Since the beginning of the year, 19 A-share listed companies have announced the termination of mergers and acquisitions, with popular commercial aerospace concept stocks prominently listed.

According to incomplete statistics from Cailian Press, as of the time of publication, 19 A-share listed companies including **Xinhua Medical, Fengfan Co.,辰奕智能, Silin Jie, ST Biological, Hualing Cable, Shimao Energy, Sunflower, ST Rebate, Fulin Precision, Yaxing Chemical, Lixun Precision, Defu Technology, Jiulian Technology, Dongzhu Ecology, Thinking Control, Baihua Medicine, Shangfeng Cement, Mulinsen have announced the termination of mergers and acquisitions. Details are shown in the chart below:

In terms of secondary market performance, Sunflower, which was under investigation and had its restructuring terminated, hit a 20CM limit down the day after the announcement. Shimao Energy and Baihua Medicine, which terminated plans to change control, and Dongzhu Ecology, which ended a major asset restructuring, all experienced a limit down in their stock prices. Hualing Cable, which terminated the acquisition of Xingxin Aerospace control rights, also closed at the limit down.

Sunflower announced on January 14 that due to suspected information disclosure violations, the China Securities Regulatory Commission decided to file a case against the company. The company will actively cooperate with the investigation. Currently, production and operations are normal, and the case will not have a significant impact on daily production, operations, and management. At the same time, because it is under investigation and does not meet the conditions for issuing shares to purchase assets, Sunflower announced the termination of the restructuring plan to acquire 100% of Xipu Materials and 40% of Bede Pharmaceutical through issuing shares and cash payments. The major asset restructuring plan released by Sunflower on September 22, 2025, shows that Xipu Materials mainly engages in R&D, manufacturing, and sales of high-end semiconductor materials, relying on factories in Zhangzhou and Lanzhou to become core suppliers for many wafer fabs domestically and internationally. However, according to on-the-ground investigations by Cailian Press reporters, the actual situation of Xipu Materials starkly contrasts with the descriptions in the restructuring plan regarding the company’s production model, product matrix, and technical capabilities. The so-called “Zhangzhou factory” related to production has not completed the preliminary approval process, and the “Lanzhou factory” remains an empty building with no equipment on site, lacking actual capacity.

Shimao Energy announced on January 16 that its controlling shareholder, Shimao Investment, and the actual controller, had fully communicated and discussed with the transaction counterparty regarding plans to change control. However, the two sides failed to reach an agreement on some core terms and decided to terminate the plan for the control change. Notably, before suspension, Shimao Energy’s stock price had risen for two consecutive trading days, with a limit-up on January 8 and approaching the limit-up during intraday trading on January 9, ultimately closing up 8.2%. Baihua Medicine announced on January 6 that, because the controlling shareholder, actual controller, and the transaction counterparty could not reach an agreement on major issues related to control change, the plan to change control was terminated.

Dongzhu Ecology announced on January 9 that it originally planned to acquire the control of Kairui Xing Tong Information Technology (Nanjing) Co., Ltd. through issuing shares and cash payments, along with raising supporting funds. Since planning this major asset restructuring, the parties involved have negotiated multiple times, but due to market environment changes and other factors, they have not reached a preliminary consensus on valuation and other commercial terms, and are currently negotiating the termination of the transaction. Kairui Xing Tong mainly engages in R&D, design, and manufacturing of satellite communication technology and systems. Dongzhu Ecology announced on September 9, 2025, that after the transaction is completed, the company will achieve strategic transformation, entering the satellite communication and space information technology field, creating a second growth curve. In the secondary market, Dongzhu Ecology’s stock closed for three consecutive days of limit-up on September 12, 2025. After announcing the termination of the major asset restructuring, the stock hit two consecutive limit-downs.

Hualing Cable announced on January 19 that the company and the transaction counterparty failed to reach an agreement on some specific contractual terms. After mutual consultation and signing a written agreement, they decided to terminate the “Letter of Intent for the Acquisition of Hunan Xingxin Aerospace New Materials Co., Ltd.”. This termination was the result of mutual agreement and does not require board approval. The company stated that this termination will not adversely affect production, operations, or financial condition, nor will it harm the interests of the company and all shareholders. Hualing Cable announced on March 14, 2025, that it plans to acquire Xingxin Aerospace’s control rights with cash. Xingxin Aerospace’s main business includes high-temperature resistant and heat-proof materials, silicon nitride ceramics, phenolic resin materials, etc., providing supporting products for Shenzhou series spacecraft, Chang’e series probes, Tiangong space station, and various launch vehicles, participating in the first manned spaceflight project. In the secondary market, the company’s stock has seen a maximum cumulative increase of 187.13% since November 27, 2025.

(Source: Cailian Press)