Fenelong Co. opens with limit-up surge, UBTech officially takes controlling stake

21st Century Business Herald Reporter Lin Dianchi Shenzhen Report

On March 13, Fenglong Co., Ltd. opened with a limit-up. In the news, leading humanoid robot company UBTECH officially acquired Fenglong Co., Ltd. (002931.SZ).

Fenglong Co., Ltd. announced that the share transfer agreement has been completed, with the company’s controlling shareholder changed to UBTECH, and the actual controller changed to Zhou Jian. The transferred shares totaled 65.5299 million, accounting for 29.99% of the company’s total shares, and are classified as freely tradable circulating shares.

UBTECH promised that within 36 months, it will not transfer or reduce its holdings of the listed company’s shares obtained in this acquisition by any means, nor will it reduce its holdings through share buybacks or capital reduction.

From disclosure to completion, the entire process of Fenglong’s change of ownership took less than three months.

On the evening of December 24, 2025, UBTECH (09880.HK), known as the “first stock of humanoid robots,” announced that it plans to acquire about 43% of Fenglong Co., Ltd. (002931.SZ) through a combination of “agreement transfer + tender offer.”

In this control change plan, the share transfer price and the tender offer price are both 17.72 yuan per share (a 10% discount from the pre-trading suspension price of 19.68 yuan per share). Based on this, the total consideration amounts to 1.665 billion yuan.

Previously, our report pointed out that, according to current regulatory policies, UBTECH’s possibility of returning to A-shares via Fenglong is not high. The plan cleverly avoids a full tender offer through “agreement transfer + partial tender offer.” If this move truly facilitates a return to A-shares, it is not the most cost-effective solution, and future asset injection remains challenging.

Subsequently, Fenglong set a record of 18 consecutive limit-ups. The company was suspended for investigation and issued multiple risk warning announcements. After resumption, the stock price continued to hit the daily limit.

On the evening of January 23 this year, the Shenzhen Stock Exchange mentioned that recently, the stock price of Fenglong Co., Ltd. experienced severe abnormal fluctuations, with some investors engaging in abnormal trading behaviors affecting normal trading order. The exchange took disciplinary measures such as suspending trading for relevant investors.

After the suspension and investigation, the stock price retreated. As of the time of reporting, it was 81.58 yuan per share, with a total market value of 17.826 billion yuan. This is nearly 30% lower than the previous peak of 118.10 yuan.

Among companies that experienced similar share price surges through the same acquisition method, Shengtong Energy and Jamei Packaging have not yet completed control changes.

Next, Fenglong will continue to promote the tender offer plan.

According to the acquisition plan, UBTECH and/or its designated entities will issue a partial tender offer to all shareholders except the transferee, for 28.45 million shares (13.02% of total shares), at an estimated price of 17.72 yuan per share, consistent with the agreement transfer price.

Chengfeng Investment, Dong Jiangang, Fengchi Investment, and Li Caixia irrevocably committed in the Share Transfer Agreement to submit valid pre-acceptance for the tender offer for a total of 28.4276 million shares (13.01% of the company’s total shares).

This also means that a large portion of the 28.45 million shares tendered by UBTECH will come from the original controlling shareholder.

Currently, the company is not involved in humanoid robot business. Its main business remains the research, production, and sales of garden machinery parts, auto parts, and hydraulic components. In 2024, the net profit attributable to shareholders was 4.5929 million yuan. The company will continue to focus on its core business. Fenglong stated that its operations and core technology development are independent of UBTECH and its affiliates.