Hunan Feiwo New Energy Technology Co., Ltd. (hereinafter referred to as "the Company" or "Feiwo Technology") intends to acquire 60% equity in Xi'an Chuanghang Precision Manufacturing Technology Co., Ltd. (hereinafter referred to as "the Target Company" or "Xi'an Chuanghang") for cash (hereinafter referred to as "this transaction"). Upon completion of this transaction, Xi'an Chuanghang will become a controlling subsidiary of the Company.
Risk Warning
- This transaction involves risks such as transaction delivery risk, performance risk, acquisition integration risk, and the risk of subsequent losses of the Target Company affecting the performance of the listed company. Investors are advised to pay attention to the Company's subsequent announcements and be cautious of investment risks. The Company will continue to monitor the operational status of the Target Company and fulfill its information disclosure obligations in a timely manner according to relevant laws, regulations, and normative documents.
- The Company's commercial aerospace business is currently in its early development stage. In 2025, the main product of this business segment will be fasteners, generating revenue of 1.23 million RMB, accounting for less than 1% of the Company's main business revenue, and is unlikely to make a significant contribution to the Company's overall operating performance in the short term.
- As of June 2, 2026, the latest data from China Securities Index Co., Ltd. shows that the Company's latest rolling price-to-earnings ratio (P/E) is 299.03 times, and the price-to-book ratio (P/B) is 9.5 times. The corresponding index for the "C34 General Equipment Manufacturing Industry" classification is 43 times for P/E and 4.19 times for P/B. The Company's rolling P/E and P/B ratios are significantly higher than the industry level, deviating seriously from the fundamentals.
Transaction Overview
On June 3, 2026, the Company held the sixth meeting of the fourth board of directors, which reviewed and approved the proposal on the acquisition of 60% equity in Xi'an Chuanghang Precision Manufacturing Technology Co., Ltd. After the completion of this transaction, Xi'an Chuanghang will become a controlling subsidiary of the Company and included in the Company's consolidated financial statements. On the same day, the Company signed the "Equity Transfer Agreement" with shareholders Gao Rui and Wang Yuefeng of Xi'an Chuanghang.
According to the asset valuation report issued by Beijing Kunyuan Zhicheng Asset Appraisal Co., Ltd. (hereinafter referred to as "Beijing Kunyuan"), as of the valuation benchmark date of April 30, 2026, the 100% equity valuation of Xi'an Chuanghang is 73.53 million RMB. The transaction price for 100% equity of Xi'an Chuanghang is ultimately determined to be 72.0 million RMB. The Company will use its own funds to acquire 60% equity in Xi'an Chuanghang, corresponding to an equity transfer price of 43.2 million RMB.
According to the "Shenzhen Stock Exchange GEM Stock Listing Rules," "Shenzhen Stock Exchange Listed Company Self-Regulatory Guidelines No. 2 - Standard Operation of GEM Listed Companies," and "Company Articles of Association," the audited net profit of the Target Company for 2025 is 5.1376 million RMB, which accounts for more than 10% but less than 50% of the audited net profit attributable to the shareholders of the listed company for 2025. Therefore, it does not need to be submitted for shareholder meeting review within the board of directors' review authority. This transaction does not involve related party transactions and does not constitute a major asset reorganization as defined by the "Measures for the Administration of Major Asset Restructuring of Listed Companies."