Jiemei Technology plans to acquire Aifosi Technology: the target clients include Fuchipeng Technology, Maolai Optics, Wavelength Photonics, and the Chinese Academy of Sciences.

Everyday Reporter | Xu Shuai Everyday Editor | Liao Dan

On March 16, Jiemi Technology (SZ002859) disclosed a restructuring plan, proposing to acquire Changsha Efuosi Technology Co., Ltd. (Efuosi Technology), a high-precision optical processing equipment company, through issuing shares.

The target company’s clients include listed companies such as Fuguang Technology, Maolai Optics, and Wavelength Photonics, as well as research institutes like the Chinese Academy of Sciences. The actual controller of the target, Zhou Lin, studied at the National University of Defense Technology and served as a lecturer and associate researcher there.

Regarding how the two parties will collaborate after the acquisition, the reporter also called Zhou Lin on the evening of March 16, who said to refer to the announcement.

On March 16, Zhejiang Jiemi Electronics Technology Co., Ltd. (Jiemi Technology), a leading company in electronic component packaging materials and electronic-grade thin film materials, disclosed a restructuring plan. The company plans to fully acquire Efuosi Technology by issuing shares and raise supporting funds. The listed company intends to purchase 100% equity of Efuosi Technology from Zhou Lin, Yuan Zhi Xinghuo, Ding Jie, Tao Shang, and Chen Yongfu through share issuance, and also to raise funds from no more than 35 specific investors.

The share issuance price for the asset purchase is 26.68 yuan per share, not less than 80% of the average trading price of the company’s stock over the 120 trading days before the pricing date.

Previously, Jiemi Technology’s main business was R&D, production, and sales of electronic packaging materials and electronic-grade thin film materials. The target asset, Efuosi Technology, belongs to a core niche in high-end equipment manufacturing.

The announcement shows that Efuosi Technology is a leading domestic developer and manufacturer of ultra-precision optical processing equipment, a national high-tech enterprise, a specialized and innovative small and medium-sized enterprise in Hunan Province, and a “Dengling” enterprise in Changsha. Its core product, ion beam polishing machines, has received recognition and awards as the first major technical equipment in Hunan Province, and it owns a provincial-level enterprise technology center and multiple national patents and software copyrights. After the transaction, Jiemi Technology’s business will expand from electronic packaging materials to ultra-precision processing equipment, adding a new business segment.

The company’s products are characterized by high performance and cost-effectiveness, capable of replacing imported equipment. Major clients include listed companies such as Fuguang Technology, Maolai Optics, and Wavelength Photonics, as well as research institutes like the Chinese Academy of Sciences and Tsinghua University.

Financial data shows that in 2024, Efuosi Technology achieved operating revenue of 80.51 million yuan and net profit of 26.15 million yuan; in 2025, revenue is expected to jump to 130.46 million yuan with a net profit of 45.32 million yuan.

As of December 31, 2024, Efuosi Technology’s total assets were 137.629 million yuan, and net assets were 90.158 million yuan; by December 31, 2025, total assets increased to 196.654 million yuan, with net assets reaching 117.483 million yuan. As of the signing date of the plan, the company’s audit and valuation work had not yet been completed, and the valuation and transaction price of the assets had not been determined. Additionally, the listed company will negotiate with the counterparty on matters such as performance compensation after the completion of relevant audits and evaluations.

Before the acquisition, Efuosi Technology’s equity structure was highly concentrated among the core founding team and early strategic investors. Zhou Lin, the largest shareholder, held 58.57% and is the actual controller; Shenzhen Yuan Zhi Xinghuo Private Equity Investment Partnership (LP) held 17.50%; other individual shareholders Ding Jie, Tao Shang, and Chen Yongfu held 10.73%, 9.08%, and 4.12%, respectively. Among the R&D team, six members hold doctoral degrees, with five holding senior professional titles.

According to official disclosures from Changchun University of Science and Technology and reports from authoritative media such as Changsha Evening News, Zhou Lin was born in 1979, and his bachelor’s, master’s, and doctoral degrees are all from the National University of Defense Technology in mechanical engineering and related fields. After graduation, he remained at the university as a faculty member, serving as a lecturer and associate researcher, and also spent time as a visiting scholar at Brookhaven National Laboratory in the United States. He was among the first in China to systematically develop deterministic optical processing theories and techniques based on IBF technology, proposing theories and methods such as material removal efficiency, shape correction cutoff frequency, and processing prediction L-curve, advancing and refining deterministic optical processing theory and methods.

Zhou Lin has been dedicated to advanced optical processing and testing technologies, leading and participating in the development of multiple ion beam shaping equipment and magnetorheological polishing devices domestically, which are now core products of Efuosi Technology.

This explains how a company founded only a few years ago can master “sub-nanometer (0.1 nm) ultra-smooth surface processing” technology and penetrate industries such as semiconductors, aerospace, and large-diameter telescope lens manufacturing.

Efuosi Technology was established in 2018. According to Changsha Evening News, Zhou Lin once lamented that when the company was first founded, it was a small firm with only four people in a factory in Changsha. Today, he has achieved success in his career and, in 2023, applied to become a leading talent in high-precision industries at the provincial and municipal levels in Changsha.

Although the target appears to be an emerging company in a niche field, Jiemi Technology still mentions risks. For example, after the transaction, due to the acquisition cost exceeding the fair value of the identifiable net assets, goodwill is expected to be recognized. If downstream industry prosperity, market environment, or other factors deteriorate significantly in the future, or if the company’s future annual performance does not meet expectations, the company may face impairment of goodwill, adversely affecting its performance.

Regarding how the two parties will collaborate after the acquisition, the reporter called Zhou Lin on the evening of March 16, who said to refer to the announcement.

Cover image source: AIGC