Breaking! A glass manufacturer plans to acquire a TOP5 company in the electrolyte sector

On the evening of September 28, Sanxia New Material (600293) announced that the company plans to acquire no less than 53.14% of the shares of Zhuhai Saiwei Electronic Materials Co., Ltd. ("Zhuhai Saiwei") from counterparties including Dai Xiaobing, Zhuhai Yili Investment Partnership (Limited Partnership), Zhuhai Hengwei Investment Partnership (Limited Partnership), Xue Yao, and Lv Haixia, through the issuance of shares and payment in cash, which is expected to constitute a major asset restructuring.

On the same day, Sanxia New Material issued an announcement on abnormal stock trading, stating that the cumulative deviation in the closing price of the company's stock exceeded 20% over three consecutive trading days on September 23, September 24, and September 28. Upon the company's application to the exchange, trading in Sanxia New Material's stock was suspended starting September 29, with the suspension expected to last no more than 10 trading days.

According to public information, Zhuhai Saiwei was established in 2007 with a registered capital of 69.2708 million yuan. The company is primarily engaged in the R&D and production of electronic specialty materials such as lithium-ion battery electrolytes and new-type membrane materials. Its clients include mainstream battery enterprises such as CATL, EVE, Farasis Energy, SVOLT, CosMX Battery, and Great Power Energy.

Recently, the "2026 China Lithium Battery Industry Electrolyte Annual Competitiveness Brand List" jointly released by EVTank, Hironet, Battery Network, Yiwei Economic Research Institute, and China Battery Industry Research Institute showed that Zhuhai Saiwei ranked 5th on the competitiveness brand list. In H1, the company's electrolyte shipments were approximately 88,000 mt.

Currently, Zhuhai Saiwei has an existing electrolyte capacity of 395,000 mt/year, including 55,000 mt/year at the Zhuhai base, 200,000 mt/year at the Hefei base, 100,000 mt/year at the Huainan base, and 40,000 mt/year at the Indonesia base, and has completed the layout of the entire industry chain for key electrolyte raw materials including solvents, lithium chemicals, and major additives.

Sanxia New Material is an industrial material supplier primarily engaged in the R&D, production, and sales of float glass and deep-processed products, serving sectors such as green building, energy conservation and environmental protection, and home appliances.

Sanxia New Material mentioned in its semi-annual report that in 2026, the recovery of domestic real estate completions fell short of expectations, with completed area continuing to shrink YoY. As a core downstream sector for architectural glass, real estate demand support weakened compared to the same period in 2025, and rigid demand lacked sufficient underpinning. Meanwhile, the average market price of float glass in H1 2026 declined significantly compared to the same period last year.

The announcement cautioned that this transaction is still in the planning stage. The counterparties include Dai Xiaobing, the actual controller of Zhuhai Saiwei, director Xue Yao, senior management member Lv Haixia, as well as employee stock ownership platforms Yili Investment and Hengwei Investment. The publicly listed firm and its controlling shareholder have no related-party relationship with the counterparties. The company will further engage with relevant shareholders of Zhuhai Saiwei to determine the final scope of counterparties, and will fulfill its information disclosure obligations in a timely manner once these matters are finalized.

Notably, on the evening of September 28, Sanxia New Material also issued a reminder announcement regarding changes in the equity structure of its controlling shareholder. The announcement stated that on September 28, the company received notice from its controlling shareholder Dangyang Urban Investment that Yichang State-owned Capital Investment Holding Group Co., Ltd. transferred its 85% equity stake in Dangyang City Investment Co., Ltd. ("Dangyang Urban Investment") to Yichang Sanxia Bonded Supply Chain Co., Ltd. for consideration, resulting in Bonded Supply Chain indirectly controlling 22.74% of the shares of Hubei Sanxia New Building Materials Co., Ltd. through Dangyang Urban Investment.

Sanxia New Material stated that after this transfer, Dangyang Urban Investment remains the company's controlling shareholder, and the State-owned Assets Supervision and Administration Commission of the Yichang Municipal People's Government remains the company's actual controller. The company's controlling shareholder and actual controller have not changed. This equity change constitutes an internal equity transfer of state-owned assets.