Fenglong(SZ:002931) Sou Hu Cai Jing·2025-12-25 16:21Group 1 - The core point of the article is that UBTECH (9880.HK) has acquired control of a listed company, Fenglong Co., Ltd. (002931.SZ), for a total consideration of 1.665 billion yuan, aiming to extend its industrial chain downstream [2][3] - The acquisition involves a share transfer agreement where UBTECH will acquire 43% of Fenglong's shares, with a share price of 17.72 yuan, representing a discount of approximately 10% from the last trading price before suspension [2][3] - Following the acquisition, UBTECH will issue a partial tender offer to acquire an additional 13.01% of Fenglong's shares at the same price [2][3] Group 2 - UBTECH's recent fundraising of over 3.1 billion HKD is primarily aimed at investments and acquisitions, indicating a strategic move to enhance its market position [4] - The company has been experiencing continuous losses since its listing, with revenues projected to grow from 1.008 billion yuan in 2022 to 1.295 billion yuan in 2024, while cumulative net losses exceed 3.3 billion yuan [4][7] - The acquisition of Fenglong is seen as a strategic move to leverage its manufacturing capabilities, as Fenglong specializes in precision manufacturing and has a solid supply chain [6][7] Group 3 - The robotics industry is witnessing accelerated capital operations, with several companies, including UBTECH, actively pursuing acquisitions to strengthen their market presence [8] - Other companies in the sector, such as Zhiyuan Robotics and Qiteng Robotics, have also engaged in similar acquisition strategies to gain control of listed companies [9] - The overall trend in the robotics industry indicates a growing focus on capital investment and mergers, reflecting the sector's increasing importance and potential for growth [8][9]