启明创投，正式入主A股上市公司

Core Viewpoint - The acquisition of Tianmai Technology by Qiming Venture Partners has been finalized, marking a significant move in the private equity landscape in China, particularly following the regulatory changes that support such transactions [1][5][6]. Group 1: Acquisition Details - On January 7, Tianmai Technology announced the transfer of 17.75 million shares, representing 26.10% of the company's total equity, from its controlling shareholders to Suzhou Qichen, a fund managed by Qiming Venture Partners [1][5]. - The total transfer price was finalized at 541 million yuan, an increase from the initially agreed price of approximately 452 million yuan [6]. - The share transfer was completed on January 6, 2026, after a year of negotiations and adjustments to the agreement [5][6]. Group 2: Implications for Tianmai Technology - Following the acquisition, the actual controller of Tianmai Technology shifted from Guo Jianguo and his wife to Kuang Ziping, the founding partner of Qiming Venture Partners [4]. - Qiming Venture Partners is expected to enhance Tianmai Technology's operational capabilities and asset quality, with potential adjustments to its assets and business within the next 12 months [6]. Group 3: Industry Context - The acquisition aligns with the recent trend of private equity firms entering the public company space, particularly after the release of the "Six Opinions on Deepening the Reform of Mergers and Acquisitions in Listed Companies" by the China Securities Regulatory Commission [5][7]. - Other private equity firms have also made similar moves, indicating a shift in the role of general partners from merely selecting investments to becoming orchestrators of mergers and acquisitions [7].