On 23 September 2026, ESTUN’s board approved plans for three related equity purchases that could lift its ownership in subsidiary Estun Intelligent (Jiangsu) from 50.15 % to 95.01 %. The transactions combine two public-tender offers and one negotiated acquisition, and will be aggregated under Hong Kong Listing Rules for classification purposes.
Transaction structure and pricing • Public tender A: acquisition of 19.46 % from National Manufacturing Fund at a base price of RMB210.60 million. • Public tender B: acquisition of 3.78 % from Mixed Reform Fund at a base price of RMB40.25 million. • Negotiated purchase: intended acquisition of 21.62 % from General Technology High-End Equipment Fund; consideration will be finalised upon contract signing.
If successful, ESTUN will hold 95.01 % of Estun Intelligent (Jiangsu), which will remain a consolidated subsidiary. All payments will be funded with internal resources.
Regulatory implications • Sellers A (National Manufacturing Fund) and C (General Technology High-End Equipment Fund) are substantial shareholders of the target, rendering their disposals connected transactions at the subsidiary level. Aggregated percentage ratios exceed 0.1 % but stay below 5 %, triggering announcement requirements without shareholder approval. • Aggregating all three acquisitions, the highest applicable percentage ratio falls between 5 % and 25 %; the deal is therefore classified as a discloseable transaction exempt from shareholder voting under Chapter 14 of the Listing Rules.
Valuation reference China United Assets Appraisal valued Estun Intelligent (Jiangsu) at RMB1.02 billion as of 31 December 2025, using a market approach benchmarked to recent intelligent-equipment transactions. The appraisal underpins the public-tender base prices.
Target company performance • Revenue: RMB372.27 million in 2024; RMB565.92 million in 2025. • Net loss after tax narrowed to RMB5.12 million in 2025 from RMB109.39 million in 2024. • Unaudited total assets stood at RMB1.04 billion and net assets at RMB574.06 million on 30 June 2026.
Strategic rationale Management expects fuller control to enhance decision-making efficiency, strengthen resource allocation and consolidate competitiveness in intelligent manufacturing solutions for lithium-battery, energy-storage and new-energy-vehicle markets.
Next steps The tender notices were posted on Shanghai United Assets and Equity Exchange on 18 and 22 September 2026, each carrying a 20-working-day listing period. ESTUN will sign definitive contracts only if selected as the winning bidder and will release further announcements as required. Shareholders and potential investors are advised to exercise caution while the outcome remains uncertain.