17.72 yuan/share! UBTech to make tender offer for partial stake in Fenlong shares

Cailian Press, March 18 — (Reporter Huang Lu) Fenglong Co., Ltd. (002931.SZ) has made new progress in the partial tender offer for its shares by the new controlling shareholder, Youbixuan. The company announced today that it received a letter from Youbixuan stating that the tender offer aims to further strengthen its control over Fenglong Co., Ltd.

According to the announcement released by Fenglong Co., Ltd. tonight, after completing the transfer of 29.99% of its shares through an agreement on March 11, Youbixuan officially launched a partial tender offer to all shareholders except the acquirer. The offer proposes to buy 28.45 million shares at 17.72 yuan per share, accounting for approximately 13.02% of the company’s total share capital. After the acquisition, Youbixuan’s shareholding ratio could reach up to 43.01%.

The maximum funds required for this tender offer are 504 million yuan. Youbixuan has paid a 20% performance deposit, with funding sourced from its own funds and a special placement fundraising through the Hong Kong Stock Exchange.

The tender offer period runs from March 20, 2026, to April 20, 2026, totaling 32 calendar days. During the last three trading days before the end of the offer period—April 16, 2026, April 17, 2026, and April 20, 2026—pre-acceptance shareholders may withdraw their submitted pre-acceptance offers, but cannot withdraw offers that have been temporarily held by the Shenzhen Branch of China Securities Depository and Clearing Corporation. Shareholders need to use their securities custodian brokers to handle pre-acceptance and withdrawal of offers using the code 990091.

It is noteworthy that the offer price of 17.72 yuan per share is based on clear criteria, matching the transfer price agreed upon and higher than the average stock prices over the past 60 and 120 trading days before the announcement, in compliance with the “Administrative Measures for the Acquisition of Listed Companies.”

In the report, Youbixuan stated that this tender offer is based on recognition of Fenglong’s intrinsic value. The company will optimize resource allocation through its listed platform in the future but has also clarified that there are no plans for asset injection within the next 36 months.

As of now, Fenglong’s main business remains in the research, production, and sales of garden machinery parts, auto parts, and hydraulic components, with no involvement in humanoid robot business. In 2024, the company achieved a net profit attributable to shareholders of 4.5929 million yuan and will continue to focus on its core business.

Additionally, Youbixuan’s financial situation has attracted market attention. In 2022 and 2023, it reported losses of approximately 987 million yuan and 1.265 billion yuan, respectively, and an estimated loss of about 1.16 billion yuan in 2024. Its asset-liability ratio is 56.22%, and the subsequent integration effects of this acquisition remain to be observed.

In the secondary market, Fenglong’s stock price has surged since the control change plan was disclosed in December 2025, rising from 19.71 yuan per share to a peak of 118.10 yuan per share, with 18 consecutive limit-ups during this period. As of March 18, the closing price was 71.6 yuan per share, more than doubling over three months, with a significant premium over the offer price. The company’s latest market value is 15.65 billion yuan.