After nearly a year of planning, Lingyi Itech(Guangdong)Company (002600) has terminated its major asset restructuring. On November 13, the Shenzhen Stock Exchange (SZSE) website showed that the review status of the company's asset restructuring changed to "terminated."
Lingyi Itech(Guangdong)Company recently submitted an application to withdraw its filing for issuing convertible bonds and paying cash to acquire assets while raising supporting funds. Its independent financial advisor, Haitong Securities, also submitted a withdrawal request for the same project. In accordance with relevant regulations under Article 52 of the SZSE's Rules on Major Asset Restructuring of Listed Companies, the exchange decided to terminate the review of the application.
Notably, the restructuring plan had already passed regulatory review on August 8 this year but was never submitted for registration. The restructuring process began on December 6, 2024, when Lingyi Itech(Guangdong)Company's board and supervisory board approved the preliminary plan for issuing convertible bonds and paying cash to acquire assets while raising supporting funds.
On April 21 this year, the company announced plans to acquire a 66.46% stake in Jiangsu Kedaste Automotive Technology Co., Ltd. ("Jiangsu Keda") for 332 million yuan through convertible bonds and cash payments. Upon completion, Jiangsu Keda would become a subsidiary. Additionally, the company intended to raise up to 207 million yuan by issuing shares to no more than 35 specific investors.
The restructuring application was accepted by the SZSE on June 6. After responding to regulatory inquiries, the plan passed review on August 8. During the review, regulators raised concerns about Jiangsu Keda's gross margin fluctuations, order backlog, and the reasonableness of performance forecasts.
On November 8, Lingyi Itech(Guangdong)Company announced adjustments to the original acquisition plan, citing market conditions and capital operation strategies. The revised plan involves acquiring Jiangsu Keda's controlling stake entirely in cash, without issuing convertible bonds or raising supporting funds. The adjusted transaction will not constitute a major asset restructuring, change in controlling shareholder, backdoor listing, or related-party transaction.
Lingyi Itech(Guangdong)Company specializes in precision functional components, structural parts, modules, and premium assembly. In the first three quarters of 2025, the company reported revenue of 37.59 billion yuan, up 19.39% year-on-year, with net profit attributable to shareholders rising 38.17% to 1.941 billion yuan.
On November 14, Lingyi Itech(Guangdong)Company's shares opened lower and continued declining, closing the morning session at 13.63 yuan per share, with a market capitalization of 99.582 billion yuan.
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