Zhen’an Technology (300767.SZ) announced in the early hours of October 26, 2026, that it plans to acquire, through cash payment, no less than 51% of the equity interest in Shenzhen Sanwei Mechanical and Electrical Equipment Co., Ltd. Upon completion of the transaction, Shenzhen Sanwei will become its controlling subsidiary and be included within the scope of consolidated financial statements. The company stated that this move represents an important step toward strengthening its capabilities in thermal management for computing power and precision manufacturing, and it is expected to constitute a major asset restructuring.
Shenzhen Sanwei was founded in 2005 with a registered capital of RMB 20 million. Its core business includes thermal management products, tooling fixtures, and precision components, and it boasts end-to-end precision manufacturing capabilities spanning design, machining, and assembly. Its products are used in sectors such as telecommunications, new energy, data centers, and healthcare, with particular industry synergies in thermal management for AI servers and computing infrastructure. The transaction price has not yet been disclosed and will be determined based on the results of subsequent audits and valuations.
This marks the second time in 2026 that Zhen’an Technology has invested in the data center thermal management sector: back in March this year, the company spent RMB 51 million to acquire a 51% stake in Dongchuang Jingyi, entering the market for thermal management modules and heat‑management solutions targeting data centers and AI computing power. However, Dongchuang Jingyi reported revenues of only RMB 6.8749 million and RMB 3.2445 million in 2024 and 2025, respectively, with net losses continuing to widen (-RMB 4.4942 million and -RMB 9.3229 million), leading the company to explicitly classify it as “small‑scale and not yet profitable.”
This acquisition continues the asset integration strategy within the Dongchuang Technology group, which is controlled by the new de facto controllers, Ning Huaxiang and Zhou Jianqi. In June 2025, Dongchuang Technology acquired 100% of the equity in Hua Chuang Sanxin, the former controlling shareholder of Zhen’an Technology, for RMB 616 million, thereby indirectly obtaining a 18.12% stake. Additionally, the original controlling shareholders waived their 12% voting rights, completing the change of ownership. The acquisition was financed with a RMB 430 million acquisition loan, and the shares of Zhen’an Technology held by Dongchuang Technology are currently fully pledged.
Operating fundamentals remain under pressure: Zhen’an Technology has posted consecutive losses over the past three years. In the first half of 2026, its revenue stood at RMB 172 million, down 34.5% year over year, while net profit attributable to shareholders, excluding non-recurring items, was negative RMB 800,000. Accounts receivable totaled RMB 833 million, with allowance for doubtful accounts reaching RMB 327 million (39% of the total). In 2025, combined credit and asset impairment charges amounted to approximately RMB 114 million, accounting for 21.5% of that year’s revenue. Meanwhile, the company’s proposed private placement of RMB 630 million was approved by the Shenzhen Stock Exchange on September 23, 2026, and submitted for registration on October 14; all proceeds will be used to replenish working capital and repay bank loans.
Although the company emphasizes that this acquisition “will not have a material adverse impact on its financial condition or operating results,” real-world constraints—such as a contraction in its core business, high leverage, unprofitable new ventures, lengthy customer certification cycles, and a gross margin that has declined from 42% to 30% over three years—mean that this cross-industry transformation remains at a stage where “results speak louder than hype.”