Major asset restructuring! Another A-share company announces resumption of trading tomorrow

On the evening of March 30, Gaoling Information (688175) disclosed a restructuring plan. The company plans to acquire 89.49% of the shares of Kai Rui Xing Tong Information Technology (Nanjing) Co., Ltd. (hereinafter referred to as “Kai Rui Xing Tong”) by issuing shares and paying cash, while raising supporting funds. The company’s stock will resume trading starting March 31, 2026.

According to the plan, listed company Gaoling Information plans to purchase 89.49% of Kai Rui Xing Tong through issuing shares and paying cash to 20 counterparties, including Shi Yan, Li Jianghua, Mianyang Xingmian, Wenming Quansheng, Zhenjiang Xingluda, Jiangsu Gaotou, among others, and to raise supporting funds.

Kai Rui Xing Tong mainly engages in research and development, production, and sales of satellite communication system products. Its product lines cover satellite communication baseband products, satellite network management/application systems, and terminal equipment, among others. They are used in scenarios such as emergency communications, disaster relief and rescue, maritime broadband, and IoT monitoring. The supporting funds raised in this offering are intended to be used for cash consideration for this transaction, intermediary institution fees, transaction taxes and fees, as well as expenses such as project construction of the target company.

The announcement shows that, as of June 30, 2025, Kai Rui Xing Tong had total assets of RMB 448 million and total owners’ equity of RMB 258 million. In the first half of 2025, Kai Rui Xing Tong achieved operating revenue of RMB 110 million and net profit of RMB 7.8164 million.

It needs to be noted that, as of the date of signing of the plan and its summary, the audit and valuation work related to this transaction has not yet been completed. The relevant data of the target company mentioned in this plan and its summary have not been audited by accounting firms or assessed by valuation institutions.

Gaoling Information states that, after the completion of this transaction, the listed company and Kai Rui Xing Tong can form deep synergy across multiple dimensions, including their product matrix, core technologies, business scenarios, and customer resources, to create a complete product chain covering terrestrial communications, satellite communications, security assurance, and data services.

Gaoling Information believes that the listed company and the target company have overlap in the categories of downstream customer groups, such as defense and military-related industry and government units. However, the two companies differ in service focus and demand-matching directions for similar customer groups. With the completion of this transaction, the two companies can fully leverage their respective customer resources among similar customer groups to form complementary advantages, laying a solid market foundation for cross-selling.

According to available information, Gaoling Information experienced a failed asset restructuring last year. The company originally planned to acquire 100% of the shares of Shanghai Xinno Communication Technology Co., Ltd., but announced its termination in June of last year.

After giving up the previous restructuring, Gaoling Information said that it would continue to actively watch opportunities related to mergers and acquisitions and restructuring. “The company will consider comprehensively factors such as its own development plans and internal conditions, as well as external environment, to explore development solutions that are more suitable for the company in order to improve overall operating quality, risk resilience, and investment value, and to better drive the company’s innovation and development.” Gaoling Information said at the time.

According to Gaoling Information’s 2025 annual performance quick report, in 2025 the company achieved operating revenue of approximately RMB 230 million, representing a year-on-year decrease of 13.87%; net profit attributable to the parent company was approximately RMB -40.6416 million, representing a year-on-year reduction in loss of 22.26%. In this regard, Gaoling Information said that the company’s losses in 2025 mainly resulted from a decline in the operating revenue and gross margin level compared with 2024, and that profits from the main business were unable to cover operating costs.

Gaoling Information also said that during the reporting period, the company took multiple measures to strengthen the collection of accounts receivable; the initial results of the recovery of long-aged receivables were seen; year-on-year decreases occurred in the provision for credit impairment losses. In addition, by strengthening expense management, the company reduced spending. Furthermore, in 2024, the reversal of deferred income tax assets occurred at a subsidiary, which was significantly reduced in 2025. Affected by the foregoing reasons, the company’s losses in 2025 narrowed compared with 2024.

(Editor: Zhang Yang HN080)

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