Yubang New Material has announced that its controlling shareholder, Suzhou Juxinyuan Enterprise Management Co., Ltd., along with actual controllers Xiao Feng and Lin Min, signed a share transfer agreement with Suzhou Deling Enterprise Management Consulting Co., Ltd. on September 4, 2026. Under the agreement, Juxinyuan will transfer 42.8781 million unrestricted tradable shares, representing 29.99% of the listed company's total share capital, to Suzhou Deling at a price of RMB 20.08 per share, totaling RMB 861 million. Notably, the closing price of Yubang New Material before the trading halt was RMB 24.97 per share.

Concurrently, conditional upon the completion of the agreement-based transfer, Suzhou Deling plans to launch a partial tender offer to all shareholders other than itself, targeting 7.1487 million shares, or 5% of the company's total share capital, with the same offer price of RMB 20.08 per share. Juxinyuan has issued an irrevocable undertaking to accept the tender offer for its 3% shareholding within the offer period. Furthermore, on September 4, Juxinyuan, Xiao Feng, and Lin Min also issued an irrevocable commitment not to seek control of the listed company.

Following the completion of this transaction, Suzhou Deling will hold 34.99% of Yubang New Material's shares and corresponding voting rights. The controlling shareholder will change from Juxinyuan to Suzhou Deling, and the actual controller will shift from Xiao Feng and Lin Min to Jiang Wenquan.

Acquirer Established Just 10 Days Ago, Backed by a Leading Low-Altitude Economy Enterprise

The acquirer, Suzhou Deling, was established on August 28, 2026, merely one week before signing the share transfer agreement. Its business scope covers enterprise management consulting and investment activities using自有 funds. The equity structure of Suzhou Deling shows Shanghai Jiede Aviation Technology Co., Ltd. holding 93%, with Nantong Ruopu Jiehang Investment Co., Ltd. holding the remaining 7%. The company's legal representative is Jiang Wenquan.

Jiang Wenquan, born in June 1982, graduated from Nanjing University of Aeronautics and Astronautics. Coming from an aircraft maintenance engineering background, he holds dual maintenance licenses from the Civil Aviation Administration of China and the U.S. Federal Aviation Administration. With over 20 years of experience in the aviation industry, he has worked at Hainan Airlines, Northwest Airlines, and Delta Air Lines, among others.

Public information indicates that the GDAT Group, led by Jiang Wenquan, was founded in 2012 as a comprehensive enterprise group focused on low-altitude economy. Headquartered in Shanghai, the group operates two major bases in Suzhou and Ningbo. After more than a decade of development, Jiede Aviation has become a leading innovative integrated service provider in the low-altitude economy sector. Its business covers helicopter sales and leasing, operations and management, maintenance and overhaul, modification, training and technical support. The company holds full licensing qualifications for general aviation operations, maintenance, and training from the Civil Aviation Administration of China, along with authorization as an Airbus Helicopter dealer and authorized service center. Zhejiang Desheng General Aviation Co., Ltd., a subsidiary of the GDAT Group, has been serving local government aviation emergency rescue operations across various provinces and cities nationwide.

In 2025, Jiede Aviation generated revenue of RMB 555 million with a net profit attributable to parent of RMB 100 million. As of the end of 2025, the company had total assets of RMB 2.176 billion, net assets of RMB 271 million, a debt-to-asset ratio of 87.53%, and a return on net assets of 48.86%.

Yubang New Material's Recent Performance Shows Significant Fluctuations

Yubang New Material, listed in June 2022, primarily engages in the R&D, production, and sales of photovoltaic tin-coated solder ribbon products. The company is a material supplier in the photovoltaic industry chain. Its main products are high-performance PV solder ribbons designed for different types of solar cell modules, categorized into interconnect ribbons and busbar ribbons based on application. After more than a decade of development, Yubang New Material has become a benchmark enterprise in China's PV solder ribbon industry and one of the country's primary suppliers. Its customers include LONGi Solar, Trina Solar, Jinko Solar, JA Solar, and Canadian Solar.

From a performance perspective, Yubang New Material has experienced considerable volatility in recent years. In 2023, the company achieved revenue of RMB 2.762 billion, up 37.36% year-on-year, with net profit attributable to parent of RMB 151 million, up 50.69% — marking a performance peak. In 2024, revenue increased to RMB 3.276 billion, up 18.59% year-on-year, while net profit attributable to parent fell sharply to RMB 38.613 million, down 74.49%. In 2025, the company recorded revenue of RMB 2.968 billion, a 9.39% year-on-year decline, with net profit attributable to parent falling to RMB 29.1814 million, down 24.43%. Entering 2026, the company's performance has seen significant recovery, with first-half revenue reaching RMB 1.676 billion, up 10.41% year-on-year, and net profit attributable to parent of RMB 68.0369 million, up 88.94%.

Yubang New Material has cautioned that the change-of-control transaction is still subject to compliance review by the Shenzhen Stock Exchange and other necessary procedures, as well as the transfer registration process at the China Securities Depository and Clearing Corporation. Whether the transaction can ultimately be completed remains uncertain.