YOFC Acquires Remaining 25% Stake in YOFC Shanghai for EUR12 Million
Key Transaction Highlights
- Buyer: Yangtze Optical Fibre and Cable Joint Stock Limited Company (YOFC)
- Seller: Draka Comteq B.V. (a subsidiary of Prysmian S.p.A.)
- Target: 25% equity interest in Yangtze Optical Fibre and Cable (Shanghai) Co., Ltd. (“YOFC Shanghai”)
- Purchase Price: EUR12,000,000 in cash
- Transaction Date: July 30, 2026
- Post-Deal Structure: YOFC Shanghai becomes a wholly-owned subsidiary of YOFC
- Listing Rules: Discloseable transaction under Hong Kong Listing Rules (Chapter 14); subject to reporting and announcement requirements
Transaction Details and Rationale
The acquisition involves YOFC purchasing the remaining 25% stake in YOFC Shanghai from Draka for EUR12 million in cash. Upon completion, YOFC Shanghai will shift from a joint venture structure (75% YOFC, 25% Draka) to becoming a wholly-owned subsidiary of YOFC. This will enable YOFC to consolidate YOFC Shanghai’s financial results into its own financial statements, potentially enhancing transparency and operational alignment.
The purchase price represents a premium of approximately 6.3% over the net asset value attributable to the 25% interest as of December 31, 2025 (net asset value for the 25% was based on an audited total net asset value of RMB348,559,029). The consideration was determined via arm’s length negotiations and is considered fair and reasonable by the board, including independent non-executive directors.
Strategic Significance and Potential Market Impact
- Full Control & Integration: YOFC will have full control over YOFC Shanghai, allowing for better integration of upstream and downstream resources, improved operational synergies, and greater flexibility in responding to market changes in the optical fibre sector.
- Business Focus: YOFC Shanghai focuses on the production and sale of optical fibres, cables, device materials, and broadband network equipment. This complements YOFC’s core business and is expected to strengthen its position in the telecommunications and data centre markets.
- Financial Consolidation: YOFC Shanghai’s results will be consolidated into YOFC’s group financials, potentially impacting revenue, profits, and asset base in upcoming reports. For 2025, YOFC Shanghai posted revenues of RMB718.8 million and net profit of RMB4.85 million. As of March 31, 2026, YOFC Shanghai reported RMB185.0 million in revenue and RMB1.14 million in net profit for the quarter.
- No Management Change: There will be no change to YOFC Shanghai’s management or commercial arrangements, minimizing integration risk.
- Regulatory Procedures: Completion is subject to various regulatory registrations and clearances, including market, tax, commerce, and foreign exchange authorities. The transaction is effective upon execution but closing is contingent on satisfying these conditions.
- Risk Factors: Future operations may be subject to macroeconomic, industry, and competitive uncertainties. Shareholders should note the possibility that actual operating results may differ from expectations. The transaction’s completion is also subject to regulatory and administrative procedures.
Vendor Representations and Contractual Protections
- Draka has warranted that the equity interest is free from pledges or encumbrances and there are no legal or regulatory barriers to the sale.
- In case of material breach (excluding force majeure), the non-defaulting party can terminate the agreement and/or seek compensation if not rectified within 20 working days after written notice.
YOFC Shanghai Key Financials
| Period | Revenue (RMB’000) | Net Profit (RMB’000) | Total Assets (RMB’000) | Net Assets (RMB’000) |
|---|---|---|---|---|
| 3 months ended Mar 31, 2026 | 185,009 | 1,137 | 658,797 | 347,899 |
| Year ended Dec 31, 2025 | 718,813 | 4,848 | 556,672 | 348,559 |
| Year ended Dec 31, 2024 | 709,836 | 9,194 | 614,949 | 346,424 |
Key Takeaways for Shareholders and Investors
- Potential Share Price Impact: The transaction gives YOFC full ownership and control over a profitable and strategic subsidiary, likely enhancing the group’s long-term value proposition and operational efficiency.
- Regulatory Risk: The deal’s completion is subject to clearance by multiple PRC authorities. Any delay or failure in obtaining approvals could affect the transaction timeline.
- Fairness and Independence: The board, including independent non-executive directors, unanimously consider the terms fair, and no director has a material interest requiring abstention from the vote.
- Discloseable Transaction: Given the size of the deal, the acquisition is classified as a discloseable transaction under the Hong Kong Listing Rules, underscoring its significance.
Conclusion
This acquisition marks a strategic move for YOFC, providing it with complete ownership of YOFC Shanghai and a stronger footing in a key market segment. Investors should monitor progress on regulatory approvals and subsequent financial consolidations, as these will affect YOFC’s future earnings reports and overall market positioning.
Disclaimer
This article is provided for informational purposes only and does not constitute investment advice. Shareholders and investors should exercise caution and consider all risk factors, including regulatory and market uncertainties, before making any investment decisions related to the Company.
長飛光纖光纜（YOFC）以1,200萬歐元完成收購YOFC上海25%股權
報告重點
- 買方：長飛光纖光纜股份有限公司（YOFC）
- 賣方：Draka Comteq B.V.（意大利普睿司曼集團旗下）
- 標的：長飛光纖光纜（上海）有限公司25%股權
- 對價：現金1,200萬歐元
- 交易日期：2026年7月30日
- 交易後架構：YOFC上海將成為長飛光纖全資子公司
- 上市規則：本次收購屬於披露事項，按香港上市規則第14章執行，需公告及報告
交易詳情與戰略意義
本次交易為長飛光纖以現金1,200萬歐元向Draka收購YOFC上海剩餘25%股權。交易完成後，YOFC上海將由合資企業（長飛光纖75%，Draka 25%）轉為長飛光纖全資子公司，財務報表將被全面合併，提升公司控制力與協同效應。
對價較2025年12月31日淨資產值有約6.3%溢價（YOFC上海該日審計淨資產為人民幣348,559,029元），屬於市場慣例，經董事會（含獨立非執行董事）認為公平合理。
對公司及市場的潛在影響
- 全面整合：長飛光纖將對YOFC上海擁有100%控制權，進一步整合產業鏈上下游資源，提升運營效能及應對市場變化能力，有助於增強行業地位。
- 業務協同：YOFC上海主營光纖、光纜、器件材料及寬帶接入設備，與集團主業高度協同，對電信及數據中心市場影響力有提升。
- 財務合併：YOFC上海2025年收入7.19億人民幣，淨利潤484.8萬元；2026年首季收入1.85億元，淨利潤113.7萬元。未來財報有望進一步擴大收入及資產規模。
- 管理層不變：交易不涉及管理層或商業安排變動，降低整合風險。
- 監管程序：完成需經市場、稅務、商務及外匯監管部門審批；若遇行政延遲，或影響交易進度。
- 風險提示：YOFC上海未來經營或受宏觀經濟、行業循環及競爭影響，實際業績或有差異。交易完成亦受制於監管流程。
賣方承諾及合同保護
- Draka承諾所轉讓股權不存在質押、權利限制或潛在法律糾紛，保證順利交割。
- 如出現重大違約，經書面通知後20個工作日內未能糾正，守約方可終止協議或追究損失。
YOFC上海主要財務數據
| 期間 | 收入（萬元人民幣） | 淨利潤（萬元人民幣） | 總資產（萬元人民幣） | 淨資產（萬元人民幣） |
|---|---|---|---|---|
| 2026年首季 | 18,501 | 114 | 65,880 | 34,790 |
| 2025年全年 | 71,881 | 485 | 55,667 | 34,856 |
| 2024年全年 | 70,984 | 919 | 61,495 | 34,642 |
投資者須知與潛在股價影響
- 潛在提振股價：全資控股盈利子公司，集團整合協同預期提升，對未來盈利能力與資產質量具正面影響。
- 監管風險：尚需多部門批准，如有延遲或不獲批准，將影響交易落實及財報合併時間。
- 公平性：董事會（含獨立非執行董事）一致認為條款公平合理，無董事有重大利益需回避表決。
- 重大披露事項：本次為上市規則下重大收購，顯示事件重要性。
總結
本次收購有望強化長飛光纖在行業中的領先地位，提升業務協同與財務透明度。投資者需密切關注監管進展及財報合併後對業績的影響，及時調整投資策略。
免責聲明
本文僅供參考，並不構成投資建議。投資者應審慎評估監管、行業及營運風險，謹慎作出投資決策。
