323.97%; it is also expected to achieve non-recurring profit (net of non-recurring items) of CNY 37.00 million to CNY 48.00 million, representing an increase of 353.3% to 488.06%.

Regarding the reasons for the change in performance, Haitai Ke said it mainly benefits from the relatively high industry momentum and the gradual release of production capacity from the company’s IPO fundraising projects. The company’s orders continue to increase, and it continuously deepens cost management and controls. During the reporting period, the impact amount of the company’s non-recurring gains and losses on attributable net profit attributable to shareholders of the listed company was approximately CNY 18.00 million.

The transaction target, Xuyuxi Holding, was established in 2000. It was listed in the NEEQ Innovation Tier in September 2022. Its principal business is the R&D, production and sales of geotechnical synthetic materials. It is a national-level “Little Giant” enterprise specializing in niche, precision, uniqueness, and innovation. In 2025, Xuyuxi Holding achieved operating revenue of CNY 280 million, up 27.8%; attributable net profit was CNY 43.577 million, up 25.34%. As of the end of 2025, the company’s total assets were CNY 419 million and its net assets were CNY 249 million.

Since 2026, the M&A and restructuring market has continued to heat up, and more cases of “A-shares absorbing the NEEQ” have continued to emerge, most of which revolve around synergy across the industrial chain. At the beginning of the year, Dêbang Lighting disclosed a restructuring plan to acquire 67.48% of the equity interest in Jial i Shares for CNY 1.454 billion, further expanding its layout for in-vehicle lighting business; in March, Yinlun Shares announced it was continuing to advance the acquisition of Deep Blue Shares. Based on the 43.22% equity interest it already holds, it plans to achieve absolute control by paying CNY 133 million through methods such as equity transfer agreements and additional share issuance.