According to the Star Board Daily on November 21 (reporter Yang Xiaoxiao), Youon Technology has resumed capital operations.

Youon Technology announced on the evening of November 20 that the company is planning to purchase 65% of the shares of Shanghai LianShi Navigation Technology Co., Ltd. (hereinafter referred to as "LianShi Technology") through the issuance of shares and cash payment. This transaction constitutes a major asset restructuring but does not constitute a reorganization listing and will not result in a change of actual controller.

It is worth mentioning that the target for acquisition, LianShi Technology, attempted to go public on the star board last July but withdrew its IPO application this July, thereby terminating its listing plans.

According to LianShi Technology's prospectus, its main business is the intelligent products for agricultural machinery and smart farm solutions, with intelligent agricultural machinery accounting for over 70% of the revenue contribution. Before the IPO, LianShi Technology introduced several external institutional shareholders, including well-known investment platforms such as China Investment Venture Capital, Shenzhen Capital Group, and Fosun RZ Capital. Among them, China Investment Venture Capital holds more than 5.56% of the company's shares, making it LianShi Technology's largest external institutional shareholder.

The prospectus also disclosed the betting agreement signed by LianShi Technology and the aforementioned institutional shareholders, which shows that if LianShi Technology fails to achieve a qualified listing by December 31, 2025, or if the company's appointed certified public accountant cannot issue an unqualified audit report, the company or the actual controller will unconditionally repurchase according to the investors' choice.

The aforementioned China Investment Venture Capital and others became shareholders of LianShi Technology in June 2021 by participating in the capital increase. Based on the capital increase price of 20.83 yuan per share, the total value of the shares held by these external institutional shareholders exceeds 0.18 billion yuan.

In terms of performance, the prospectus shows that from 2020 to 2022, LianShi Technology achieved revenues of 0.172 billion yuan, 0.22 billion yuan, and 0.315 billion yuan, respectively; the net income attributable to the mother company, excluding non-recurring gains and losses, was 39.0574 million yuan, 14.6954 million yuan, and 38.3425 million yuan.

The initiator of this acquisition, youon technology, has been quite active in capital operations.

In 2017, youon technology debuted on the A-share market as the 'first stock of bike sharing.' However, as of today, youon technology's business landscape has undergone significant changes. According to its financial report, youon technology's primary business is the research, sales, construction, and operation services of a shared travel system based on internet of things and data cloud technologies. Additionally, relying on the youon technology platform, services are offered to consumers through the youon technology APP, including shared travel services, smart living services, and a distributed hydrogen energy data platform.

From the revenue structure, the system operation service business contributes the majority of youon technology's income, accounting for nearly half; the shared travel business and hydrogen sales and service business follow, each accounting for about 20%.

It can be seen that hydrogen energy occupies an increasingly important position in youon technology's business layout. Therefore, last year, youon technology initiated an acquisition to acquire 88% of zhejiang kaibo's shares at a price of 0.167 billion yuan with a premium.

Public information shows that zhejiang kaibo is a company specializing in the research and production of composite material-wrapped gas cylinders. At that time, youon technology stated that the acquisition would enhance the company's hydrogen energy industry chain, fill the technical gap in carbon fiber-wrapped hydrogen storage cylinders, and promote the future development of hydrogen energy series products, such as fuel cells, in fields like hydrogen energy storage, commercial vehicles, and aircraft.

Behind a series of mergers and acquisitions is the current situation of youon technology's performance growth efforts in recent years. From 2021 to 2023, youon technology's net income attributable to the parent company has declined year by year, approximately 43.8444 million yuan, -67.5063 million yuan, and -127 million yuan, with the average net income attributable to the parent company over the last three years being negative. In the first three quarters of 2024, youon technology's revenue was approximately 0.374 billion yuan, a year-on-year decrease of 8.74%; net income attributable to the parent company was approximately -29.93 million yuan.