SMC Electric (02381) Surges Nearly 20% in Early Trading as Star Mega Holdings Officially Takes Control, States No Intention to Privatize the Company

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SMC Electric (02381) jumped nearly 20% in early trading. As of press time, the stock rose 19.12% to HK$0.405, with a turnover of HK$3.0028 million.

On the news front, Star Mega Holdings has completed the acquisition of 1.4 billion shares of SMC Electric, representing 70% of the company's total issued shares, and will subsequently make a mandatory unconditional cash offer.

Public records show that Star Mega Holdings is indirectly wholly owned by Tianlong Mobile, a leading domestic intelligent terminal enterprise, while Tianlong Mobile is held by Tianlong Technology Group with a 97.0149% interest.

Notably, Star Mega Holdings has explicitly stated that it intends to continue SMC Electric's existing businesses, has no intention to privatize the company, and plans to maintain the company's listing status on the Stock Exchange.

This means the transaction is not a traditional "shell buying and delisting" or "privatization" arrangement, but rather leans toward a strategic entry by industrial capital through a transfer of control.

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