After three years on the STAR Market, Hubei Chaozhuo Aviation Technology Co.,Ltd. (688237) will see its controlling shareholder change to Hubei Provincial State-owned Assets Supervision and Administration Commission (SASAC), with trading resuming on December 1.
On the evening of November 28, Chaozhuo Aviation announced that its controlling shareholders and actual controllers Li Guangping, Wang Chunxiao, and Li Yihan agreed to transfer a combined 18.7584 million shares (20.93% of total shares) to Hubei Transportation Investment Capital Co., Ltd. at RMB 41.16 per share, totaling RMB 772 million.
Post-transfer, Hubei Transportation Investment Capital will become the new controlling shareholder, with Hubei SASAC as the ultimate controller.
Public records show Chaozhuo Aviation is a national-level "Little Giant" specialized SME recognized by MIIT, specializing in customized additive manufacturing and airborne equipment maintenance. It leads in cold spray solid-state additive manufacturing technology, being one of the few domestic firms applying it industrially in aircraft maintenance. Clients include Aviation Industry Corporation, China Southern Airlines, and Air China, alongside expansions into new energy vehicle parts and industrial machinery components.
The aerospace maintenance sector benefits from defense upgrades and civil aviation fleet expansions, driving steady demand growth. Cold spray technology shows broad prospects in core aircraft component repairs and high-end equipment manufacturing.
Chaozhuo Aviation stated its current equity structure and scale cannot meet rapid industry expansion needs. Hubei Transportation Investment Capital, a subsidiary of Hubei Transportation Investment Group—a major provincial SOE—will provide robust industrial and capital support for long-term development, including financing and M&A.
Hubei Transportation Investment Group boasts assets exceeding RMB 850 billion, ranking 222nd among China's top 500 enterprises in 2025. It operates 6,752 km of highways, 15 Yangtze River bridges, 317 service areas, and 396 toll stations, controlling two listed firms.
At a Q3 earnings briefing, Chaozhuo Aviation highlighted future profit drivers: its leading cold spray technology, reliable products, and exclusive supplier status for landing gear beam repairs at major maintenance bases. The technology is also being industrialized in new energy vehicles and expanded into power, quartz glass, photovoltaics, and semiconductors.
