On the evening of December 7, 2025, Xiamen Anne Co., Ltd. (hereinafter referred to as "Anne Co.") announced that its original controlling shareholders, Lin Xuxi and Zhang Jie, planned to transfer 15.92% of their shares to Beijing Shengshi Tian'an Technology Co., Ltd. (hereinafter referred to as "Shengshi Tian'an") for a total consideration of 772 million yuan. Concurrently, Zhang Jie will relinquish voting rights for the remaining 4.98% stake. Upon completion of the transaction, Shengshi Tian'an will become the controlling shareholder of Anne Co., with Li Ning and Wang Lei, a husband-and-wife duo, assuming the role of new actual controllers.
This "David-swallows-Goliath" capital maneuver not only marks the traditional paper company's official foray into the AI computing power sector but also stands out as a high-profile year-end M&A deal in the capital markets, owing to Shengshi Tian'an's dual identity as both a "specialized, sophisticated, and innovative" enterprise and a high-tech firm.
As the acquirer, Shengshi Tian'an is an under-the-radar champion specializing in industrial intelligent computing and embodied AI. Founded in 2015, the company is steered by a couple with extensive experience in the IT industry. Li Ning, currently the general manager of Shengshi Tian'an, previously served as the sales general manager for Lenovo's northern region, while his wife, Wang Lei, held positions at Dell (China) Co., Ltd., Hewlett-Packard China Co., Ltd., and Lenovo Group.
From 2022 to 2024, Shengshi Tian'an reported revenues of 96.5952 million yuan, 119 million yuan, and 283 million yuan, respectively, with net profits of 12.4917 million yuan, 14.779 million yuan, and 17.4256 million yuan. In the first 11 months of 2025, the company achieved revenues of 918 million yuan and a net profit of 71 million yuan, demonstrating robust growth momentum.
In contrast, Anne Co.'s situation is emblematic of industry challenges. As a leader in lottery ticket printing, the company has experienced significant earnings volatility since its 2008 IPO, with no cash dividends distributed for 12 consecutive years starting in 2013. For the first three quarters of 2025, its non-GAAP net loss stood at 3.1162 million yuan. Although it relies on its "Copyright Home" platform, which utilizes blockchain technology for digital copyright services, and saw anti-counterfeiting traceability business account for 37.58% of revenue in H1 2025, traditional commercial information paper operations still dominated at 57.98%, highlighting immense transformation pressures.
The market widely anticipates that post-acquisition, Anne Co. may gradually divest underperforming assets and pivot toward high-margin sectors such as AI computing infrastructure and industrial large-model applications.
Following its trading resumption on December 8, Anne Co.'s stock price surged for four consecutive trading days before retracing. As of December 22, the closing price was 10.74 yuan, reflecting a cumulative increase of 15.61% since the announcement date.
Note: This article incorporates AI-generated content, and the views expressed herein do not constitute investment advice. Market risks exist, and caution is advised in investment decisions.