Caitong securities concludes supervision of Windey acquisition by Electromechanical Group

Caitong Securities Co., Ltd. has issued its continuous supervision opinion for the third quarter of 2025 regarding the acquisition of Zhejiang Windey Co., Ltd. by Zhejiang Provincial Electromechanical Group Co., Ltd. The report, dated October 30, 2025, confirms that Electromechanical Group acquired 85,158,150 shares in Windey at a price of 8.22 yuan per share, increasing its total holding to 365,958,150 shares and its stake from 40.01% to 46.50%. This transaction, finalized on March 3, 2025, complied with the exemption from a tender offer.

The financial advisor verified that Electromechanical Group successfully completed the share subscription, with capital verification confirming the receipt of 699,999,993.00 yuan in subscription funds by February 18, 2025. Following the deduction of issuance expenses, net proceeds totaled 696,292,445.83 yuan. Windey completed the registration of new shares by February 25, 2025, and the shares were listed on March 7, 2025.

During the supervision period, both the acquirer and Windey demonstrated adherence to relevant laws, regulations, and information disclosure requirements. Electromechanical Group fulfilled its public commitments regarding independence, reducing related-party transactions, and operating under a sound corporate governance structure. Windey also updated its articles of association and announced a three-year dividend return plan (2025-2027), aligning with regulatory standards.