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In 2022, Zoomlion Heavy Industry Science and Technology Co., Ltd. (SHE: 000157) spent approximately 1.4 billion yuan to acquire control of the automotive intelligent business company Shenzhen Roadrover Technology Co., Ltd. (SHE: 002813). Subsequently, Zoomlion planned to inject its subsidiary Zoomlion Aerial Machinery into Roadrover Technology, but the restructuring ultimately fell through. Combined with Roadrover Technology's pressured performance, Zoomlion finally announced its exit, and Roadrover Technology is about to welcome a new owner from the lithium battery sector.

It is worth noting that Zhang Wutang, who is about to take control of Roadrover Technology, has ties to both Contemporary Amperex Technology Co., Limited (SHE: 300750) and Ruipu Lanjun Energy Co., Ltd. (HKG: 0666), two power battery companies. Zhang Wutang was a former employee of CATL, but was sentenced by a court for infringing on CATL's trade secrets. Afterward, Zhang Wutang served as an executive at Lanjun New Energy, a subsidiary of Ruipu Lanjun.

On October 13, Roadrover Technology issued an announcement stating that its controlling shareholder Zoomlion signed a Share Transfer Agreement with Yuanzhuo Angel (Longyou) New Energy Partnership (Limited Partnership) (hereinafter referred to as "Yuanzhuo Angel"). Zoomlion plans to transfer its 29.99% stake in Roadrover Technology at a price of 25 yuan per share, with a total consideration of approximately 900 million yuan. Prior to this equity transfer, Zoomlion held 53.82% of Roadrover Technology's shares. After the transfer is completed, Zoomlion's shareholding ratio will drop to 23.83%, and Yuanzhuo Angel will become the largest shareholder of Roadrover Technology.

Furthermore, according to the Share Transfer Agreement, Yuanzhuo Angel has the right to designate an entity as the offeror to further make a tender offer for Roadrover Technology's equity, with an acquisition ratio of no less than 14%, and the tender offer price is also 25 yuan per share. Zoomlion plans to offer 14% of Roadrover Technology's shares for pre-acceptance of the tender offer. If all of the 14% equity is sold, Zoomlion's shareholding ratio will drop to 9.83%, and Yuanzhuo Angel will replace Zoomlion as the new controlling shareholder of Roadrover Technology; the actual controller of Roadrover Technology will also change to Zhang Wutang. After the announcement of the change of control, on October 14, Roadrover Technology's stock price hit the daily limit, closing at 29.02 yuan per share, with a total market value rising to approximately 3.5 billion yuan.

CATL "Old Hand" Makes a Comeback

The name Zhang Wutang is quite well-known in the new energy battery industry. Public information shows that Zhang Wutang is 44 years old this year and was formerly an employee of CATL. In 2017, Zhang Wutang and his colleague Zhong Kaifu were prosecuted for infringing on CATL's trade secrets. According to the first-instance verdict, Zhang Wutang was sentenced to one year and six months in prison with a two-year suspension; Zhong Kaifu was sentenced to eight months in prison.

At that time, it coincided with the "Nickel King" Tsingshan Group's large-scale entry into the new energy battery industry. In 2017, Tsingshan Group established Ruipu Energy to engage in the research and development of lithium battery-related products. In 2020, Tsingshan Group led the establishment of Shanghai Lanjun New Energy to develop power and energy storage-related products. Zhang Wutang and Zhong Kaifu also joined Lanjun New Energy at this time. Business registration information shows that when Lanjun New Energy was established in July 2020, Zhang Wutang served as a director and general manager of the company. Zhang Wutang and Zhong Kaifu also held shares in Lanjun New Energy through an employee stock ownership platform. Moreover, according to articles on Tsingshan Industrial's official WeChat public account, both Zhang Wutang and Zhong Kaifu had participated in Lanjun New Energy-related activities as executives.

By 2025, Zhang Wutang launched his own entrepreneurial venture, resigning from his position at Lanjun New Energy and founding his own lithium battery brand, Dangzhuo Battery. Since its establishment, Dangzhuo Battery has developed rapidly, with planned production capacity currently exceeding 130GWh. Public information shows that the company has already launched the first phase of its lithium battery cell and module project in Nanhu, Jiaxing, with a planned capacity of 10GWh. In addition, the company has signed the Nanhu Phase II lithium battery cell and module project, with an expected annual capacity of 60GWh, and its 60GWh new battery construction project in Quzhou has also been publicly announced on the local government website.

Dangzhuo Battery's business expansion is inseparable from the support of investment institutions and local state-owned capital. According to business registration information, the core platform of Dangzhuo Battery is Shenzhen Dangzhuo Battery Technology Co., Ltd., and its external investors include the Longyou County Industrial Fund, Dongguan Beidou Investment, Jianhe Fund—a private equity institution focused on the new energy industry chain—and Shanghai Bangmang Industrial, under the human resources outsourcing company Bangmang Human Resources. Dangzhuo Battery's production capacity construction in various locations also involves local state-owned capital participation. For example, the company's project company in Jiaxing, Zhejiang Dangzhuo Energy Technology, has investors including Jiaxing state-owned capital and Huzhou Chaona New Energy, and the battery project company in Longyou, Quzhou, also has Longyou state-owned capital holding shares.

This time, Zhang Wutang's acquisition of control of Roadrover Technology is entirely funded by Yuanzhuo Angel's own funds, which upon penetration are contributed by three parties: Zhang Wutang, Dangzhuo Battery, and the state-owned capital of Longyou County, Quzhou, Zhejiang. The announcement shows that Yuanzhuo Angel's partners include Zhang Wutang, Jiaxing Honglanyao New Energy, and Longyou County Huiqi Equity Investment. Zhang Wutang is the executive partner of this partnership. Jiaxing Honglanyao New Energy is wholly owned by Zhang Wutang and Dangzhuo Battery, contributing 500 million yuan; Huiqi Equity Investment under Longyou County state-owned capital also contributed 500 million yuan to participate in the acquisition.

After Zhang Wutang takes control of Roadrover Technology, he may inject his assets into the listed company platform. According to Roadrover Technology's announcement, Yuanzhuo Angel has made a commitment to the transferor Zoomlion that after obtaining control of Roadrover Technology, Roadrover Technology may add new businesses, and the revenue of these new businesses in 2028 should be no less than 500 million yuan, with non-GAAP net profit attributable to the parent company no less than 25 million yuan. If the performance targets are not met, Yuanzhuo Angel shall compensate Roadrover Technology. The transferor Zoomlion also committed that if in the future the products related to Roadrover Technology's new businesses pass verification as qualified suppliers in its electrification supply chain, it will prioritize procurement in accordance with regulations under the same quality, price, and delivery conditions.

Zoomlion "Sells the Shell" to Recover Funds

The Roadrover Technology that Zhang Wutang plans to take over is an automotive industry chain company mainly engaged in intelligent cockpit, intelligent assisted driving, intelligent connectivity, and intelligent imaging-related products. Roadrover Technology was founded in 2006 and listed on the Shenzhen Stock Exchange in 2016. However, affected by changes in the automotive aftermarket industry and other factors, the company's performance has been under continuous pressure since 2018. From 2018 to 2022, the company's revenue dropped from 757 million yuan to 341 million yuan, and its net profit attributable to the parent company also dropped from 25 million yuan to 3 million yuan.

Ultimately, Roadrover Technology's actual controller, Guo Xiumei, chose to transfer control of the company. In February 2022, Zoomlion acquired 29.99% of the company's shares at a consideration of 21.67 yuan per share, totaling 780 million yuan. In the same year, Zoomlion acquired 23.83% of the shares through a tender offer, with a consideration of approximately 620 million yuan. At this point, Zoomlion held 53.82% of the company's equity and became its controlling shareholder.

After taking control of Roadrover Technology, Zoomlion began planning further capital operations, namely promoting Roadrover Technology to acquire equity in its subsidiary Zoomlion Aerial Machinery through a private placement, to achieve the effect of spinning off the subsidiary for listing. But by 2024, this spin-off ultimately fell through. During the four years that Zoomlion controlled Roadrover Technology, Roadrover Technology's performance also failed to turn around. From 2023 to 2025, the company's revenue was 284 million yuan, 361 million yuan, and 374 million yuan, respectively; net losses attributable to the parent company were 27 million yuan, 55 million yuan, and 94 million yuan, respectively. In the first half of this year, the company's revenue declined 16.38% year-on-year to 153 million yuan, and the net loss attributable to the parent company narrowed 52.65% year-on-year to 22 million yuan.

Although Roadrover Technology's performance in recent years has been poor, Zoomlion's transfer of control of the company this time can recover funds while obtaining certain investment returns. The price at which Zoomlion is selling Roadrover Technology this time is 25 yuan per share, higher than the acquisition price of 21.67 yuan per share four years ago. Zoomlion also stated that this transaction is expected to have an impact of 288 million yuan on the company's profit. Zoomlion is a well-known domestic construction machinery company. In the first half of this year, the company's revenue was 27.135 billion yuan; net profit attributable to the parent company was 2.102 billion yuan.