Galaxy Magnets M&A progress uncertain, board to re-evaluate

Chengdu Galaxy Magnets provided an update on its proposed acquisition of 100% equity in Sichuan Jingdu Longtai Technology Co., Ltd. through a combination of share issuance and cash payment. The company also plans to raise supporting funds from up to 35 specific investors. The transaction, initially disclosed on September 27, 2025, does not constitute a connected transaction, a major asset restructuring, or a backdoor listing.

As of December 26, 2025, the audit and valuation work for the transaction is still ongoing, and relevant parties are continuing to negotiate the final transaction plan. The company emphasizes the uncertainty surrounding the transaction, as it requires further review and approval by the board and shareholders, as well as regulatory bodies.

Chengdu Galaxy Magnets has committed to providing regular updates on the transaction's progress every 30 days until the shareholder meeting notice is issued. Investors are advised to monitor official disclosures for the latest information and to be aware of the associated risks.