Shanghai Qixing Network Technology has agreed to buy a 20% controlling stake in Changzhou Almaden, a Shenzhen-listed maker of photovoltaic glass, for RMB680m (US$102m), Almaden said on 10 November 2026.
Deal terms and financing
Almaden Technology (Yancheng) will transfer 38,612,502 shares at RMB17.610876 each. Qixing will fund the purchase with at least 50% own funds and may use M&A loans for the rest. After the transfer, Zhao Yunpeng will become Almaden's actual controller; the Lin brothers and their concert parties will hold about 15.19%.
Regulatory approvals and timing
The share transfer requires a compliance confirmation from the Shenzhen Stock Exchange and registration with China Securities Depository and Clearing. Some of the shares to be transferred are pledged.
Market context
Qixing runs the Hitcard collectible-card brand and has no direct business overlap with Almaden, whose photovoltaic glass business has made losses amid industry overcapacity. Almaden shares rose by the daily limit to RMB21.21 when they resumed trading on 10 November.
