Fibocom put a price on taking control of cockpit supplier Hangsheng
A revised restructuring report filed to the Shenzhen exchange values the deal at 1.43 billion yuan for 37.16 percent of Hangsheng Electronics, with control coming from a concert-party agreement rather than from the stake itself.
Fibocom Wireless will pay 1,427,991,900 yuan in cash for 119,015,300 shares, or 37.16 percent, of Shenzhen Hangsheng Electronics, according to a revised draft restructuring report its board approved on September 23 and filed with the Shenzhen Stock Exchange.
The stake alone is not a majority. The filing states that control will be achieved through a concert-party agreement alongside the purchase, after which Hangsheng becomes a controlled subsidiary. An income-approach valuation put the whole of Hangsheng’s equity at 3.85 billion yuan, an uplift of 104.49 percent over book value; the agreed price implies 3.843 billion yuan for the company.
Hangsheng designs, makes and sells automotive electronics, and the report describes it as a domestic supplier of automotive electronic system solutions with hardware and software development capability and volume production experience in intelligent cockpit, intelligent driving and automotive acoustics. Fibocom’s stated logic is vertical integration of communication modules with automotive electronic systems, and moving the listed company up from a second-tier supplier position.
One disclosure dates the mix shift inside Hangsheng. Gross margin ran at 18.93, 17.57 and 19.18 percent across the reporting periods, and the report attributes a 1.36 point fall in 2025 mainly to a rising share of revenue from the domain controller systems business, which carries a lower margin.
The board also approved applying for a bank acquisition loan of up to 1 billion yuan over a term of up to 120 months, secured by pledging the acquired shares, and modelled about 26.5 million yuan of annual finance cost. Goodwill is modelled at 500.8 million yuan. The sellers undertook combined net profit of at least 598 million yuan for 2026 and 2027, with a newly added covenant on collecting receivables.
The exchange issued a restructuring inquiry letter on August 20. Fibocom filed its reply in the same batch. The deal still requires shareholder approval.