First on BSE! County-level state-owned assets take control! A listed LED company acquired for 476 million yuan

On the evening of January 8, Fengyang Xiaogang Industrial Development Investment Co., Ltd. (hereinafter referred to as"Xiaogang Chan Tou") in Fengyang County, Chuzhou, Anhui, officially launched the acquisition of control over Greer, a company listed on the Beijing Stock Exchange, by acquiring 29.7481% of the equity for no more than 476 million yuan.

The entire change is as follows:

According to the announcement, Greer's actual controller and shareholders signed a share transfer and voting rights waiver agreement with Fengyang Xiaogang Yuecheng Industrial Investment Partnership (Limited Partnership) (hereinafter referred to as"Yuecheng Partnership"), a subsidiary of Xiaogang Chan Tou,which intends to acquire 16.4775 million shares for no more than 476 million yuan.After this change is completed,Yuecheng Partnership will become the shareholder with the largest number of voting rights and the controlling shareholder, and Greer's actual controller will change from Zhu Congli and Zhao Xiujuan toFengyang County Finance Bureau.

As the core operational platform of Fengyang County's state-owned assets, Xiaogang Industrial Investment's acquisition is a strategic imperative for deepening the regional industrial ecosystem and practicing the spirit of reform. Facing a new wave of industrial transformation, Fengyang County has listed the photovoltaic industry as the top priority among its six leading industries, fully implementing the "Ten, Hundred, Thousand" industrial project with the goal of building a hundred-billion-level silicon-based new material industrial cluster. This acquisition of Glier, represents an innovative practice by Fengyang County to use capital tools to break through industrial bottlenecks and promote the leap in the level of the "Photovoltaic Capital," achieving a transformative leap from "policy-based investment attraction" to "capital-driven talent introduction."

According to available information, Glier is a national high-tech enterprise and a specialized, refined, distinctive, and innovative enterprise. Its business layout aligns highly with Fengyang's industrial ecosystem. The company has deeply cultivated the fields of smart LED lighting and new energy magnetic components , establishing high-end innovation platforms such as academician workstations and postdoctoral workstations. Its core products cover magnetic components for photovoltaic inverters , AI computing power supply components, smart lighting systems, etc., possessing leading technical advantages in areas such as server power supplies and energy storage converters.

Glier stated that Yuecheng Partnership will start from the perspective of benefiting the company's sustainable development and safeguarding the rights and interests of all shareholders. By leveraging its advantages in industrial resources, (sales) channel resources, and other aspects in the field of new power systems, it aims to improve the company's continuous operating capability and profitability, thereby supporting the long-term development of the listed company. This change will result in a change in the company's actual controller. This change will not cause a change in the company's main business.

In the first half of 2025, the magnetic components business contributed 73.20% of the company's revenue, while the lighting business accounted for 23.72%.

In the first half of 2025, Glier's new energy-related businesses continued to achieve breakthroughs, with magnetic component products successfully entering the core supply chain for energy storage, forming a natural complement to the advanced photovoltaic and new energy storage industries that Fengyang is vigorously developing. Furthermore, Glier's forward-looking layout in new power system businesses such as microgrids and virtual power plants resonates with Fengyang's strategic goal of building a full-chain ecosystem of "photovoltaics + energy storage + applications," becoming the core link for synergistic development between the two parties.

It is understood that Fengyang possesses approximately 10 billion tons of proven high-quality quartz sand resources. In 2023, its photovoltaic glass production capacity accounted for nearly one-quarter of the national total. Currently, it has gathered 74 enterprises in the photovoltaic industry chain, forming a complete industrial layout from quartz sand to photovoltaic power stations. Glier's new energy magnetic devices, as key components for photovoltaic inverters and energy storage converters, can be directly embedded into Fengyang's "quartz sand - photovoltaic glass - modules - inverters" supply chain system after the acquisition is completed. This will achieve localized synergy from raw materials to terminal applications, significantly reducing the comprehensive costs of the industry chain.

Meanwhile, Fengyang County boasts rich scenario resources such as economic development zones, ports, and hospitals, with over 2 million square meters of high-quality rooftop resources. The current photovoltaic utilization rate is about 69%. These scenarios will provide a scaled "first set" application market for Glier's microgrid and virtual power plant businesses, effectively breaking the industrialization bottleneck of high-tech industries characterized by "strong R&D but few scenarios".

In addition, Glier's smart LED lighting and IoT solutions highly align with Fengyang's urban renewal and smart city construction tasks during the "15th Five-Year Plan" period. They can serve as basic perception nodes for urban IoT and vehicle-road coordination, providing key support for夯实 Fengyang's digital foundation for smart cities.

During this acquisition, Xiaogang Industrial Investment continued the spirit of "daring to try" from Xiaogang Village, drawing on the successful experience of Chuzhou City Investment in acquiring Yichang Technology, and innovatively designed a transaction structure of "phased acquisition + waiver of voting rights". In the first phase, it acquired 21.9481% equity and obtained actual control through the arrangement of waiving voting rights; in the second phase, it will complete the acquisition of the remaining equity after the share lock-up period expires, ensuring the smooth implementation of control.

Glier stated that the state-owned background of Xiaogang Industrial Investment will bring sufficient financial support, effectively supplementing working capital, reducing the asset-liability ratio, and enhancing risk resistance and financing capabilities; the huge new energy market demand in Fengyang and the Yangtze River Delta region will bring stable order sources for the company, and localized production support can significantly reduce logistics costs.

▲ Xiaogang Industrial Investment Operating Data

For Fengyang County, Grelier's technical advantages will fill the gaps in key links of the photovoltaic supply chain, helping to build a full-chain industry ecosystem of "quartz sand - photovoltaic glass - inverters - power stations"; leveraging Grelier's R&D platform and customer resources can further attract upstream and downstream supporting enterprises to gather, promoting Fengyang's leap from a "photovoltaic manufacturing base" to an "innovation highland for smart energy solutions".

This acquisition is not only the first M&A case in the LED lighting field in 2026, but also the first transaction involving a change of control at the beginning of the year on the Beijing Stock Exchange, and the first case of county-level state-owned capital taking control on the Beijing Stock Exchange, holding certain reform significance.

This acquisition also provides a replicable "Fengyang Model" for the transformation of county-level state-owned capital. Xiaogang Industrial Investment is transforming from a traditional infrastructure investment and financing entity into a state-owned industrial investment platform with capabilities in industry judgment, post-investment management, and value creation, revitalizing state-owned capital and achieving a virtuous cycle of "capital + industry".