Guangdong Hec Technology Holding Co., Ltd. (600673.SH) recently disclosed in an announcement that its interim shareholders' meeting approved a proposal for a joint capital injection with related parties into a subsidiary to acquire 100% equity of ChinData Group's China business. However, this cross-border M&A deal worth 28 billion yuan had already circulated widely on social media before the official announcement. Was it "premarket insight" or a natural "standout"? Facing market skepticism, Guangdong Hec stated that there was no leakage of insider information and no evidence of insiders trading on undisclosed information during sensitive periods.
**"Sensitive Information" Spread Widely Before Announcement** Guangdong Hec's core businesses span six sectors: electronic components, high-end aluminum foil, new chemical materials, energy materials, liquid cooling technology, and embodied AI. Financial reports show that in the first half of 2025, the company achieved revenue of 7.124 billion yuan, up 18.48% YoY, and net profit attributable to shareholders of 613 million yuan, surging 170.57% YoY.
The transaction structure is notably complex. Guangdong Hec Group, the controlling shareholder, led the deal, while the listed company Guangdong Hec participated as a minority investor without control or consolidation, meaning the deal does not qualify as a major asset restructuring.
According to the announcement, Guangdong Hec and Guangdong Hec Group signed capital injection agreements with Yichang East Data No.1 Investment Co., Ltd. ("East Data No.1"), investing 3.5 billion yuan and 4 billion yuan, respectively, to hold 46.6654% and 53.3332% stakes post-injection. East Data No.1 then channeled the funds to its wholly-owned subsidiary Shanghai East Innovation Future Data Co., Ltd. ("East Innovation Future"), which secured a syndicated loan for the acquisition. The ultimate buyer, Yichang East Data No.3 Investment Co., Ltd. ("East Data No.3"), will acquire ChinData Group's China business for 28 billion yuan. Post-transaction, Guangdong Hec will indirectly hold a minority stake in ChinData China.
Market professionals are not only concerned about the intricate deal structure but also the unusual stock surge and premature spread of "sensitive information" before the announcement.
**Stock Outperformance Before Official Disclosure** In the three months preceding the announcement, Guangdong Hec's stock soared 165.79%, far outpacing sector and broader market gains. While the company operates in multiple high-growth sectors, it was not a leading stock in those themes.
From June 3 to September 11, 2025, Guangdong Hec's stock surged between 9.43 yuan and 27 yuan per share, while the sector rose 27.52% and the broader market gained 15.77%. Notably, other bidders like RunZe Technology (300442.SZ) and Youzu Interactive (002174.SZ) saw modest or negative returns during the same period.
Guangdong Hec attributed the rally to multiple factors, including its controlling shareholder's share buyback plan, strong H1 2025 earnings growth, and advancements in liquid cooling, electronic components, and embodied AI robotics.
**Key Phrase Deleted from Public Statement** On September 10, Guangdong Hec Group's WeChat post stated the acquisition "took several months," but the phrase was later removed on September 12. The company explained the revision aimed to prevent misinterpretation and ensure consistency with formal disclosures, denying any attempt to conceal potential insider leaks.
Industry analysts argue that while the deal does not meet the threshold for a major asset restructuring, its market impact warrants greater transparency. Withholding key timelines under "trade secrets" may fail to dispel suspicions of insider information leaks.
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