Chaozhuo Hangke controlling shareholders to transfer 26.58% stake to Taiyang Technology for RMB 1.02 billion, ceding control

Chaozhuo Hangke (688237.SH), a Shanghai STAR Market-listed cold spray additive manufacturing company, disclosed on July 22 that controlling shareholders Li Guangping, Wang Chunxiao, and Li Yihan have agreed to transfer 23.8372 million shares, 26.58% of total equity, to Taiyang Technology. The deal is priced at RMB 42.80 per share for a total consideration of RMB 1.02 billion including tax. Once completed, actual control of Chaozhuo Hangke passes from its founding shareholders to Jiang Jiafu and Jiang Shicheng, who control Taiyang Technology. Trading in Chaozhuo Hangke shares resumed alongside the disclosure.

Chaozhuo Hangke built its listing around cold gas dynamic spraying, a niche metal deposition process distinct from mainstream LPBF or DED, and its STAR Market listing made it one of the few pure-play cold spray names in China's public AM sector. A change of actual controller at this scale is a governance event rather than a technology or product signal: it says nothing yet about process roadmap, customer contracts, or qualification status, but it does put capital allocation and strategic direction in new hands. For a niche process operator, new ownership typically brings either expanded funding for scaling production capacity or a shift toward integration with the acquirer's existing industrial portfolio. The near-term watch item is whether Taiyang Technology keeps Chaozhuo Hangke's existing management and technical team in place, since execution continuity matters more than the ownership change itself for a company whose value rests on specialized process know-how.