Gote Electronics raises 850 million RMB in IPO as *ST Weiling faces delisting risk

Today’s market saw significant developments, particularly in initial public offerings and financial distress announcements. Gote Electronics Co., Ltd. (301669) successfully completed its IPO, while *ST Weiling Co., Ltd. (002667) and *ST Yingfei Co., Ltd. (002528) faced serious financial challenges, including delisting risks.

Earnings & Performance

• *ST Weiling Co., Ltd. (002667) reported abnormal stock trading fluctuations with a cumulative price increase deviation of 12%. The company confirmed a negative net asset value for 2025, leading to a delisting risk warning. Changes in executive positions and a significant share transfer agreement were also announced.
• *ST Yingfei Co., Ltd. (002528) disclosed a negative net asset value of -112.73 million yuan as of the end of 2025, prompting a delisting risk warning. The company is applying for restructuring due to its inability to repay debts, raising investor concerns about its financial situation.

Deals & Restructuring

• Gote Electronics Co., Ltd. (301669) completed its IPO, issuing 120 million shares at a price of 7.08 RMB per share. The offering was oversubscribed by 9,381.50 times, leading to a reallocation of shares from offline to online investors. The funds raised will be used to enhance technological innovation and brand recognition.
• Xiamen Voke Mold & Plastic Engineering Co., Ltd. (301196) announced the completion of its acquisition of 51% equity in Jiuteng Communication Technology (Huzhou) Co., Ltd., which has been renamed to Xiamen Weike Jiuteng Technology Co., Ltd.
• Chengdu Xinzhu Road and Bridge Machinery Co., Ltd. (002480) received approval for an asset sale and share issuance from the Sichuan Provincial State-owned Assets Supervision and Administration Commission, crucial for its strategic asset restructuring.
• Tecon Biology Co., Ltd. (002100) announced the acquisition of a 51% stake in Xinjiang Qiangdu Animal Husbandry Technology Co., Ltd. for 1.275 billion yuan, completing necessary business registration changes.

Regulatory & Governance

• Huike Co., Ltd. (001399) received approval from the China Securities Regulatory Commission for its IPO registration, valid for 12 months. The company plans to issue approximately 729 million shares on June 12, 2026, to fund R&D projects and operational enhancements.
• Shengtong Energy Co., Ltd. (001331) announced a change of control following a share acquisition by Qiteng Robotics Co., Ltd., which now holds 44.84% of the shares.

Other Notable Developments

• Several companies, including Delixi Holdings (002571) and *ST Derun Co., Ltd. (002055), reported on changes in shareholder equity and ongoing litigation matters, highlighting the complex regulatory landscape affecting their operations.
• Guangzhou Ruili Kormee Automotive Electronic Co., Ltd. (001285) is moving forward with plans to issue shares to acquire a 16% stake in Wuhan Kodes, enhancing its strategic collaboration in the automotive safety systems market.