Shenpu Intelligent to Take Control of *ST Meizhi for ¥810M: what are the key facts?

On September 22, *ST Meizhi announced that a 15-party consortium led by Shenpu Intelligent was selected as the winning investor in its restructuring.

Shenpu Intelligent to Take Control of *ST Meizhi for ¥810M: what are the key facts?

Shenpu Intelligent plans to invest about ¥810 million to subscribe to roughly 92.86 million shares, becoming the controlling shareholder.

Shenpu Intelligent to Take Control of *ST Meizhi for ¥810M: what are the key facts?

The consortium plans to invest about ¥1.8 billion and is expected to hold about 54.9% after the restructuring.

Shenpu Intelligent to Take Control of *ST Meizhi for ¥810M: what are the key facts?

Shenpu Intelligent reported 2025 revenue of ¥10.9802 million and a net loss of ¥10.0957 million.

Shenpu Intelligent to Take Control of *ST Meizhi for ¥810M: what are the key facts?

After Unitree Robotics went public on August 19, its stock price and market value shrank by more than 55%, as IPO reviews tightened.

Physix Frontier · News Briefing Card (enbrief · Sep 25, 2026)

Shenpu Intelligent to Take Control of *ST Meizhi for ¥810M

KEY FACTS

On September 22, *ST Meizhi announced that a 15-party consortium led by Shenpu Intelligent was selected as the winning investor in its restructuring.
Shenpu Intelligent plans to invest about ¥810 million to subscribe to roughly 92.86 million shares, becoming the controlling shareholder.
The consortium plans to invest about ¥1.8 billion and is expected to hold about 54.9% after the restructuring.
Shenpu Intelligent reported 2025 revenue of ¥10.9802 million and a net loss of ¥10.0957 million.
After Unitree Robotics went public on August 19, its stock price and market value shrank by more than 55%, as IPO reviews tightened.

KEY DATA

约8.1亿元Shenpu Intelligent investment

约18亿元Consortium planned investment

约54.9%Expected stake after restructuring

1098.02万元Shenpu 2025 revenue

PHYSIX OBSERVATION

A robotics company buying a shell is a realistic choice under tightening IPOs. Shenpu Intelligent, with tens of millions in revenue and widening losses, still dares to spend ¥800 million to control a delisted company with negative net assets, showing that capitalization anxiety has outweighed business maturity. For the industry, this could spawn more "shell-hoarding" cases, but shell companies carry heavy historical baggage and integration risks are considerable.

Source: enbrief original report ↗