Qingdao Gon Technology, known as Guoen, has completed its RMB1.504bn (about US$224m) cash acquisition of 80% of Sichuan Zhongfuneng New Materials Technology, a producer of fluorinated electronic specialty gases, the company said in a Shenzhen Stock Exchange filing dated 15 October.
Why Qingdao Gon Technology (Guoen) is buying Sichuan Zhongfuneng New Materials Technology (80%)
Guoen said the purchase advances its strategy of moving into higher-end, platform-based businesses and strengthens its position in specialty materials. Zhongfuneng, founded in 2022 in Ya'an, Sichuan, makes sulphur hexafluoride, carbon tetrafluoride and nitrogen trifluoride, used in high-voltage power equipment, advanced manufacturing and display panels. It reported revenue of RMB377m and net profit of RMB71.2m in 2025, and RMB338m and RMB65.9m in the first seven months of 2026.
Deal terms and financing
Guoen bought the stake from Lai Mingui, Zhongfuneng's sole shareholder, at an agreed valuation of RMB1.88bn for the whole company, against an appraised RMB1.883bn and book net assets of RMB628m. The price is paid in three instalments, with RMB601.6m, or 40%, held in a jointly controlled account until the 2026-2028 profit-guarantee period ends. The seller has guaranteed cumulative net profit of at least RMB400m over the three years and must pay cash compensation at twice any shortfall. RMB280m that Zhongfuneng owed the seller has been converted into a performance bond against potential claims, including pending trade-secret litigation brought by Haohua Gas.
Regulatory approvals and timing
The deal fell within the board's authority and did not require shareholder approval; Guoen said it is neither a major asset restructuring nor a related-party transaction. The change of registration had been completed by the time of the 15 October filing.
Market context
Guoen's A-shares fell by the daily limit on 13 and 14 October after the deal was announced and its Hong Kong-listed H-shares also dropped sharply, as investors questioned the premium and the goodwill it will create, according to Chinese financial media.
