Jiahua Technology: The proposed acquisition of a 90% stake in Shudun Information and fundraising are currently underway

NightAirdropper · 2026-03-04T09:05:45+00:00

Jiahua Technology plans to acquire a 90% stake in Shudun Information Technology, which is expected to constitute a major asset restructuring, but will not affect control. The stock has been suspended from trading. The company's main business is smart city solutions, and it faces uncertainties such as performance fluctuations and multiple approval procedures. Currently, the company carries a higher risk.

NightAirdropper

2026-03-04 09:05:45

Abstract generation in progress

Radar Finance | Text by Yang Yang | Edited by Li Yihui

On March 3rd, Ji Hua Technology (Stock Code: 688051) announced that the company plans to acquire a 90% stake in Shuzhun Information Technology Co., Ltd. through issuing shares and paying cash, and to raise supporting funds. This transaction is expected to constitute a major asset restructuring and related-party transaction but does not constitute a reorganization or listing, nor will it result in a change of control. The company’s stock has been suspended since November 24, 2025, and due to the complexity of the transaction, the suspension was extended to December 1, 2025. On December 5, 2025, the company’s board of directors approved the transaction plan, and trading resumed on December 8, 2025.

As of March 4, 2026, due diligence, auditing, and valuation work are still ongoing. The transaction still requires approval from multiple authorities, including the board of directors, shareholders’ meeting, the Shanghai Stock Exchange review, and registration with the China Securities Regulatory Commission, and there are uncertainties involved.

According to Tianyancha, Ji Hua Technology was established on September 14, 2007, with a registered capital of 77.334 million RMB. The legal representative is Li Wei, and the registered address is No. 205, Jingtong Street, Taihu Town, Tongzhou District, Beijing. Its main business involves smart city and smart environmental protection services, utilizing IoT technology to design and build comprehensive intelligent management and service systems for users, providing continuous data operation services.

Currently, the company’s chairman is Li Wei, the secretary of the board is Huang Zhilong, with 647 employees, and the actual controller is Li Wei.

The company has stakes in 18 subsidiaries, including Taiyuan Rockjoy Data Technology Co., Ltd., Shanxi Tianyi Blue Environment Technology Co., Ltd., Rockjoy (Chongqing) Technology Co., Ltd., Tianjin Ji Hua Zhi Chuang Technology Co., Ltd., Chongqing Wuan Big Data Research Institute Co., Ltd., among others.

In terms of performance, the company’s revenue for 2022, 2023, and 2024 was 261 million yuan, 322 million yuan, and 300 million yuan, respectively, with year-over-year growth of -46.27%, 23.38%, and -6.81%. Net profit attributable to shareholders was -288 million yuan, -208 million yuan, and -103 million yuan, with year-over-year changes of -122.62%, 27.60%, and 50.47%. During the same period, the company’s asset-liability ratio was 30.59%, 31.47%, and 30.65%.

Regarding risks, Tianyancha data shows the company has 45 internal Tianyan risks, 431 surrounding Tianyan risks, 10 historical Tianyan risks, and 218 early warning Tianyan risks.

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