In April 2026, the Hong Kong stock market welcomed a highly anticipated merger and acquisition transaction - JinAn Intelligence, a hard technology enterprise in the field of embodied intelligence, officially became the main shareholder of Dachang Weixian Group (00567. HK) through the acquisition of 17.36% equity. After the completion of the transaction, Spring Global, the former major shareholder of Dachang Weixian, completely withdrew, and Jin'an Intelligent, with a shareholding of 280 million shares, firmly secured its position as the largest shareholder.

Against the backdrop of the recovery of the Hong Kong stock merger and acquisition market and the policy dividends of the embodied intelligence industry, this seemingly simple equity change is driven by the dual demands of JinAn Intelligent to accelerate industrialization through the Hong Kong stock platform and Dachang Micro Line to seek business transformation, reflecting the new logic of "industry+capital" coordinated development of Chinese hard technology enterprises.

Transaction Overview: 17.36% equity change, laying the foundation for early collaboration

According to the announcement released by Dachang Weixian on April 7th, its major shareholder Spring Global has entered into a purchase and sale agreement with Jin'an Intelligence to transfer its 280 million shares of the company, accounting for 17.36% of the total issued share capital of Dachang Weixian. The transfer of the shares was officially completed on the day of the agreement signing.

It is worth noting that this acquisition is not without preparation. Prior to this, Dachang Micro Line had jointly established Jin'an Yining (Shenzhen) Body Intelligent Co., Ltd. with Beijing Jin'an Body Intelligent System Co., Ltd. and Beijing Weihang Yining Health Management Group Co., Ltd. under Jin'an Intelligence. Dachang Micro Line holds 60% of the equity of the joint venture company, mainly focusing on the commercial application and research and development of artificial intelligence and intelligent robots in the fields of healthcare, rehabilitation, and elderly care. This early cooperation laid the foundation for the equity transaction between the two parties and also indicates that their collaboration is not accidental, but a carefully considered strategic layout.

From the perspective of the trading entity, Jin'an Intelligent has a clear equity structure, which is beneficially owned by Dr. Sun Jing'an. Dr. Sun also serves as the sole director of Jin'an Intelligent and the legal representative of Beijing Jin'an. The core team has a strong industry background. And this capital action has also been interpreted by the market as an important signal for Dachang Micro Line to optimize its equity structure and focus on its core business.

Bi directional portrait: complementary advantages between hard technology leaders and Hong Kong listed companies

The successful completion of this acquisition lies in the "two-way adaptation" between the two parties - JinAn Intelligence has technology and scenarios, but lacks a capital platform; Dachang Micro Line has a listing platform and compliance system, but faces business difficulties. The combination of the two forms a synergistic effect of "1+1>2".

As a high-tech enterprise rooted in Hong Kong and radiating to the mainland, Jin'an Intelligent's core competitiveness lies in the research and development of embodied intelligent technology and the implementation of scenarios. With the advantages of aerospace technology accumulation and school enterprise collaborative innovation, it has built a unique technological barrier in the industry. The core team of the company is composed of aerospace technology experts, robotics engineers, and explosion-proof safety experts. Some core members have previously worked at the Aerospace Science and Technology Group and participated in the research and development of multiple major aerospace models. They have deeply integrated aerospace grade precision control technologies such as satellite attitude control and space robotic arm operation into the entire process of developing embodied intelligent robots.

In terms of product layout, Jin'an Intelligent is guided by scene requirements and has created diversified robot products, among which explosion-proof robots have become the core advantage products. The independently developed HBA-1 explosion-proof quadruped biomimetic robot is the first quadruped robot in China to obtain the Ex db ec mc IIC T4 Gc explosion-proof qualification certificate, successfully filling the technical gap in the field of IIC explosion-proof quadruped robots in China. It can safely adapt to high-risk explosive gas environments such as hydrogen and acetylene, covering 80% of explosive scenarios in China. Currently, it has targeted energy, petrochemical, emergency rescue, nuclear industry and other fields to promote large-scale applications.

At the same time, JinAn Intelligent's overseas layout is steadily advancing. At the end of 2025, the company reached a deep cooperation with the Hong Kong MTR Corporation to tailor a tailored intelligent inspection system for the Hong Kong MTR project, which is also the first batch of tailored intelligent application cases in Hong Kong; In addition, the company also made an appearance at the 2025 Hong Kong International Innovation and Technology Exhibition, promoting its technology and products to overseas markets, gradually radiating to Southeast Asia and global markets. However, despite significant technological and scenario advantages, JinAn Intelligence still faces the problem of large R&D investment and capital support for commercial implementation, and the Hong Kong stock listing platform can provide it with financing convenience and a springboard for globalization.

Established in 1999, Dachang Microelectronics is a well-established listed company in the Hong Kong stock market, specializing in precision printed circuit board and packaging products. However, in recent years, the company has encountered operational difficulties and its performance has continued to be under pressure. According to the Tonghuashun Financial Database, in 2024/2025, the revenue of Dachang Micro Line decreased by 38% to HKD 53.1 million, and the losses attributable to shareholders increased by 77.9% to HKD 21.13 million; In the first half of 2025, the company's revenue further decreased by 22.5% to HKD 29.01 million. Although the shareholder's share of losses narrowed by 42.6% to HKD 2.47 million, the company has not yet overcome its loss predicament.

From the perspective of business structure, the core business of Dachang Micro Line is concentrated in traditional fields. In 2024-2025, the revenue of printing and packaging product business decreased by 42.7% year-on-year; The revenue of the circuit board business decreased by 27.2% year-on-year, and both core businesses showed a downward trend. In order to overcome business difficulties, Dachang Micro Line has begun to attempt transformation. In March 2025, it invested HKD 28.5 million in Beijing Weihang Yining Health Management Group and subsequently established a joint venture with Jin'an Intelligence to enter the embodied intelligence track and seek breakthroughs in business diversification.

For Dachang Weixian, its core value lies in its Hong Kong stock listing platform - a comprehensive compliance system, convenient financing channels, and the advantage of connecting global capital, which is exactly what JinAn Intelligence urgently needs; The technological and scenario advantages of JinAn Intelligent can also inject new growth momentum into Dachang Micro Line, helping it overcome the decline of traditional businesses and achieve transformation and upgrading.

Motivation analysis: dual considerations of industrial synergy and capital layout

This acquisition is not simply a "capital bargain", but a strategic choice made by JinAn Intelligence and Dachang Microelectronics based on their own development needs. It contains the dual logic of industry synergy and capital layout, and is also in line with the current trend of the Hong Kong stock merger and acquisition market and the development of the embodied intelligence industry.

For JinAn Intelligence, the core demand for acquiring Dachang Weixian is to leverage the Hong Kong stock platform to break through capital bottlenecks, accelerate technology commercialization and global layout. The embodied intelligence industry belongs to the capital intensive industry, with large R&D investment and long commercialization cycle. As a core hub connecting mainland China and global capital, Hong Kong stocks have convenient financing advantages and can provide sufficient financial support for JinAn Intelligent's R&D investment, capacity expansion, and overseas layout.

Secondly, Dachang Weixian has established a joint venture with Jin'an Intelligence, which can achieve rapid business collaboration based on their previous cooperation in the field of embodied intelligence. JinAn Intelligence can leverage the listing platform of Dachang Micro Line to integrate resources from both parties, promote the commercialization of embodied intelligent technology in more fields such as healthcare, rehabilitation, and elderly care, and further expand market share. In addition, relying on the internationalization advantages of Hong Kong stocks, JinAn Intelligent can better promote its global layout, enhance its brand's international influence, and align with the development concept of "civilian aerospace technology and scenario based intelligent equipment".

For Dachang Weixian, which is facing business difficulties, introducing Jin'an Intelligence, a high-quality shareholder, is the key to achieving transformation and breakthrough. JinAn Intelligence's technological and scenario advantages in the field of embodied intelligence can help Dachang Micro Line completely break free from the constraints of traditional business, enter the high growth hard technology track, and optimize business structure. At the same time, the injection of high-quality assets is expected to improve the company's fundamentals, increase its stock price and market value, enhance shareholder confidence, and alleviate operational pressure.

From the perspective of industry trends, the embodied intelligence industry has risen to a national strategy, and policy dividends continue to be released. Various regions have introduced special support policies to promote the industry from laboratories to large-scale implementation, and the market space continues to expand. Dachang Micro Line leverages the resources of Jin'an Intelligent to enter this track, and is expected to seize the industry trend and achieve performance reversal.

Industry and Market: Aligning with Mergers and Acquisitions Trends, Adapting to the Wave of Industrial Upgrading

This acquisition also aligns with the current development trend of the Hong Kong stock merger and acquisition market. Since 2025, driven by the triple benefits of the "six point merger and acquisition" policy, the continuous influx of southbound funds, and the demand for industrial upgrading, the Hong Kong stock market has shown distinct characteristics of "scale expansion, structural optimization, and model innovation". The scale of major merger and acquisition transactions has increased by 37% against the trend, breaking through HKD 830 billion. Among them, technology complementary transactions have become mainstream, with cross-border transactions accounting for 42%, demonstrating the resource allocation function of Hong Kong stocks as an international financial center.

At the same time, the embodied intelligence industry is experiencing explosive growth, becoming a new trend in the field of hard technology. With the continuous maturity of technology and the continuous expansion of scenarios, embodied intelligent robots have broad application prospects in high-risk operations, medical rehabilitation, public services and other fields, and the support of capital will accelerate this process. The combination of Jin'an Intelligent and Dachang Micro Line is a typical case of industrial upgrading and capital layout rushing in both directions, and also provides a development path for other hard technology enterprises to learn from.

This acquisition will not only profoundly change the development trajectory of JinAn Intelligence and Dachang Microelectronics, but also have multiple impacts on the embodied intelligence industry and the Hong Kong stock market, promoting the deep integration of industry and capital.

For Jin'an Intelligent, this acquisition has enabled it to quickly obtain a Hong Kong stock listing platform, breaking the capital bottleneck and providing guarantees for subsequent R&D investment and market expansion; At the same time, with the compliance system and market resources of Dachang Micro Line, it can accelerate the commercialization of embodied intelligent technology and enhance market competitiveness. For Dachang Microelectronics, the injection of technology and resources from JinAn Intelligence will help it overcome the decline of traditional businesses, enter the high growth track, and is expected to turn losses into profits, reshaping its market image.

JinAn Intelligence's acquisition of Dachang Micro Line has set a benchmark for cooperation between embodied intelligence enterprises and listed companies, which will promote more embodied intelligence enterprises to seek capital support, accelerate the commercialization and scale application of technology. At the same time, the combination of this industry and capital will force small and medium-sized enterprises in the industry to enhance their technological competitiveness, promote the integration of industry resources, promote the high-quality development of embodied intelligence industries, and help upgrade China's robotics industry.

This transaction will enrich the structure of the technology sector in the Hong Kong stock market, attract more hard tech companies such as embodied intelligence to layout in the Hong Kong stock market, and enhance the technological content and competitiveness of the Hong Kong stock market. At the same time, it also highlights the role of Hong Kong stocks as a cross-border capital hub, providing a global capital platform for Chinese hard technology enterprises, helping them to "go global" and achieve two-way opening of industries and capital.

Risks and Challenges: The Integration Test After Mergers and Acquisitions Still Remains

Although the synergy logic of this acquisition is clear and the development prospects are broad, the integration test after the merger cannot be ignored, and many uncertainties may affect the realization of transaction value.

Firstly, there is the risk of business integration. JinAn Intelligent's core business is the research and development of embodied intelligence technology and the landing of robot products, while Dachang Micro Line's traditional business is circuit boards and packaging products. The differences between the two businesses are significant, and industry chain collaboration, team integration, and management mode connection all require time. The release of synergy effects needs to be tested over time.

In addition, the competition in the embodied intelligence track is becoming increasingly fierce. With more companies entering and the speed of technological iteration accelerating, JinAn Intelligence needs to continue to increase research and development investment in order to maintain its technological advantage; Meanwhile, factors such as the sentiment of the Hong Kong stock market and changes in industry policies may also affect the company's valuation and financing capabilities, bringing uncertainty to its development.

Future outlook: Dual empowerment, jointly heading towards a new track of embodied intelligence

Despite facing many challenges, the market still holds high expectations for the collaborative development of Jin'an Intelligent and Dachang Micro Line. In the short term, both parties will focus on promoting business integration, streamlining business architecture, gradually divesting inefficient assets from Dachang Micro Line, focusing on core intelligent businesses, and striving to turn losses into profits; At the same time, JinAn Intelligence will leverage the listing platform of Dachang Weixian to launch a financing plan, providing financial support for research and development investment and market expansion.

In the medium term, with the completion of business integration, both parties will work together to strengthen the research and development of embodied intelligence technology, expand domestic and international application scenarios - the domestic market will focus on promoting the large-scale application of explosion-proof robots in energy, petrochemicals and other fields, and the overseas market will gradually radiate to Southeast Asia and the global market with Hong Kong as the hub; At the same time, relying on joint ventures, we will focus on expanding into the fields of healthcare, rehabilitation, and elderly care, enriching our product matrix, and increasing our market share.

In the long run, JinAn Intelligence is expected to create a collaborative ecosystem of "technology+capital+scenarios" through the Dachang Micro Line platform, further consolidating its advantageous position in the field of embodied intelligence and becoming a benchmark enterprise in the industry; And Dachang Microelectronics will also undergo a complete transformation, transforming from a traditional manufacturing enterprise to a hard technology listed company, achieving a two-way increase in industrial value and capital value, and helping China's embodied intelligence industry go global.

JinAn Intelligent's acquisition of Dachang Weixian may seem like a simple equity transaction, but it is actually an inevitable choice for Chinese hard tech companies to seek coordinated development of "industry+capital" in the context of industrial upgrading. Against the backdrop of the rise of the embodied intelligence industry and the recovery of the Hong Kong stock merger and acquisition market, this acquisition not only realizes the two-way empowerment of JinAn Intelligence and Dachang Microelectronics, but also reflects a clear trend: in the future, more hard technology enterprises with core technologies will use capital market platforms such as Hong Kong stocks to break through capital bottlenecks, accelerate technology commercialization and global layout; And those listed companies facing transformation difficulties will also achieve breakthrough development by introducing high-quality assets.

For JinAn Intelligence and Dachang Microelectronics, the acquisition is only the starting point for collaborative development. The subsequent business integration, technology implementation, and capital operation are the key factors determining the success or failure of this transaction. However, in any case, the two-way rush of industry and capital has injected new vitality into the development of embodied intelligence industry, and provided useful reference for the capitalization and globalization of Chinese hard technology enterprises.