HaiKong NanHai plans acquisition of Wangying Technology

HaiKong NanHai Development Co., Ltd. (SZSE:002163) announced its intention to acquire 51% of Hangzhou Wangying Technology Co., Ltd. through a cash transaction. The deal, outlined in a preliminary agreement signed May 7, 2025, will see HaiKong NanHai potentially pay up to CNY450 million for the stake. Wangying Technology, a brand e-commerce service provider, would become a controlling subsidiary of HaiKong NanHai. The acquisition aligns with HaiKong NanHai's strategic shift towards digital economy services and expansion in the consumer sector, leveraging Wangying Technology's platform and AI-driven marketing capabilities. The deal is subject to further due diligence, audit results, and regulatory approvals. Wangying Technology's unaudited financials for 2024 showed total assets of CNY959 million and a net profit of CNY50 million.