On the evening of September 14, Jin Chengzi (688291) announced it had decided to terminate its major asset restructuring plan. This decision came just one week after the company revealed its intention to acquire control of Shenzhen Zhibotike Technology Co., Ltd. (Zhibotike) through a combination of share issuance and cash payment, alongside raising matching funds. Preliminary assessments at the time suggested the transaction could constitute a major asset restructuring under the relevant regulatory framework.

According to the announcement, the termination was driven by the failure to reach a consensus on core terms of the deal after careful consideration. The company also stated that ending the restructuring would not adversely affect its business operations, production activities, or financial condition, nor would it harm the interests of the company or its shareholders, particularly minority investors. Following the announcement, shares of Jin Chengzi resumed trading on September 15, closing at 38.65 yuan, down 12.95% for the day.

The target company, Zhibotike, was established in 2015 and specializes in the research, development, production, and sale of high-end optical scanning galvanometers and solutions for niche application scenarios. The firm holds nearly 80 invention patents and aspires to become a world-class supplier in its field. On the other hand, Jin Chengzi is a key domestic player in laser galvanometer control systems, focusing on precision optoelectronic control products and providing comprehensive solutions and technical services across laser processing, aviation detection, laser defense, and laser communication.

Jin Chengzi went public in 2022, reporting revenue and net profit of 198 million yuan and 39 million yuan, respectively, in its debut year. Since then, its performance has remained steady but unremarkable, with revenue and net profit reaching 253 million yuan and 36 million yuan, respectively, by 2025. In the first half of 2026, the company generated revenue of 133 million yuan, a modest year-on-year increase of 0.54%, while net profit attributable to shareholders surged 130.91% to 63.97 million yuan. However, this seemingly impressive growth was largely driven by a one-time investment gain of 50.36 million yuan from the disposal of a 15% stake in its associate Carman Haas, which accounted for 78.7% of the period's net profit. Excluding non-recurring items, attributable net profit was just 18.73 million yuan, reflecting a 25.84% decline year-on-year.

The lackluster growth trajectory in recent years likely played a role in the company's pursuit of acquisitions. This is not the first time Jin Chengzi has explored such moves. In July of this year, it completed the acquisition of a 55% stake in Changchun Samite Optoelectronics Technology Co., Ltd. (Samite) for approximately 179 million yuan. Samite specializes in fast steering mirrors and high-precision galvanometer products used in premium sectors such as commercial aerospace, satellite communications, and laser defense. The deal was initially structured as a combination of shares and cash but was later revised to an all-cash payment. The target's asset valuation premium reached 478%, which drew inquiries from the Shanghai Stock Exchange at the time.