Huibo Cloud to Acquire Remaining 49% Stake in Subsidiary for 54.7M Yuan, Net Asset Value Surges Over 6 Times

Revenue Growth Outpaces Net Profit Growth Post-IPO; Receivables Reach Record High in First Half of Year

Huibo Yuntong (慧博云通) is a provider of full-cycle information technology services, including consulting, design, development, testing, and operations, serving both domestic and international clients. The company focuses on supporting global industrial digital transformation and upgrading, leveraging software technology professionals and a deep understanding of client business scenarios.

The company was listed on the ChiNext board of the Shenzhen Stock Exchange in October 2022. Since its listing, the company's revenue growth has significantly outpaced its net profit growth, according to data from Hithink RoyalFlush (同花顺).

Meanwhile, Huibo Yuntong's accounts receivable and inventory have grown substantially. From 2021 to 2025, accounts receivable increased from RMB 249 million to RMB 762 million, while inventory surged from RMB 141,000 to RMB 57 million. By the end of June this year, accounts receivable hit a new high of RMB 950 million.

As of June 30, 2026, the company held approximately RMB 270 million in cash and cash equivalents, with short-term borrowings of RMB 215 million and long-term borrowings of RMB 24.5 million.

As of September 23, 2026, Huibo Yuntong's closing share price was RMB 39.80, giving the company a market capitalization of RMB 16.06 billion.

Acquired Entity's Equity Valuation Surges Over 600%

On the evening of September 21, 2026, Huibo Yuntong announced a plan to acquire the remaining 49% equity interest in its subsidiary, Nanjing Jinxin (南京金信), from Bian Wenli (卞雯丽) for a total consideration of RMB 54.7 million in cash. Upon completion, Huibo Yuntong's stake in Nanjing Jinxin will increase from 51% to 100%, making it a wholly-owned subsidiary.

According to an appraisal, the total equity value of Nanjing Jinxin was estimated at RMB 114 million as of the valuation date (June 30, 2026). Based on this valuation, the appreciation rate of Nanjing Jinxin's total equity reached 621%.

Calculated based on the 49% stake and the RMB 54.7 million transaction price, Nanjing Jinxin's overall valuation is approximately RMB 112 million, slightly below the appraisal result. At this valuation and based on its 2025 net profit of RMB 7.05 million, Nanjing Jinxin's price-to-earnings (P/E) ratio is 16 times. Huibo Yuntong stated that the transaction aligns with its strategic development plan, the pricing is fair, and it will not adversely affect the company's operating results or harm the interests of the company or its shareholders.

Limited Boost to Huibo Yuntong's Net Profit

Huibo Yuntong will pay Bian Wenli in four installments: RMB 10.94 million by December 31, 2028 (24 months after signing), and RMB 16.41 million by December 31, 2029 (36 months after signing).

The performance targets for Nanjing Jinxin are as follows: from 2026 to 2028, recurring net profit (excluding non-recurring items) must be no less than RMB 7 million, RMB 9.1 million, and RMB 11.83 million, respectively, or a cumulative total of no less than RMB 27.93 million over the three years. However, the announcement did not detail Nanjing Jinxin's specific earnings for the first half of 2026, only disclosing a net profit of RMB 1.97 million. Based on the full-year target of RMB 7 million in recurring net profit, the majority of the profit must be generated in the second half of the year.

The acquisition's impact on Huibo Yuntong's net profit is limited. Based on Nanjing Jinxin's 2025 net profit of RMB 7.05 million, acquiring the remaining 49% stake would add approximately RMB 3.45 million to Huibo Yuntong's net profit. Based on the three-year average recurring net profit target of RMB 9.31 million from 2026 to 2028, the acquisition would add approximately RMB 4.56 million in recurring net profit annually.

Bian Wenli Acquired 49% Stake in Nanjing Jinxin in July of Last Year

According to Tianyancha (天眼查), Huibo Yuntong acquired a 51% stake in Nanjing Jinxin on January 15, 2024. At that time, Bian Wenli held only 0.50% of the shares, with a subscribed capital contribution of RMB 50,000. On July 17, 2025, Bian Wenli's stake increased to 49%, with the corresponding subscribed capital contribution rising to RMB 4.9 million. Currently, Nanjing Jinxin's registered capital is RMB 10 million, but its paid-in capital is only RMB 4.9 million.

Under Huibo Yuntong's acquisition plan, just one year and two months later, the value of Bian Wenli's 49% stake has surged to RMB 54.7 million. Huibo Yuntong's 2025 annual report shows that the book value of its investment in Nanjing Jinxin at both the beginning and end of the period was RMB 17.51 million. Upon completion of this acquisition, the total value of Nanjing Jinxin's 100% equity has soared to approximately RMB 112 million.

In the announcement, Bian Wenli's related-party relationship was described as being "based on the principle of substance over form." However, the announcement did not disclose whether Bian Wenli has any relationship with the company's actual controller, directors, supervisors, senior management, or core employees. It also did not disclose Nanjing Jinxin's accounts receivable or operating cash flow. A reporter from National Business Daily (每日经济新闻) sent inquiries to Huibo Yuntong's securities department email address but had not received a response as of press time.

(Source: National Business Daily)