Jiaemei Technology Intends to Acquire Aifusi Technology: Target Has Numerous Customers

On March 16, Jiemi Technology (002859) (SZ002859) announced a restructuring plan, proposing to acquire Changsha Aifu Si Technology Co., Ltd. (Aifu Si Technology), a company specializing in ultra-precision optical processing equipment, through issuing shares.

The target company’s clients include listed companies such as Fuguang Technology (002222), Maolai Optics, Wavelength Optoelectronics, as well as research institutes like the Chinese Academy of Sciences. The actual controller of the target, Zhou Lin, studied at the National University of Defense Technology and has served as a lecturer and associate researcher there.

Regarding how the two companies will collaborate after the acquisition, the reporter also contacted Zhou Lin on the evening of March 16, who stated to refer to the official announcement.

The target company’s clients include the Chinese Academy of Sciences

On March 16, Zhejiang Jiemi Electronic Technology Co., Ltd. (Jiemi Technology), a leading company in electronic component packaging materials in the A-share market, disclosed a restructuring plan. The company plans to fully acquire Aifu Si Technology by issuing shares and raise supporting funds. The listed company intends to purchase 100% of Aifu Si Technology from Zhou Lin, Yuan Zhi Xing Huo, Ding Jie, Tao Shang, and Chen Yongfu through share issuance, and also issue shares to no more than 35 specific investors to raise supporting funds.

The share issuance price for the asset purchase is 26.68 yuan per share, not less than 80% of the average trading price of the company’s stock over the 120 trading days prior to the pricing date.

Previously, Jiemi Technology’s main business was R&D, production, and sales of electronic packaging materials and electronic-grade thin film materials. The target asset, Aifu Si Technology, belongs to a core niche in high-end equipment manufacturing.

The announcement shows that Aifu Si Technology is a leading domestic developer and manufacturer of ultra-precision optical processing equipment, a national high-tech enterprise, a specialized and innovative small and medium-sized enterprise in Hunan Province, and a “Dengling” enterprise in Changsha. Its core product, ion beam polishing machines, has received recognition and awards as Hunan Province’s first (set) major technical equipment. It has a provincial-level enterprise technology center and multiple national patents and software copyrights. After the transaction, Jiemi Technology’s business will expand from electronic packaging materials to ultra-precision processing equipment, adding a new ultra-precision processing equipment segment.

The products of the target company are characterized by high performance and cost-effectiveness, capable of replacing imported equipment. Major clients include Fuguang Technology, Maolai Optics, Wavelength Optoelectronics, as well as research institutes like the Chinese Academy of Sciences and Tsinghua University.

Financial data shows that in 2024, Aifu Si Technology will achieve operating revenue of 80.51 million yuan and net profit of 26.15 million yuan; in 2025, revenue is expected to jump to 130.46 million yuan with a net profit of 45.32 million yuan.

As of December 31, 2024, Aifu Si Technology’s total assets were 137.629 million yuan, with net assets of 90.158 million yuan; by December 31, 2025, total assets increased to 196.654 million yuan, with net assets reaching 117.482 million yuan. As of the signing date of the plan, the audit and valuation work for the target had not yet been completed, and the valuation and transaction price had not been finalized. The listed company will negotiate with the counterparty on matters such as performance compensation after the completion of relevant audits and evaluations.

The actual controller of the target was a professor at the National University of Defense Technology

Before the acquisition, the equity structure of Aifu Si Technology was highly concentrated among the core founding team and early strategic investors. Zhou Lin, the largest shareholder, held 58.57% and is the actual controller; Shenzhen Yuan Zhi Xing Huo Private Equity Investment Fund Partnership (Limited Partnership) held 17.50%; other individual shareholders Ding Jie, Tao Shang, and Chen Yongfu held 10.73%, 9.08%, and 4.12%, respectively. Among the R&D team, six members hold doctoral degrees, with five holding senior professional titles.

According to official disclosures from Changchun University of Science and Technology and reports from authoritative media such as Changsha Evening News, Zhou Lin was born in 1979 and studied mechanical engineering and related fields at the National University of Defense Technology for his bachelor’s, master’s, and doctoral degrees. After graduation, he remained at the university as a faculty member, serving as a lecturer and associate researcher, and also spent time as a visiting scholar at Brookhaven National Laboratory in the United States. He was among the first in China to systematically develop deterministic optical processing theories and techniques based on IBF technology, proposing theories and methods such as material removal efficiency, form correction cutoff frequency, and processing prediction L-curve, advancing and refining deterministic optical processing theory and methods.

Zhou Lin has long been engaged in advanced optical processing and testing technologies, leading and participating in the development of multiple ion beam shaping equipment and magnetorheological polishing devices domestically, which are now core products of Aifu Si Technology.

This explains how a company founded only a few years ago can master “sub-nanometer (0.1 nm) ultra-smooth surface processing” technology and penetrate industries such as semiconductors, aerospace, and large-diameter telescope lens manufacturing.

Aifu Si Technology was established in 2018. According to Changsha Evening News, Zhou Lin once lamented that when the company was first founded, it was just a small firm with four people on the first floor of an industrial park in Changsha. Today, he has achieved success in his career and, in 2023, applied to become a leading talent in high-precision industries at the provincial and municipal levels in Changsha.

Although the target appears to be an emerging company in a niche field, Jiemi Technology still mentions risks. For example, after the transaction, due to the acquisition cost exceeding the fair value of the identifiable net assets of the target, goodwill is expected to be recognized. If downstream industry prosperity, market environment, or other factors deteriorate significantly, or if the target’s future annual performance does not meet expectations, the company may face impairment of goodwill, adversely affecting its performance.

Regarding how the two companies will collaborate after the acquisition, the reporter contacted Zhou Lin on the evening of March 16, who stated to refer to the official announcement.

Cover image source: AIGC

(Edited by Zhao Yanping HF094)

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