Zhejiang Sanfer Electric Co. Ltd

ST Shuai Electric has disclosed a draft plan for a major asset restructuring, proposing to acquire 100% equity in Hangzhou Huijia Information Technology Co., Ltd. for 410 million yuan in cash, entering the smart grid equipment sector. The appraised value of the target company Huijia Technology's full equity is 410 million yuan, representing a premium of 322 million yuan over the net assets attributable to the parent company's owners, with a premium rate as high as 363.82%. The transaction is expected to generate goodwill of 283 million yuan. The counterparty has committed that Huijia Technology's net profit from 2026 to 2028 will be no less than 43 million yuan, 50 million yuan, and 57 million yuan respectively, totaling no less than 150 million yuan over the three years. ST Shuai Electric's main business of integrated stoves continues to shrink, with 2025 revenue of 227 million yuan and a net loss, and it has been placed under delisting risk warning. This cross-border acquisition is interpreted by the market as a self-rescue effort to preserve its listing status.