On the evening of January 18, 2026, Shenzhen-based Up-Shine Lighting Co.,Limited announced a trading halt, revealing plans to acquire 100% equity of Xiamen Xiazhi Precision Technology Co., Ltd. (hereinafter referred to as "Xiazhi Precision") and Jiangxi Maida Intelligent Technology Co., Ltd. (hereinafter referred to as "Jiangxi Maida") through a combination of share issuance and cash payment, while also raising supporting funds. This strategic move marks a significant cross-industry foray by this LED lighting leader into the core consumables sector of the PCB industry.
Since its establishment in 2010, Up-Shine Lighting has deeply cultivated the LED lighting field, going public on the ChiNext board in 2023, with its products reaching over 100 countries and regions globally. However, faced with saturation in the traditional lighting market, the company's performance has come under noticeable pressure: for the first three quarters of 2025, revenue saw a slight year-on-year decline of 0.04%, while net profit attributable to shareholders plummeted by 19.75% year-on-year, and the gross profit margin further decreased from 30.16% in 2024 to 28.42%. Against this backdrop, the company urgently needs to unlock a second growth curve by entering higher value-added segments.
The target companies of this acquisition represent the precise "technological breakthrough" Up-Shine Lighting is targeting. Both Xiazhi Precision and Jiangxi Maida focus on the R&D of PCB micro-drills, with product sizes ranging from 0.09mm to 0.35mm, specializing particularly in ultra-small diameter drills below 0.20mm, which are widely used in micro-hole processing for FPCs (Flexible Printed Circuits), IC substrates, and PCBs for AI servers. Such products feature high technical barriers, have long been dominated by Japanese and Swiss enterprises, and possess significant import substitution potential.
According to the announcement, Up-Shine Lighting has already signed a "Acquisition Intent Agreement" with the controlling shareholder of the target companies, Xiamen Maida. The final transaction price will be negotiated based on asset appraisal results. It is noteworthy that this transaction is not expected to constitute a significant asset restructuring or a connected transaction, indicating that the asset scale of the target companies might be relatively manageable, potentially facilitating smoother progress with lower resistance.
Nevertheless, risks associated with cross-industry integration remain. Up-Shine Lighting is required to disclose a detailed plan within 10 trading days; failure to do so could lead to the termination of the deal. Furthermore, whether the target companies can successfully convert their technological advantages into stable profitability, and whether Up-Shine Lighting can achieve two-way synergy in customer resources and supply chains, remain open questions.
As of January 19, 2026, Up-Shine Lighting's market capitalization was approximately 4.7 billion yuan, with its share price last reported at 44.98 yuan per share before the trading halt. The market is closely watching for the transaction details to be disclosed by February 2nd, and it remains to be seen whether this cross-border acquisition will become a benchmark case for transformation within the LED industry.