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Kailong High-Tech Terminates Acquisition of 70% Stake in Jinwangda Electromechanical
Kailong High-Tech announced the termination of its plan to acquire a 70% stake in Shenzhen Jinwangda Electromechanical Co., Ltd. through a combination of share issuance and cash payment, along with a related fundraising effort. Because the financial data benchmark date of the target company exceeded the six-month validity period, the intermediary institutions failed to complete the supplementary audit and additional due diligence on time, preventing the company from issuing the notice to convene a shareholders' meeting within the prescribed deadline. The transaction constituted a connected transaction and was expected to qualify as a major asset restructuring. In the first quarter of 2026, Kailong High-Tech achieved revenue of 176 million yuan and a net profit attributable to the parent company of 10.11 million yuan.