Taiyang to acquire control of Cold Spray AM company Chaozhuo Hangke
Chaozhuo Hangke, a Shanghai STAR Market-listed Cold Spray Additive Manufacturing company based in Xiangyang, China, announced on July 22 that its controlling shareholders have agreed to transfer a 26.58% equity stake, representing 23.8372 million shares, to Taiyang Technology, Shanghai, at RMB 42.80 per share. The transaction is valued at approximately RMB 1.02 billion (approx $151 million).
Upon completion of the transaction, control of Chaozhuo Hangke will pass from the company’s founding shareholders to Jiang Jiafu and Jiang Shicheng, who control Taiyang Technology. Trading in Chaozhuo Hangke shares resumed following the announcement.
The change in ownership is said to represent a corporate governance development rather than any indication of changes to the company’s technology, products or commercial activities. Chaozhuo Hangke has not announced any changes to its technology roadmap, customer programmes or qualification activities. The company specialises in Cold Spray Additive Manufacturing and is one of the few public companies focused on the technology.
It was not confirmed if Taiyang Technology intends to retain Chaozhuo Hangke’s existing management and technical teams, or alter the company’s strategic direction following completion of the acquisition.
