Core Viewpoint - A significant acquisition wave led by technology companies in the A-share market has commenced, highlighted by UBTECH's announcement to acquire approximately 43% of the shares of Fenglong Co., Ltd. through a combination of agreement transfer and partial tender offer, with a total consideration of 1.665 billion yuan [1][7]. Group 1: Acquisition Details - UBTECH plans to acquire 65.53 million shares of Fenglong, representing 29.99% of the total share capital, at a price of 17.72 yuan per share, totaling 1.161 billion yuan [4][5]. - Following the agreement transfer, UBTECH will issue a partial tender offer for an additional 28.45 million shares, representing 13.02% of the total share capital, at the same price of 17.72 yuan per share [4][5]. - The total expenditure for the acquisition is expected to be 1.665 billion yuan, enhancing UBTECH's control over Fenglong [7]. Group 2: Market Implications - The acquisition has sparked speculation about UBTECH's potential return to the A-share market, although regulatory policies suggest that this may not be feasible [1][10]. - UBTECH's strategy mirrors previous acquisitions in the sector, utilizing agreement transfers and partial tender offers to secure control at a lower cost [2][4]. - The transaction is not merely a shell acquisition; it aims to create synergy between UBTECH's robotics focus and Fenglong's manufacturing capabilities, which include precision manufacturing and a mature supply chain [11][12]. Group 3: Future Prospects - UBTECH's current financial status does not meet the requirements for a backdoor listing through Fenglong, as it has not achieved profitability [10]. - An independent IPO on the Shenzhen Stock Exchange may be a more viable option for UBTECH, given its market capitalization and revenue projections [10][12]. - The acquisition is funded through UBTECH's own capital, including proceeds from a recent placement aimed at supporting mergers and investments in the robotics industry [13].