Fenglong(SZ:002931) Xin Lang Cai Jing·2025-12-27 03:09Core Viewpoint - The humanoid robot sector is experiencing significant capital activity, with UBTECH Robotics (9880.HK) planning to enter the A-share market through a "H to A" strategy by acquiring a controlling stake in Fenglong Co., Ltd. (002931.SZ) [1] Group 1: Transaction Details - UBTECH will acquire a 29.99% stake in Fenglong through a share transfer for a total of 1.161 billion yuan, followed by a partial tender offer for an additional 13.02% of shares [2] - After the completion of the transaction, UBTECH will hold a total of 43.01% of Fenglong's shares, changing the controlling shareholder from Chengfeng Investment to UBTECH [2] Group 2: Market Reaction - Following the announcement of the controlling stake change, Fenglong's stock price surged, achieving two consecutive trading limits, with a closing price of 23.82 yuan per share and a market capitalization of 5.2 billion yuan [1] Group 3: UBTECH's Strategic Rationale - UBTECH aims to leverage the higher valuation premiums in the A-share market compared to its current performance in the Hong Kong market, where its stock price has significantly declined from a peak of 328 HKD to 109.50 HKD [8][10] - The company has incurred losses exceeding 3.8 billion yuan over three and a half years, with projected revenues of 1.008 billion yuan, 1.056 billion yuan, and 1.305 billion yuan for 2022, 2023, and 2024 respectively [10] - UBTECH is seeking to capitalize on the anticipated commercialization of humanoid robots, with 2025 being viewed as a pivotal year for the industry [12] Group 4: Synergies with Fenglong - UBTECH is attracted to Fenglong's precision manufacturing capabilities and established supply chain relationships, which are expected to facilitate the commercialization of humanoid robots [13][17] - Fenglong has shown significant growth, with a projected profit of 4.5929 million yuan in 2024 and a 1715% year-on-year increase in net profit for the first three quarters of 2025 [21] Group 5: Financial Aspects - The funding for the acquisition will come from UBTECH's own capital, including proceeds from a recent H-share placement that raised approximately 3.056 billion HKD [18] - UBTECH has raised over 7.6 billion HKD through multiple placements since its listing, indicating a high reliance on external financing [18] Group 6: Management and Future Outlook - The transaction will lead to a significant restructuring of Fenglong's board, with UBTECH expected to dominate the new board composition, raising concerns about management stability [21] - Despite the optimistic market response, the future business collaboration between UBTECH and Fenglong remains uncertain, with no immediate plans for major operational changes [21][22]