FS.COM Limited announced the completion of its acquisition of 100% equity interest in Shanghai Baud Data Communication Co., Ltd. for RMB330.00 million. The target is now a wholly owned subsidiary, and its financials will be fully consolidated into the Group’s accounts.

The consideration was set after arm’s-length negotiations and reflects: • Historical equity transaction benchmarks – the latest minority exit in July 2023 implied RMB214.50 million for full equity, versus the current RMB330.00 million purchase that delivers complete control. • Operational scale – the target recorded revenue of RMB462.80 million in FY2025 and RMB171.50 million for the five months ended 31 May 2026 (simple annualised RMB411.50 million). The purchase price equates to 0.71 times FY2025 revenue and 0.80 times annualised 5M2026 revenue, both well below the 1.08–15.95 times range (median 4.92 times) of 37 comparable listed communication-equipment peers identified via Bloomberg. • Profitability – FY2025 gross profit reached RMB174.70 million, making the consideration 1.89 times that figure. • Asset base – as at 31 May 2026 the target held total assets of RMB514.10 million; the purchase price represents 64.20% of that amount, after factoring in net liabilities and cumulative impairment provisions of RMB141.40 million.

Strategically, the acquisition delivers an established R&D, manufacturing and delivery platform. The target contributes routers, switches, PON equipment, Wi-Fi and network-security products, underpinned by 45 invention patents, 94 software copyrights and 30 trademarks. Roughly 30% of its workforce are R&D personnel, supporting proprietary technologies such as the BDROS network operating system.

FS.COM expects the enlarged group to benefit from product portfolio expansion, strengthened in-house R&D capabilities, greater supply-chain resilience and enhanced delivery of integrated network solutions across its global customer channels.

The board considers the RMB330.00 million consideration to be on normal commercial terms, fair and reasonable, and in the interests of shareholders as a whole.