Star Shuaier to Acquire PCB Tool Firm for 840M Yuan, Shares Halted After Daily Limit
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On September 21, Starourer (002860) announced a plan to acquire 100% of PCB tool and consumable companies Fanyu Technology and Xiangying New Material via share issuance and cash, with a combined valuation of 840 million yuan. The sellers, both controlled by Chen Yong, have committed to cumulative net profit of at least 210 million yuan for 2026-2028. The deal is not expected to constitute a major asset restructuring or related-party transaction, and will not change control. Starourer's stock hit the daily price limit on September 21, closing at 18.39 yuan per share, giving a market cap of 6.476 billion yuan. Trading will be suspended from September 22 for up to 10 trading days. Starourer, a relay manufacturer with about one-third of the domestic compressor protector and starter market, reported a 3.39% revenue decline and 17.6% net profit drop in the first half of 2026.
Source report
September 21, 2025 — Star帅尔 (Shenzhen: 002860) announced on the evening of September 21 that it plans to acquire 100% equity of Fanyu Technology and Xiangying New Materials (collectively, the "Target Companies") through a combination of share issuance and cash payment, along with a supporting fundraising plan. The Target Companies are primarily engaged in the R&D, production, and sales of PCB tooling equipment and semi-finished consumables. The actual controller of both Fanyu Technology and Xiangying New Materials is Chen Yong.
Valuation and Performance Commitments
The preliminary total valuation of the Target Companies is set at RMB 840 million. The performance commitment period spans 2026 to 2028, with the following net profit (after deducting non-recurring gains/losses) targets:
- 2026: No less than RMB 55 million
- 2027: No less than RMB 75 million
- 2028: No less than RMB 80 million
- Cumulative (2026–2028): No less than RMB 210 million
Transaction Details
According to the announcement, the transaction is not expected to constitute a major asset重组 nor a related-party transaction. It will not result in a change of actual control or constitute a backdoor listing. The company's shares were halted from trading on the morning of September 22, with the transaction plan expected to be disclosed within no more than 10 trading days.
Stock Performance
On September 21, Star帅尔's share price hit the daily limit up, closing at RMB 18.39, giving the company a total market capitalization of approximately RMB 6.476 billion.
Company Background
In the first half of 2026, Star帅尔 reported revenue of RMB 1.094 billion, a year-on-year decline of 3.39%, and net profit of approximately RMB 100 million, down 17.6% year-on-year. The company specializes in the R&D, production, and sales of various relays, primarily thermal protectors and starters for compressors, accounting for nearly one-third of the domestic market and serving as a major production and export base for compressor components.
Next Steps
Star帅尔 stated that the transaction is still in the planning stage. The preliminary counterparties are all shareholders of Fanyu Technology and Xiangying New Materials. The company has signed a Letter of Intent for Equity Acquisition with the Target Companies, their controlling shareholders, and actual controller Chen Yong. From the date of the trading suspension, the company will carry out necessary procedures, including regulatory approvals and internal review, and will urge its appointed intermediaries to expedite work to submit and disclose compliant documents to the stock exchange within the promised timeframe.
Source
证券之星-证券要闻Regional
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Star Shuaier to acquire two PCB tool firms for 840M yuan, shares halted after daily limit