Fibocom completed its purchase of control in cockpit supplier Hangsheng Electronics

Fibocom Wireless disclosed on October 21 that it had bought 119,015,321 shares of Hangsheng Electronics — 37.16 percent of the target’s total issued shares — in cash from 38 counterparties, and that the transfer had been recorded in Hangsheng’s register of members on a register issued October 16.

The price for that stake was 1,427,991,900 yuan, implying a value of 3,843,083,500 yuan for all of Hangsheng. Shanghai Zhonghua Assets Appraisal, using the income approach on a base date of December 31, 2025, valued the whole of the equity at 3,850,400,000 yuan. A separate completion announcement said Fibocom had so far paid 20 percent of the transfer price, or 285,598,388 yuan, with the remaining 80 percent to follow the schedule in the share transfer contract.

Control does not rest on the 37.16 percent alone. Ten named Hangsheng shareholders will act in concert with the listed company, which with those parties holds 51.40 percent, and the filing said Hangsheng will become a controlled subsidiary.

Hangsheng’s 2025 revenue of 4,835,115,700 yuan was 69.20 percent of Fibocom’s 6,987,612,100 yuan, above the 50 percent threshold that makes this a major asset restructuring under China’s restructuring rules. No shares were issued and no matching funds were raised; Fibocom’s own controlling shareholder does not change and the deal is not a related-party transaction. CITIC Securities acted as independent financial adviser.

Outstanding items include the rest of the price, a transition-period audit governing profit and loss attribution, and performance-commitment and profit-compensation agreements. Fibocom’s shareholders cleared the purchase on October 15.