M&A Cases from September 1 to 15, 2026
Notable M&A Activities in the Manufacturing Sector in Early September
Completed Transaction Cases in This Period
Case 1: Hua Hong Grace Completes the Delivery of CNY 8.268 Billion Acquisition of 97.4988% Equity in Huali Micro, Significantly Bolstering 12-inch Wafer Foundry Capacity
On September 11, Hua Hong Grace (688347.SH) announced that the acquisition of a total 97.4988% equity in Huali Micro held by Shanghai Hua Hong Group, Shanghai Integrated Circuit Industry Investment Fund, National Integrated Circuit Industry Investment Fund Phase II, and Shanghai Guotou Xiandao Fund through share issuance has been completed. The target assets were registered under the company's name on September 3. The transaction was priced at CNY 8.268 billion, paid entirely in shares (issue price of CNY 43.34 per share).
Huali Micro is a 12-inch IC (Integrated Circuit) wafer foundry. Following this injection, Hua Hong Grace will add approximately 38,000 wafers per month of 65/55nm and 40nm capacity, significantly expanding its 12-inch foundry capacity and process platforms. The horizontal competition issue at the group level is resolved simultaneously. This marks a landmark consolidation in the semiconductor industry this year and the largest transaction in this period. This transaction constitutes a related-party transaction, with no performance commitment set, and the lock-up period for the main counterparties is 36 months.
Case 2: Estun Completes the Delivery of CNY 487 Million Wholly-Owned Acquisition of Estun Codroid, Completing the 'Embodied Intelligent Robot' Portfolio
On September 7, Estun (002747.SZ/02715.HK) announced that its wholly-owned subsidiaries, Estun Robot and Dingtong Precision Metal, completed the delivery of the 100% equity acquisition of Estun Codroid for CNY 487 million in cash on September 2. The target has completed the industrial and commercial changes for the transfer of equity and partnership shares and has been included in the consolidated statements.
Estun Codroid mainly produces collaborative robots with a 3-35kg payload, embodied intelligent robots, and core components. Its core team has been deeply involved in the formulation of the first batch of national standards for humanoid robots. Following this acquisition, the company has formed a full-scenario product system of 'heavy-duty industrial robots + lightweight collaborative robots + embodied intelligent robots,' shifting from 'unmanned industrial production' to 'human-robot collaborative flexible production.' This transaction constitutes a related-party transaction (the target was originally jointly held by the controlling shareholder, related industrial funds, and employee stock ownership platforms).
Case 3: ABB Completes Acquisition of Norwegian Marine Automation Company Høglund, Expanding Its Marine Automation Footprint
On September 1, ABB announced the completion of its acquisition of Norwegian marine automation company Høglund AS. The consideration was not disclosed.
Høglund's core products are modular marine integrated automation systems (IAS), which have been installed on over 600 vessels worldwide. Its systems are built on ABB's 800M/S800 control hardware and are naturally compatible with ABB automation products. This acquisition integrates Høglund's 85 employees in Norway, Poland, Romania, and China entirely into ABB's Marine & Ports business unit, further expanding the range of vessel types covered by ABB in the marine automation field and its global service network, continuing the integration path of 'M&A to supplement the chain' by the industrial automation leader.
Case 4: Semcorp Completes Industrial and Commercial Changes for CNY 400 Million Acquisition of 100% Equity in SKIET's Jiangsu Separator Base, Making a Move in the Stock Integration of Lithium Battery Separators
On September 12, Semcorp (002812.SZ) announced that its subsidiary Jiangsu Semcorp has completed the industrial and commercial changes for the acquisition of 100% equity in SK Battery Material Technology (Jiangsu) Co., Ltd. held by South Korea's SKIET at a base consideration of CNY 400 million. The target has been officially renamed 'Changzhou Semcorp New Materials,' with a registered capital of approximately CNY 3.239 billion. The target mainly adopts the wet process film-making technology, possessing 8 base film production lines (designed annual capacity of approximately 940 million square meters) and 10 coating production lines. However, it has been continuously losing money due to a high concentration of customers in the SK system (the top ten customers in 2025 accounted for 97.28% of revenue) and a low capacity utilization rate (revenue of CNY 477 million/CNY 454 million and net losses of CNY 388 million/CNY 438 million in 2024/2025). Semcorp's separator capacity utilization rate reached 94.91% in 2025, approaching full production. This rapid capacity supplementation at a cost far lower than self-construction is a representative case of 'stock integration' in the lithium battery separator industry.
Case 5: Feymer Technology Completes the Transfer of CNY 696 Million Acquisition of 51.16% Equity in Water Tech, Bolstering Its 'Service-Selling' Capability in Industrial Water Treatment
On September 9, Feymer Technology (688350.SH) announced that it has acquired a 51.1649% equity stake in Jiaxing Water Tech Environmental Protection Technology Co., Ltd. for approximately CNY 696 million through an 'indirect acquisition + direct transfer' method. The relevant equity transfer and industrial and commercial changes have been completed. As of the announcement date, a cumulative payment of CNY 415 million has been made, and the remaining amount will be paid in installments according to the performance commitment.
Water Tech is a national-level key 'Little Giant' enterprise and a national green factory, mainly engaged in industrial water treatment chemicals and intelligent dosing systems. In 2025, revenue from the display panel and semiconductor fields accounted for over 50%, making it a domestic chemical service provider cutting into the semiconductor ultrapure water system. Feymer Technology mainly produces hydrophilic functional polymers and water treatment membranes. This acquisition bolsters its industrial water treatment segment, driving the business transformation from 'selling products' to 'selling effects and services.' The performance commitment parties commit that Water Tech's net profits excluding non-recurring items for 2026-2028 will be no less than CNY 110 million, CNY 120 million, and CNY 130 million, respectively.
Case 6: Zhezhong Construction Completes Industrial and Commercial Changes for CNY 354 Million Controlling Acquisition of Jiechuang Semiconductor, Crossing Over into Semiconductor Optical Chips
On September 14, Zhezhong Construction (002346.SZ) announced the acquisition of a 53.19% equity stake in Zhezhong Jiechuang Semiconductor (Shanghai) Co., Ltd. for a total of approximately CNY 354 million through 'old share transfer + cash capital increase' and its inclusion in the consolidated statements: based on a pre-money valuation of CNY 400 million, it first acquired a total of 18.08% old shares, including 10% from Hanwei Technology, 6.4904% from Shenzhen Jia'en Zhiyuan, and 1.5928% from Shanghai Qiainuo (consideration of approximately CNY 54.25 million), and then acquired a 42.86% equity stake through a cash capital increase of CNY 300 million. Founded in 2021, Jiechuang Semiconductor focuses on high-speed optical communication chips such as 100G VCSEL, 100G/200G EML, and CW DFB. It follows an IDM full-process independent R&D and production route (design—process—wafer manufacturing—finished product testing) and is a VCSEL/EML vertically integrated manufacturer. Its Jiangxi base has an annual capacity of over 72 million units and has mass-produced more than 10 types of chips. The transaction is accompanied by a valuation adjustment mechanism (VAM), requiring revenues of no less than CNY 50 million, CNY 100 million, and CNY 300 million for 2027-2029. Zhezhong Construction crosses over from 35kV complete switchgear to layout the semiconductor industry, cutting into the upstream device field of optical communication and optical interconnection.
Case 7: Jianbang Shares Completes Industrial and Commercial Changes for CNY 278 Million Acquisition of 55% Equity in Sinho/Upton Automation Each, Crossing Over into Electronic Manufacturing Equipment
On September 13, Jianbang Shares (603285.SH) announced that its wholly-owned subsidiary Jianke Intelligent acquired a 44.53% equity stake in each of Sinho Automation and Upton Automation in cash and simultaneously increased capital, with a total consideration of CNY 278 million (transfer of CNY 116 million + CNY 66.357 million, capital increase of CNY 60.6977 million + CNY 34.6512 million). The industrial and commercial changes have been completed; Jianke Intelligent holds a 55% equity stake in each of the two targets, making them controlled grandchild companies.
Sinho Automation mainly produces laser direct imaging exposure equipment and fully automatic character inkjet printing equipment. Upton Automation focuses on precision lamination and visual inspection automation equipment. The two companies are located in Bao'an, Shenzhen, serving the equipment segment of the PCB (Printed Circuit Board) and flexible printed circuit board industry chain. Jianbang Shares mainly produces environmental protection additives for polymer materials. This cross-over acquisition aims to accelerate the extension of its products to the electronic manufacturing industry chain. The performance commitment parties commit that the net profits excluding non-recurring items of the two targets for 2026-2028 will be no less than CNY 35 million, CNY 41 million, and CNY 50 million, respectively, and an estimated goodwill of approximately CNY 154 million will be formed.
Case 8: Wuxi Zhenhua Completes Industrial and Commercial Changes for CNY 108 Million Acquisition of 57% Equity in Dewejia, Cutting into Automotive High-Frequency and High-Speed Wire Harnesses
On September 9, Wuxi Zhenhua (605319.SH) announced that the acquisition of a 57% equity stake in Dewejia Automotive Electronic Systems (Wuxi) for CNY 108 million in cash has completed the changes in the register of shareholders and industrial and commercial registration changes such as directors, supervisors, and articles of association. Dewejia has been included in the consolidated statements since September.
Dewejia mainly produces four types of high-frequency and high-speed wire harnesses: Fakra, HFM, HSD, and H-MTD. Its terminal customers cover Chery, Changan, SAIC, VW Audi, XPeng, etc. In 2025, its revenue was approximately CNY 120 million, and its net profit was CNY 19.5788 million. The performance commitment parties commit that the net profits excluding non-recurring items for 2026-2028 will be no less than CNY 18 million, CNY 20 million, and CNY 22 million, respectively. Wuxi Zhenhua's main business is stamped parts. This acquisition helps it cut into the track of core components for automotive intelligence.
Ongoing Transaction Cases in This Period
Case 1: Tata Motors' Tender Offer for Iveco Group Enters Substantive Advancement, with a Consideration of Approximately EUR 3.82 Billion (Approximately CNY 31 Billion)
From September 3 to 7, Tata Motors' tender offer for the Italian commercial vehicle company Iveco Group entered the substantive advancement stage: the Italian market regulatory authority Consob approved the offer documents on September 3. On September 4, Tata Motors officially submitted the offer through its wholly-owned subsidiary TML CV Holdings to acquire all outstanding shares of Iveco in cash at EUR 14.10 per share (including dividends). The offer period runs from September 7 to October 26, with a total consideration of approximately EUR 3.82 billion (approximately USD 4.4 billion). The Iveco Board of Directors unanimously recommended the transaction, and the largest shareholder Exor (Agnelli family) has made an irrevocable commitment to transfer its 27.06% stake (representing 43.19% of the voting rights). After the merger, the group's annual sales of commercial vehicles will exceed 590,000 units, with an annual revenue of approximately EUR 21 billion. Tata Motors will significantly strengthen its commercial vehicle footprint in Europe and South America through this move.
Case 2: Analog Devices (ADI) Acquires Alif Semiconductor for USD 1.35 Billion (Approximately CNY 9.6 Billion), Doubling Down on Edge AI Chips
On September 9, the leading US analog chip company Analog Devices (ADI) announced that it has signed a definitive agreement to acquire Alif Semiconductor for USD 1.35 billion in all cash, with an additional contingent consideration of up to USD 200 million depending on performance. The transaction is expected to be completed by the end of 2026 (subject to the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act).
Headquartered in Pleasanton, California, Alif focuses on AI-native microcontrollers and converged processors (edge AI chips) integrating neural network processing units, and its chips have been mass-produced and shipped. ADI stated that this acquisition aligns with its 'Physical Intelligence' strategy, combining Alif's digital processing capabilities with ADI's advantages in sensing, signal processing, power, and connectivity to expand into application markets such as industrial, data center infrastructure, defense, energy, and robotics. It is another move for AI to go from data centers to the physical world.
Case 3: Huafeng Chemical Unveils Draft for CNY 6.85 Billion Acquisition of Group's Polyurethane Assets, Extending Industry Chain to Resins and TPU
On September 2, Huafeng Chemical (002064.SZ) disclosed the draft for purchasing assets through share issuance and cash payment. It plans to acquire 100% equity in Zhejiang Huafeng Synthetic Resin (CNY 4.15 billion) and 100% equity in Zhejiang Huafeng Thermoplastic (CNY 2.7 billion) held by its controlling shareholder Huafeng Group and the You Xiaoping family for CNY 6.85 billion, of which the share consideration is CNY 5.829 billion and the cash consideration is CNY 1.021 billion, with an issue price of CNY 8.45 per share.
The targets mainly produce polyurethane resins for leather and thermoplastic polyurethane elastomers (TPU). The performance commitment parties commit that the total net profit for 2026-2028 will be no less than CNY 1.834 billion. Huafeng Chemical's capacities for spandex, polyurethane dope, and adipic acid all rank first globally. This acquisition extends the industry chain to the product material segment, forming a complete chain of 'adipic acid—dope—spandex—resin—TPU.' This transaction constitutes a related-party transaction, fulfilling the asset injection commitment made by the controlling shareholder in 2019. The plan will be submitted to the shareholders' general meeting for deliberation on September 23.
Case 4: Xiangshan Shares Cuts into AI Computing Power with CNY 800 Million Acquisition of 100% Equity in WuLuo Smart
On the evening of September 14, Xiangshan Shares (002870.SZ) disclosed the preliminary plan for purchasing assets through share issuance and cash payment and raising matching funds. It plans to acquire a total 100% equity stake in Zhejiang Wuluo Smart City Technology Co., Ltd. held by six counterparties: Ningbo Genxi, Zhejiang Qintong, Zhiyan Xinhe, Wenzhou Qunhong, Sunrise Intelligent Technology (688215.SH), and Wang Ling. The total transaction consideration is tentatively set at CNY 800 million (cash consideration of approximately 51%, share consideration of approximately 49%, issue price of CNY 35 per share), and matching funds will be raised; the appraised value of the target and the final transaction price have not yet been determined.
Founded in September 2021, WuLuo Smart cut into the AI computing power business in 2024, transforming from trade and distribution (computing boards, bridge pieces, barebone systems) to R&D, production, and manufacturing. The Ningbo Intelligent Manufacturing Base and R&D laboratory will be completed and put into production by the end of 2025. The company is positioned as an integrated software and hardware solution service provider for AI computing power (general agent for MetaX), with products covering computing acceleration cards, AI servers, integrated storage and computing machines, and computing clusters. It also lays out four types of ecological products: optical modules, storage systems, and air-cooled/liquid-cooled thermal management. The compensation obligors preliminarily commit that the target's cumulative net profit excluding non-recurring items for 2027-2029 will be no less than CNY 400 million.
Xiangshan Shares was originally a weighing instrument enterprise. It crossed over into automotive parts in 2020 by acquiring a 51% equity stake in Joyson Quying, and divested its weighing instrument business in December 2025. It now mainly produces intelligent cockpit components and new energy charging and power distribution systems. Its customers cover Mercedes-Benz, BMW, Volkswagen, General Motors, NIO, Li Auto, XPeng, etc.; its controlling shareholder is Joyson Electronics. Dragged down by the decline in production and sales of passenger vehicles, the contraction of the luxury car market, price competition, and exchange losses, the company's revenue in the first half of 2026 was CNY 2.402 billion (a year-on-year decrease of 18.23%). Upon completion of this acquisition, the company will form a dual-wheel drive of 'automotive parts + AI computing power.'
Case 5: Unigroup Guoxin Advances to the Late Stage of Review for CNY 1.9 Billion Acquisition of 100% Equity in Renergy Semiconductor, Achieving 'Fabless + IDM' Upgrade
On September 11, Unigroup Guoxin (002049.SZ) held a board of directors meeting to review and approve the extended audit report and the revised draft of the reorganization report for the acquisition of 100% equity in Renergy Semiconductor. This transaction plans to acquire 100% equity in Renergy Semiconductor from 14 counterparties including Nanchang Jian'en, Beijing Guangmeng, Tianjin Ruixin, and CICC Huake through share issuance and cash payment, with a total consideration of CNY 1.9 billion (share consideration of CNY 1.52 billion and cash consideration of CNY 380 million).
Renergy Semiconductor inherited NXP's bipolar business and is one of the few domestic power semiconductor companies with IDM capabilities. Its silicon carbide rectifiers are leading domestically, with a revenue of CNY 871 million in 2025. Unigroup Guoxin's existing power semiconductor business is mainly Fabless. The acquisition will help achieve deep synergy between design and wafer manufacturing processes, upgrading to 'Fabless + IDM.' This transaction constitutes a related-party transaction, with no performance commitment set, only an impairment compensation.
Case 6: Changyuan Donggu Unveils Draft for CNY 5.01 Billion Acquisition of 100% Equity in Kanghao Electromechanical, Extending from Automotive Parts to Heat Exchange Systems
On September 7, Changyuan Donggu (603950.SH) disclosed the draft of the report on major asset reorganization. It plans to acquire 100% equity in Xiangyang Kanghao Electromechanical Engineering from Xinyuan Power through share issuance for CNY 5.01 billion and raise matching funds of no more than CNY 2 billion; the appraised value of the target with March 31, 2026, as the base date is CNY 5.01 billion.
Kanghao Electromechanical mainly engages in the R&D, production, and sales of heat exchange systems, as well as the agency sales of engines and power units, and the manufacturing of power unit accessories such as electronic speed control systems. Changyuan Donggu mainly produces core components for diesel/natural gas/gasoline engines (cylinder blocks, cylinder heads, connecting rods, etc.). This acquisition extends the business to the downstream of the industry chain such as heat exchange systems and takes over the target's customers, R&D and testing platforms, and talent teams in the fields of power equipment, oil and gas fields, and rail transit. The counterparties are entities controlled by the joint actual controllers of the listed company, constituting a related-party transaction.
Case 7: AKE Shares' CNY 2.2 Billion Acquisition of 100% Equity in Dongguan Guixiang Approved by the M&A Reorganization Committee, Shifting to New Energy Thermal Management Materials
On September 7, AKE Shares (300889.SZ) announced that the issuance of shares and cash payment to purchase 100% equity in Dongguan Guixiang and the raising of matching funds have been approved by the M&A Reorganization Committee of the Shenzhen Stock Exchange. The consideration for this transaction is CNY 2.2 billion. The target, Dongguan Guixiang, had a net profit of CNY 205 million in 2025 and mainly produces insulation and thermal management materials for NEVs (New Energy Vehicles). AKE Shares originally mainly produced LED landscape lighting. This acquisition will enable it to transform to the new energy vehicle thermal management materials business and cut into the material segment of the NEV industry chain.
Case 8: Swärmer Acquires RatelRobotics for up to USD 224 Million (Approximately CNY 1.6 Billion), Integrating Defense Unmanned Ground Platforms
On September 10, Nasdaq-listed Swärmer (SWMR) announced that it has signed a definitive agreement to acquire RatelRobotics, a Ukrainian unmanned ground vehicle (UGV) manufacturer, for a transaction consideration of up to USD 224 million. Swärmer mainly produces autonomous swarm software. Ratel's ground robots have been actually deployed on the battlefield (rather than in the testing stage), possessing real delivery and combat verification. This acquisition reflects the realistic budget and deployment volume for autonomous ground platforms in the defense field. While civilian humanoid robots are still mostly in the 'no revenue' stage, public market acquirers are integrating this track with the help of defense order revenue.
Disclaimer: This report is compiled based on public information. The status of the cases (completed/planned/ongoing) is subject to the announcement disclosures. The transaction amounts and progress may be subject to subsequent adjustments. The planned acquisition cases still have uncertainties. The overseas transaction amounts are estimated based on recent exchange rates and are for reference only, and do not constitute any investment advice.