With sluggish A-share IPO progress and congested Hong Kong listings, agreement transfers and control rights changes have become alternative paths for tech firms seeking public listings.
On December 16, Jiamei Food Packaging (002969.SZ) announced that Suzhou Zhuyue Hongzhi Technology Partnership planned to acquire 54.9% of its shares for approximately 2.28 billion yuan through agreement and tender offers. Behind Zhuyue Hongzhi stands Yu Hao, founder of renowned home/commercial robot maker Dreame Technology, who holds 100% partnership interest.
Notably, Yu appears to be replicating the capital maneuvers of Zhiyuan Robotics co-founder Deng Taihua at Swancor Advanced Materials (688585.SH). Jiamei's stock performance mirrors Swancor's, with three consecutive limit-up surges from December 17-19.
Earlier in December, Senton Energy (001331.SZ) disclosed control changes, with industrial robot firm Qiteng Robotics potentially taking over. Its shares rose for six straight trading days after resuming trade on December 12.
All three cases employ the same "three-step" shell acquisition tactic: agreement transfers, voting rights waivers, and partial tender offers - enabling control with minimal cost. The strategy consistently triggers market value surges.
The model originated in July when Zhiyuan-related entities acquired 29.99% of Swancor through share transfers, while original shareholders relinquished voting rights. Despite denials of backdoor listing plans, Swancor's stock soared 14-fold from 7 yuan to 98.10 yuan by December 19, peaking at 110.48 yuan.
This success inspired imitators. Qiteng Robotics replicated the structure at Senton Energy, securing 29.99% shares while key shareholders waived 8.47% voting rights, plus a 15% tender offer. However, Qiteng itself (rather than its controller) conducted the acquisition, differing from Zhiyuan's approach.
Dreame's case more closely mirrors Swancor's. Yu's Zhuyue Hongzhi obtained 29.9% of Jiamei for 1.24 billion yuan, with original shareholders fully waiving voting rights, followed by a 25% tender offer for another 1 billion yuan to secure 54.9% control.
All three target companies shared pre-deal characteristics: small market caps (3-4 billion yuan) and no robotics industry synergy. The moves suggest either preparation for future capital operations or signaling such intentions.
Market observers note that as Unitree Robotics advances toward IPO filing, peer Zhiyuan likely won't lag in capitalization efforts. Meanwhile, Yu's December 2024 "dumpling-style" multi-IPO vision for Dreame affiliates aligns with the Jiamei acquisition.
However, near-term backdoor potential varies. Zhiyuan would need three years of profitability for a Swancor listing - challenging for newly mass-produced robots. Dreame's diversified profitable products (like robotic vacuums) give it stronger direct listing credentials. Qiteng's corporate-led (rather than controller-led) acquisition reduces chances for reverse merger listings, a rare feat in A-share history.
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