Suzhou Yourbest New-Type Materials Co.,Ltd. (stock code: 301266) has unveiled its potential new controlling shareholder after a week-long trading suspension. Jetway Aviation and its actual controller Jiang Wenquan, a leading enterprise in the low-altitude economy sector, are poised to take the helm of this photovoltaic ribbon manufacturing champion.

According to an announcement released on the evening of September 6, Suzhou Deling, a subsidiary of Jetway Aviation, plans to invest 861 million yuan to acquire 29.99% of the company's shares, with a further partial tender offer that could bring its total stake to 34.99%. Notably, both the equity transfer and tender offer are priced at 20.08 yuan per share, representing a nearly 20% discount to the last closing price of 24.97 yuan before the suspension. The company's shares and convertible bonds will resume trading on September 7.

Deal Structure: Discounted Transfer Plus Partial Tender Offer Plus No-Control Commitment

Per the announcement, the company's controlling shareholder Suzhou Juxinyuan Enterprise Management Co., Ltd. (referred to as Suzhou Juxinyuan), along with actual controllers Xiao Feng and Lin Min, signed a Share Transfer Agreement with Suzhou Deling Enterprise Management Consulting Co., Ltd. (referred to as Suzhou Deling) on September 4. Under the agreement, Suzhou Deling will acquire 42.8781 million shares of Suzhou Yourbest New-Type Materials Co.,Ltd. from Juxinyuan via negotiated transfer, representing 29.99% of the company's total shares, at a price of 20.08 yuan per share, totaling 861 million yuan. This price reflects a discount of approximately 19.6% against the pre-suspension closing price of 24.97 yuan.

Concurrently, conditional upon the completion of this negotiated transfer, Suzhou Deling intends to launch a partial tender offer to all shareholders other than itself, targeting 7.1487 million shares, representing 5% of the total share capital, also at 20.08 yuan per share. Suzhou Juxinyuan has issued an irrevocable commitment to tender 3% of its shares in acceptance of the offer during the tender period.

Additionally, on September 4, Suzhou Juxinyuan, Xiao Feng, and Lin Min issued an irrevocable and unchangeable commitment not to seek control of the listed company. Upon completion of this transaction, Suzhou Deling will hold 34.99% of the company's shares and corresponding voting rights, making it the new controlling shareholder, with actual control shifting from Xiao Feng and Lin Min to Jiang Wenquan.

Acquirer Founded Just 10 Days Ago, Backed by a Low-Altitude Economy Leader

Public records show that Suzhou Deling, the acquirer in this transaction, 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 its own funds. The shareholding structure of Suzhou Deling reveals that Shanghai Jetway Aviation Technology Co., Ltd. (referred to as Jetway Aviation) holds 93%, with Nantong Ruopu Jiehang Investment Co., Ltd. holding the remaining 7%. The company's legal representative is precisely Jiang Wenquan.

Born in June 1982, Jiang Wenquan is a graduate of Nanjing University of Aeronautics and Astronautics. With a background as an aircraft maintenance engineer, he holds dual maintenance licenses from both the Civil Aviation Administration of China and the U.S. Federal Aviation Administration. Having worked in the aviation industry for over 20 years, he previously held positions at Hainan Airlines, Northwest Airlines, and Delta Air Lines.

Public information indicates that the GDAT Group, led by Jiang Wenquan, was founded in 2012 and is a comprehensive enterprise group focused on the low-altitude economy. Headquartered in Shanghai, it operates two major bases in Suzhou and Ningbo. Through over a decade of development, Jetway Aviation has become one of the nation's leading innovative comprehensive service providers in the low-altitude economy. Its business spans helicopter sales and leasing, operations and management, maintenance and overhaul, modifications, as well as training and technical support. The company holds full licensing qualifications for general aviation operations, maintenance, and training in China's civil aviation sector, along with authorizations as an Airbus Helicopters authorized dealer and service center.

Zhejiang Desheng General Aviation Co., Ltd., a subsidiary of the GDAT Group, has long served local governments across various provinces and cities nationwide for aviation emergency rescue operations. In 2025, Jetway Aviation reported revenue of 555 million yuan and a net profit attributable to parent of 100 million yuan. As of the end of 2025, the company's total assets stood at 2.176 billion yuan, with net assets of 271 million yuan, reflecting a debt-to-asset ratio of 87.53% and a return on net assets of 48.86%.

Volatile Earnings Performance in Recent Years

Listed in June 2022, Suzhou Yourbest New-Type Materials Co.,Ltd. primarily engages in the R&D, production, and sales of tinned copper ribbon for photovoltaic applications, positioning itself as a material supplier within the PV industry chain. The company's main products are high-performance PV tinned copper ribbons designed for various solar cell modules, categorized into interconnect ribbons and busbar ribbons based on application. After more than a decade of development, the company has become a benchmark enterprise in China's PV ribbon industry and one of the most important domestic suppliers, counting LONGi Solar, Trina Solar, JinkoSolar, JA Solar, and Canadian Solar among its customers.

From a performance perspective, Suzhou Yourbest New-Type Materials Co.,Ltd. has experienced significant fluctuations in recent years. In 2023, the company achieved revenue of 2.762 billion yuan, up 37.36% year-on-year, with net profit attributable to parent reaching 151 million yuan, up 50.69%, marking a performance peak. In 2024, revenue increased to 3.276 billion yuan, up 18.59% year-on-year, but net profit attributable to parent plunged 74.49% to 38.613 million yuan. In 2025, revenue declined 9.39% to 2.968 billion yuan, with net profit attributable to parent falling 24.43% to 29.1814 million yuan. Entering 2026, the company's performance has shown significant recovery, with first-half revenue of 1.676 billion yuan, up 10.41%, and net profit attributable to parent of 68.0369 million yuan, surging 88.94%.

The company cautioned that this change-of-control transaction remains subject to compliance review by the Shenzhen Stock Exchange and other necessary procedures, as well as registration of share transfer at the China Securities Depository and Clearing Corporation. Whether the deal can ultimately be completed remains uncertain. Prior to the suspension (August 28), shares of Suzhou Yourbest New-Type Materials Co.,Ltd. closed at 24.97 yuan, up 7.35%, with a total market capitalization of 3.57 billion yuan.