Chaozhuo Aviation Technology's controlling stake sold to Taiyang Technology for RMB 1.02 billion, shifting control of cold-spray 3D printing maker

Chaozhuo Aviation Technology (688237.SH), a cold-spray metal 3D printing supplier listed on Shanghai's STAR Market, disclosed a change-of-control filing on July 22 ahead of resuming trading. Controlling shareholders Li Guangping, Wang Chunxiao and Li Yihan agreed to transfer 23.8372 million shares, 26.58 percent of total share capital, to Taiyang Technology at RMB 42.80 per share. The deal totals RMB 1.02 billion including tax, and once completed, actual control of Chaozhuo passes to Taiyang Technology's controllers, Jiang Jiafu and Jiang Shicheng.

Cold spray is a kinetic metal deposition process distinct from laser powder bed fusion, used mainly for aerospace component repair, coating restoration and select structural builds where heat-affected zones must be avoided. Chaozhuo is one of a small number of publicly listed pure-play cold-spray suppliers in China, and a controlling-stake sale at this scale ends its run as an independently controlled entity rather than extending it through a partnership or supply deal. The filing does not disclose Taiyang Technology's industry background, so whether this is a strategic move by an AM-adjacent industrial group or a financial holding taking a stake in a qualified aerospace supplier remains unclear from the public record.

For customers with qualification work tied to Chaozhuo's cold-spray processes, the practical question is whether the incoming controllers retain the technical team and aerospace-repair contracts that built the company's niche, or redirect capital elsewhere.