New Journey Plans to Acquire Shandong Zepu for Over 400 Million Yuan: Paying a 600% Premium for ‘Embodied Intelligence + Brain-Computer Interface’?

Bot Telegraph August 19th report, on the evening of August 18th, Xinlicheng (SZ002219) announced its intention to acquire a 51% stake in Shandong Zepu Medical Technology Co., Ltd. for 437 million yuan. The transaction combines “old share transfer + capital increase”: first, 130 million yuan will be used to acquire 23.6364% of the shares held by original shareholders including Wu Shaojun, Wu Changlin, Chai Lechen, Chen Yongyuan, Liu Jianwei, and Chengtou Lukang Medical and Health Industry Investment Fund (Weifang) Partnership (Limited Partnership); subsequently, approximately 307 million yuan will be invested to increase capital and expand shares in Shandong Zepu. After the transaction is completed, Shandong Zepu will become a controlled subsidiary of Xinlicheng.

This acquisition has drawn market attention due to its high premium. As of the assessment base date of April 30, 2026, the book value of Shandong Zepu’s net assets is 77.1475 million yuan, but its value assessed using the income method is as high as 552 million yuan, representing an appreciation rate of 615.30%. Public information shows that this company, established in 2013, has business operations in fields such as AI, brain-computer interfaces, and rehabilitation robots.

In terms of financial performance, Shandong Zepu is relatively small in scale and only turned a loss into profit last year. Data shows that in 2024, the company’s operating revenue was 62.9764 million yuan, with a net loss of 6.4816 million yuan. In 2025, revenue grew to 116 million yuan, a year-on-year increase of 84.7%, and a net profit of 23.4642 million yuan was achieved. From January to April this year, the company achieved operating revenue of 37.8063 million yuan and a net profit of 7.6776 million yuan.

Source: Bot Telegraph China