Gaoleng Information Plans Major Asset Restructuring; Target Involves Satellite Communications

Securities Times Reporter Zhang Yifan

On the evening of March 16, Gaoling Information (688175) announced that it is planning a major asset restructuring, with the target assets belonging to the satellite communication technology field.

The announcement shows that Gaoling Information is planning to acquire control of Kairui Xing Tong Information Technology (Nanjing) Co., Ltd. (referred to as “Kairui Xing Tong”). The transaction will be conducted through issuing shares and paying cash, and Gaoling Information also plans to raise supporting funds. According to preliminary estimates, this transaction is expected to constitute a major asset restructuring, and will not result in a change of the company’s actual controller.

Currently, the scope of the transaction counterparties has not been finalized, but preliminary candidates include shareholders such as Shi Yan, Li Jianghua, Wuxi Fengdiaoyu Shun Enterprise Management Partnership (Limited Partnership), and Zhenjiang Xingluda Enterprise Management Partnership (Limited Partnership). Gaoling Information states that Shi Yan and Li Jianghua, as the actual controllers of the target company, will do their best to promote this transaction to achieve Gaoling Information’s goal of acquiring control of the target company.

“This transaction is still in the planning stage, and the parties have not yet signed a formal agreement. The specific transaction plan is still under discussion and verification,” Gaoling Information said. The company will suspend trading from the market opening on March 17, with an expected suspension period of no more than 10 trading days.

Public information shows that Kairui Xing Tong is a technology company mainly engaged in the research and development and production of satellite communication technology and systems. It has participated in several national satellite communication projects such as Shenzhou spacecraft, lunar modules, and low-orbit small satellite constellations, and independently develops satellite communication hardware and software products. Its product lines cover satellite communication baseband products, satellite network management/application systems, and terminal devices, which are used in scenarios such as emergency communication, disaster relief, maritime broadband, and Internet of Things monitoring.

As of June 30, 2025, Kairui Xing Tong’s total assets are 448 million yuan, with total owner’s equity of 258 million yuan. In the first half of 2025, Kairui Xing Tong achieved revenue of 110 million yuan and a net profit of 7.8164 million yuan.

At the shareholder level, Gaoling Information mentions that Shi Yan and Li Jianghua currently hold more than 30% of the shares combined. Investment institutions such as Wenming Investment, Shengshi Investment, and Yida Capital also hold more than 5% of the company’s shares. The latest capital move by Kairui Xing Tong occurred in 2020, when the company completed several tens of millions of RMB in Series C financing.

It is worth noting that last year, Kairui Xing Tong was associated with another listed company, Dongzhu Ecology (603359), which also planned to acquire control of Kairui Xing Tong through a major asset restructuring. However, the deal was ultimately terminated because the parties failed to reach a preliminary consensus on valuation and other commercial terms.

From an industry perspective, Gaoling Information’s business overlaps with that of Kairui Xing Tong. The company’s main businesses include military telecommunications equipment and environmental IoT applications. However, in terms of operating performance, Gaoling Information has experienced consecutive losses in the past two years. The company attributes the losses to a decline in operating income compared to the same period last year, along with increased raw material costs, which have led to a decrease in overall gross profit margin.

Last year, Gaoling Information underwent a failed asset restructuring. The company initially planned to acquire 100% of Shanghai Xinno Communication Technology Co., Ltd., but announced the termination of this plan in June of last year.

After abandoning the previous restructuring, Gaoling Information emphasized that it will continue to actively explore merger and acquisition opportunities. “The company will consider its development plan, internal conditions, external environment, and other factors comprehensively to explore more suitable development solutions to improve overall operational quality, risk resistance, and investment value, and to promote better innovation and growth,” Gaoling Information stated at that time.