Northeast Moulding Resumes Review of 673 Million Yuan Purchase of Remaining Shanghai Fuchi Stake

Northeast Moulding has resumed review of its plan to issue shares and pay cash to acquire the remaining 34.75% stake in Shanghai Fuchi High Technology and raise supporting funds, after the Shanghai Stock Exchange had suspended the deal review because financial documents expired, according to Jiemian News. The transaction values the target at 673 million yuan, and the company disclosed that Shanghai Fuchi's 100% equity was valued at 1.938 billion yuan in the latest appraisal, up 43% from 1.353 billion yuan in February 2025. The deal has drawn market scrutiny because Shanghai Fuchi is already a controlled subsidiary and the new purchase would come from related parties at an appraisal premium of 105.44%. Jiemian News reported that the company set 2026-2028 non-GAAP net profit commitments for Shanghai Fuchi at no less than 222 million yuan, 237 million yuan and 233 million yuan, respectively, for a cumulative 693 million yuan. Northeast Moulding said the target's operations in metal injection molding and ceramic injection molding remain a key growth driver, but its own 2026 first-quarter revenue growth slowed to 5.32% from 17.39% for full-year 2025, while MIM revenue growth fell to 7.89% from 65.9% in the first quarter of 2025.