搭上优必选，A股割草机公司复牌涨停，封单近百亿

Core Viewpoint - A significant acquisition wave led by technology companies in the A-share market has commenced, highlighted by the acquisition of approximately 43% of shares in Fenglong Co., Ltd. by UBTECH Robotics through a combination of agreement transfer and tender offer [1][2]. Summary by Sections Acquisition Details - UBTECH plans to acquire 43% of Fenglong's shares at a price of 17.72 CNY per share, which represents a 10% discount from the pre-suspension price of 19.68 CNY, totaling approximately 1.665 billion CNY [2][8]. - Following the announcement, Fenglong's shares hit the daily limit up, closing at 21.65 CNY, with a total market capitalization of 4.731 billion CNY [2][4]. Control and Strategy - The acquisition strategy involves a two-step process, where UBTECH first acquires 29.99% of shares through an agreement transfer, avoiding the obligation for a full tender offer [7][8]. - The second step includes a partial tender offer for an additional 13.02% of shares, maintaining the same price of 17.72 CNY per share [7][8]. Future Listing Considerations - There are speculations about UBTECH potentially using Fenglong as a vehicle to return to the A-share market; however, current regulations and the company's financial status make this unlikely in the short term [10][12]. - UBTECH has not achieved profitability, which is a requirement for a reverse merger to qualify for A-share listing [12]. Industry Context - The acquisition reflects a trend where technology companies seek control of stable A-share companies to leverage their manufacturing capabilities and market presence [16][17]. - Fenglong's established manufacturing capabilities in garden machinery and automotive components may provide synergies with UBTECH's focus on humanoid robotics, enhancing the potential for industry integration [16][17]. Financial Strategy - The acquisition will be funded through UBTECH's own capital, including cash reserves and proceeds from a recent placement of 3.056 billion HKD, with plans to allocate a significant portion for mergers and investments in the robotics sector [17].