"Mobile Phone Case First Stock" Jaymei Splurges 129 Million Yuan in Cross-Border Expansion, Not "Betting" on Target Company Performance but "Betting" It Will Go Public Within 4 Years

Daily Economic News Reporter: Wen Duo    Daily Economic News Editor: Yang Jun

Against the backdrop of expected losses in 2025, “the first stock of mobile phone cases” Jiemet (SZ300868) has begun cross-industry investments.

On the evening of March 20, Jiemet announced that the company plans to acquire approximately 21.4979% of the equity in new material company Shenzhen Daimond Technology Co., Ltd. (hereinafter referred to as Daimond) for about 129 million yuan in cash.

The Daily Economic News reporter noted that this transaction is not only a high-premium acquisition but also that Jiemet signed an investment agreement with the other party containing a “listing bet” clause, stipulating that if Daimond fails to complete a qualified listing before the end of 2029, Jiemet will have the right to require the founding shareholders of Daimond to buy back the shares.

Hoping to expand the company’s industrial layout through this transaction

The announcement shows that the funds for this acquisition come from the company’s own and self-raised funds. After the transaction is completed, Daimond will become a participating company of Jiemet.

This transaction is based on a valuation of 600 million yuan for 100% equity of Daimond. According to the assessment, as of November 30, 2025, Daimond’s consolidated net assets attributable to the parent company were only 87.6678 million yuan. This means that the valuation of this acquisition exceeds 500% of its net assets, representing a typical high-premium investment.

Daimond’s main businesses include nano-conductive diamond coating micro-tools, transparent conductive glass, and surface high-bonding metal coating services.

Financial data shows that Daimond’s performance is likely to improve significantly in 2025. In 2024, the company was still in a loss state, with a net profit of -8.6184 million yuan. However, in the first 11 months of 2025, the company achieved operating revenue of about 100 million yuan and a net profit of approximately 13.06 million yuan.

Jiemet stated in the announcement that it hopes to expand the company’s industrial layout, create new growth points, and enhance the company’s profitability and sustainable operation capabilities through this transaction.

Jiemet is not acquiring equity through a single entity

To safeguard investment returns and control risks, Jiemet designed sophisticated clauses in the investment agreement.

According to the agreement signed between Jiemet and the founding shareholders of Daimond, if Daimond fails to complete a qualified listing on the Shanghai Stock Exchange, Shenzhen Stock Exchange, or Beijing Stock Exchange before December 31, 2029, Jiemet has the right to require the founding shareholders of Daimond to buy back all or part of their shares. The definition of a qualified listing is very specific, requiring Daimond to obtain the acceptance letter for its initial public offering from the above exchanges no later than December 31, 2028, or to be acquired through share issuance by a listed company on the three major exchanges (based on the announcement date of the listed company).

The structure of this transaction is also relatively complex. Jiemet is not acquiring the shares through a single entity but will do so in two parts: directly transferring shares held by shareholders Fenyi Chuanliu Changfeng New Materials Investment Partnership (Limited Partnership), Zhuzhou Guochuang Qifu Venture Capital Partnership (Limited Partnership), and Shenzhen Hehe Zhida Management Co., Ltd.; and indirectly acquiring shares by transferring capital contributions from Shanghai Jintian Yufeng Enterprise Management Partnership (Limited Partnership) and Shanghai Jinlan Yue Enterprise Management Center (Limited Partnership).

After the transaction is completed, Jiemet will appoint one director to Daimond to strengthen post-investment management and influence over the target company.

According to Tianyancha, Daimond has invested in five companies, including Huizhou Zhongdena Micro Technology Co., Ltd., which has some industry recognition.

Daily Economic News