A first for Beijing Exchange! County state-owned assets take over! A listed LED company was acquired for 476 million yuan

On the evening of January 8, Fengyang County Xiaogang Industrial Development Investment Co., Ltd. (hereinafter referred to as "Xiaogang Industrial Investment") in Chuzhou, Anhui officially launched the acquisition of control rights of Greer, a company listed on the Beijing Stock Exchange, and transferred 29.7481% of the equity for no more than 476 million yuan.

The entire change is:
According to the announcement, the actual controller and shareholders of Greer signed a share transfer and voting right waiver agreement with Fengyang County Xiaogang Yuecheng Industrial Investment Partnership (Limited Partnership) (hereinafter referred to as "Yecheng Partnership"), a subsidiary of Xiaogang Industrial Investment, and the latter plans to transfer 16.4775 million shares for no more than 476 million yuan. After the completion of this change, Yuecheng Partnership will become the largest shareholder and controlling shareholder with the largest number of voting rights in the company, and the actual controller of Greer will be changed from Zhu Congli and Zhao Xiujuan to Fengyang County Finance Bureau.

As the core operation platform of Fengyang County’s state-owned assets, Xiaogang Industrial Investment’s acquisition is a strategic necessity to deeply cultivate the regional industrial ecology and practice the spirit of reform. Facing a new wave of industrial transformation, Fengyang County ranks the photovoltaic industry as the first of the six leading industries, fully implements the "Ten Hundreds, Thousands" industrial project, and aims to build a 100-billion-level silicon-based new material industry cluster. This acquisition of Greer is Fengyang County's innovative practice of using capital tools to break industrial bottlenecks and promote the energy level of the "Photovoltaic Capital", achieving a transformation from "policy investment promotion" to "capital introduction".

According to data, Greer is a national high-tech enterprise and a specialized new enterprise, and its business layout is highly consistent with Fengyang's industrial ecology. The company is deeply engaged in the fields of smart LED lighting and new energy magnetic devices, and has established high-end innovation platforms such as academician workstations and postdoctoral workstations. Its core products include photovoltaic inverter magnetic devices, AI computing power supply components, smart lighting systems, etc., and has leading technical advantages in server power supplies, energy storage converters and other fields.
Greer said that Yuecheng Partnership will take the sustainable development of the company and the rights and interests of all shareholders of the company as the starting point, combine its own advantages in industrial resources and channel resources in the field of new power systems, improve the company's sustainable operating capabilities and profitability, and assist the long-term development of listed companies. This change will lead to changes in the actual controller of the company. This change will not lead to changes in the company's main business.
In the first half of 2025, the magnetic device business contributed 73.20% of the company's operating income, and the lighting business accounted for 23.72%.
In the first half of 2025, Greer's new energy-related businesses continued to make breakthroughs, and magnetic device products successfully entered the core of energy storage The supply chain is naturally complementary to the advanced photovoltaic and new energy storage industries that Fengyang is fully developing. In addition, Greer's forward-looking layout of new power system businesses such as microgrids and virtual power plants resonates with Fengyang's strategic goal of building a "photovoltaic + energy storage + application" full-chain ecosystem and has become the core link for the collaborative development of both parties.
It is understood that Fengyang has proven reserves of approximately 10 billion tons of high-quality quartz sand resources. In 2023, its photovoltaic glass production capacity will account for nearly a quarter of the country. Currently, it has gathered 74 photovoltaic industry chain companies, forming a complete industrial layout from quartz sand to photovoltaic power stations. Greer's new energy magnetic devices are key components of photovoltaic inverters and energy storage converters. After the acquisition is completed, they can be directly embedded in Fengyang's "quartz sand-photovoltaic glass-components-inverter" supply chain system to achieve localized collaboration from raw materials to terminal applications and significantly reduce the overall cost of the industrial chain.
At the same time, Fengyang County has rich scene resources such as economic development zones, ports, and hospitals. The high-quality rooftop resources exceed 2 million square meters. The current photovoltaic utilization rate is about 69%. These scenes will provide a large-scale "first (set)" application market for Greer's microgrid and virtual power plant business. , effectively breaking the industrialization bottleneck of high-tech "strong R&D and few scenarios".
In addition, Greer's smart LED lighting and IoT solutions are highly consistent with Fengyang's urban renewal and smart city construction tasks during the "15th Five-Year Plan" period. It can serve as the basic sensing node for urban IoT and vehicle-road collaboration, providing key support for Fengyang to consolidate the digital base of smart cities.
In this acquisition process, Xiaogang Industrial Investment continued the spirit of "dare to venture and dare to try" in Xiaogang Village, learned from Chuzhou Urban Investment's successful experience in acquiring Yichang Technology, and innovatively designed a transaction structure of "phased acquisition + waiver of voting rights". In the first stage, 21.9481% of the equity was transferred and actual control was obtained through a voting rights waiver arrangement. In the second stage, the remaining equity acquisition was completed after the share sales restrictions were lifted to ensure the smooth implementation of control rights.
Greer said that the state-owned capital background of Xiaogang Industrial Investment will bring sufficient financial support, effectively supplement working capital, reduce the asset-liability ratio, and improve risk resistance and financing capabilities; the huge new energy market demand in Fengyang and the Yangtze River Delta region will bring a stable source of orders to the company, and localized production support can significantly reduce logistics costs.
▲Xiaogang Industrial Investment Operating Data
For Fengyang County, Greer's technological advantages will fill the gaps in key links in the photovoltaic industry chain and help build a full-chain industrial ecology of "quartz sand-photovoltaic glass-inverter-power station"; with Greer's R&D platform and customer resources, it can further attract upstream and downstream supporting companies to gather, and promote Fengyang to leap from a "photovoltaic manufacturing base" to a "smart energy solution innovation highland".
This acquisition is not only the first merger and acquisition case in the LED lighting field in 2026, but also the first transaction of the change of control rights of the Beijing Stock Exchange in the first year. It is the first case of the North Exchange's county state-owned assets taking over, and it has certain reform significance.

This acquisition also provides a replicable "Fengyang sample" for the transformation of county state-owned assets. Xiaogang Industrial Investment has transformed from a traditional infrastructure investment and financing subject to a state-owned industrial investment platform with industrial judgment, post-investment management and value creation capabilities, revitalizing state-owned capital and realizing a virtuous cycle of "capital + industry".