260 million yuan acquisition boosts performance of a “little giant”! A well-known lighting company makes a cross-industry foray into cutting-edge technology.

On the evening of August 6, Mingjiahui announced that it plans to acquire, in cash, up to 26.19% of the shares of Zhiyu Technology Co., Ltd. (hereinafter referred to as “Zhiyu Technology”), with a total transaction value of approximately RMB 263 million, officially entering the semiconductor solid-state storage sector. This marks the company’s first major industrial investment since completing bankruptcy restructuring and having its risk warning lifted, signaling that its transformation has entered a substantive implementation phase.

According to the announcement, Mingjiahui intends to purchase, in cash, from eight institutional shareholders—including Hefei Chenshan and Lanqi Venture Capital—a combined stake of no more than 26.19% in Zhiyu Technology. Notably, as of the date of the announcement, the company has only signed a Share Transfer Agreement with Chenrui Phase I, under which it will acquire 1,032,821 shares, representing 1.2315% of the target company’s total shares, corresponding to a registered capital of RMB 1,032,821.

The announcement states that negotiations are currently underway with the remaining counterparties regarding their respective Share Transfer Agreements, and the company will promptly fulfill its information disclosure obligations as developments unfold. Whether or not these additional shares can ultimately be acquired remains uncertain.

A High‑Value Target

Zhiyu Technology, into which Mingjiahui has invested heavily, is a high‑quality, specialized, and innovative enterprise in the solid-state storage field, boasting strong core competitiveness.

According to the announcement, Zhiyu Technology is an integrated provider of solid-state storage solutions, covering research and development, manufacturing, sales, and service. It is a national-level high-tech enterprise and a nationally recognized “Little Giant” specializing in niche, specialized, and innovative fields. With solid-state drives as its core products, Zhiyu Technology primarily targets the industrial‑grade storage market, offering SSDs, embedded SSDs, and video‑capture cards, among others.

The valuation report indicates that, as of March 31, 2026, Zhiyu Technology’s book value of shareholders’ equity stood at RMB 461 million, while its appraised value reached RMB 1.024 billion, reflecting an appraisal premium of RMB 562 million—an appreciation rate of 122.01%.

It is reported that this transaction adopts a differentiated pricing approach, based on the valuation prepared by Zhejiang Zhonglian Asset Appraisal Co., Ltd., which holds qualifications for securities‑related asset valuations. The final price was determined through friendly consultations among all parties, taking into account factors such as each counterparty’s investment amount and timing of contributions.

Behind this high valuation lies Zhiyu Technology’s impressive performance. According to the audit report, in 2025, Zhiyu Technology recorded operating revenue of RMB 296 million, with a net profit of RMB 16.8087 million. By the first quarter of 2026, its results showed explosive growth: operating revenue surged to RMB 142 million, and net profit soared to RMB 42.8567 million—exceeding the full-year level of 2025, demonstrating robust growth momentum.

Transformation Is Urgent

Mingjiahui’s current core business focuses on landscape lighting projects, encompassing lighting design, construction, and the R&D, production, and sale of related lighting products.

In 2025, the company achieved operating revenue of RMB 180 million, up 53.83% year over year; net profit attributable to parent company was a loss of RMB 67.5742 million, narrowing the loss by 48.40% compared to the previous year; non‑recurring net profit stood at a loss of RMB 179.8362 million, down 17.72% year over year. The first-quarter 2026 report shows operating revenue of RMB 10.7516 million, a 58.74% year-over-year decline, while net profit attributable to shareholders of the listed company remained negative, at RMB 12.8304 million. These figures underscore the limitations of traditional lighting operations—weak growth and meager profitability—highlighting the urgent need for new businesses and fresh sources of revenue growth.

Mingjiahui stated that this investment in Zhiyu Technology is a key step toward seizing opportunities presented by emerging industries, driving strategic transformation, and enhancing the company’s overall competitiveness and profitability.

Upon completion of the share transfer, Zhiyu Technology will become an associate company, excluded from the consolidated financial statements and without triggering any changes to the consolidation scope.

According to Mingjiahui’s draft reorganization plan dated October 28, 2025, within one to three years after the reorganization is finalized, the company plans to leverage mergers, acquisitions, and industrial integrations to identify high‑quality assets aligned with the direction of new‑type productive forces in areas such as optical communications, computing power, and semiconductors, thereby shifting its business structure toward higher technology, faster growth, and greater profitability, continuously boosting operating revenue, net asset size, and core earning capacity.

In December 2025, the company’s reorganization plan was fully implemented, and the Guangdong Provincial Higher People’s Court ruled to terminate the reorganization proceedings, marking the company’s entry into a new phase of post‑reorganization recovery and strategic transformation.

Following the 2025 bankruptcy reorganization, the company’s debt risks were effectively resolved. Starting June 16 of this year, the company successfully removed its “ST” designation, lifting the “other risk alert” and changing its stock abbreviation from “ST Mingjiahui” to “Mingjiahui.”

Mingjiahui emphasized that its proposed cash acquisition of shares in Zhiyu Technology is a concrete measure aligned with the aforementioned reorganization plan. The company aims to establish a strategic foothold in the semiconductor industry through this transaction, achieving diversified and sustainable development that aligns with both its overall development strategy and the interests of all shareholders.

The company also cautioned in its announcement that the transaction remains incomplete, with some counterparties still negotiating share transfer agreements, and that uncertainties persist regarding whether the delivery, registration, and industrial‑and‑commercial change procedures for the relevant assets will ultimately proceed smoothly.