CALB Acquires Control of Suao Sensor, Accelerating Automotive Tech Integration

On the evening of May 6, automotive parts supplier Suao Sensor (300507.SZ) announced that its controlling shareholder and actual controller, Mr. Li Hongqing, has signed a Share Transfer Agreement with CALB. On the same day, the two parties also signed a Voting Rights Waiver Agreement.

"Upon completion of the aforementioned share transfer and Mr. Li Hongqing's partial waiver of voting rights, CALB will become the controlling shareholder and actual controller of the company," according to Suao Sensor's announcement.

source: CALB

Specifically, under the Share Transfer Agreement, Mr. Li Hongqing agreed to transfer approximately 87.62 million shares of Suao Sensor (representing 11% of the company's total share capital) to CALB. Following this transfer, Mr. Li will still hold approximately 203.50 million shares (25.55% of total share capital).

The Voting Rights Waiver Agreement stipulates that on the day when the share transfer payment is fully completed, Mr. Li Hongqing will unconditionally and irrevocably waive the voting rights of 155.73 million shares (representing 19.55% of Suao Sensor's total share capital).

After the completion of this transfer and voting rights waiver, CALB will gain control of Suao Sensor, becoming the listed company's controlling shareholder and actual controller.

Additionally, CALB and Suao Sensor signed a "Conditional Share Subscription Agreement" under which Suao Sensor plans to issue up to 119.48 million Class A shares to CALB through a private placement, aiming to raise up to 672.69 million yuan. CALB has agreed to participate in this share issuance with cash payment.

Upon completion of this issuance, without considering other factors that might change the share capital, CALB will directly hold 207.10 million shares of Suao Sensor (representing 22.61% of Suao Sensor's total share capital).

The announcement states that this transaction aligns with CALB's development strategy. CALB will leverage its resources and advantages in the new energy and automotive supply chain to empower Suao Sensor's business development, further enhancing the value of both CALB and Suao Sensor.

Following this announcement, Suao Sensor's shares hit the 20.05% daily limit immediately upon market opening on May 7, closing at the limit price of 8.74 yuan per share, with a current market capitalization of 6.96 billion yuan.

A simple calculation shows that according to the announcement, the transfer price of Mr. Li Hongqing's shares is 5.83 yuan per share, and the shares in the "Conditional Share Subscription Agreement" are also priced at 5.83 yuan per share, which is approximately 33.30% lower than Suao Sensor's market price on May 7.

Once the transaction is completed, CALB will acquire 22.61% of Suao Sensor's shares for approximately 1.18 billion yuan, becoming the controlling shareholder and actual controller.

Suao Sensor: A Hidden Champion in Automotive Sensors

Suao Sensor is known as a "hidden champion" in automotive sensors and is one of China's largest automotive sensor manufacturers. Its product range covers four core segments: sensors and accessories, fuel system components, automotive interior parts, and new energy vehicle components. The company has established strategic partnerships with new energy vehicle manufacturers such as BYD, NIO, XPeng, Li Auto, and Great Wall Motors.

Through its successful acquisition and control of Bonaire Automotive Electrical Systems Co., Ltd., Suao Sensor has further expanded its business scope in the air conditioning thermal management sector.

Meanwhile, Suao Sensor's AMB copper-plated ceramic substrate project officially went online in 2024, and the company has formed a strategic partnership with a globally renowned caliper manufacturer to jointly develop innovative chassis projects. AMB copper-plated substrates, as high-performance electronic packaging materials, offer excellent thermal conductivity, mechanical strength, and electrical insulation properties. They are applied in new energy vehicles, semiconductor devices, industrial control systems, and consumer electronics. For instance, 800V high-voltage platforms for new energy vehicles have significant demand for AMB copper-plated substrates.

In terms of financial performance, Suao Sensor achieved operating revenue of 1.67 billion yuan in 2024, a year-on-year increase of 48.87%. Revenue from new energy components reached 254 million yuan, growing by 102.84% year-on-year, far exceeding the overall revenue growth rate. In the first quarter of 2025, Suao Sensor reported operating revenue of 564 million yuan, a year-on-year increase of 131.88%, with net profit of approximately 28.3 million yuan, up 0.61% year-on-year.

CALB: The First Power Battery Stock on the Hong Kong Exchange

CALB was officially listed on the Hong Kong Stock Exchange in October 2022, becoming the first power battery company to be listed there.

In recent years, CALB has consistently maintained its position among China's top three power battery manufacturers. Globally, it has surpassed Samsung SDI, Panasonic, and SK On to become the world's fourth-largest player.

In the first quarter of this year, CALB expects to achieve shipments of 20GWh, a 150% year-on-year increase, with export vehicles and overseas energy storage being the main sources of orders.

In the power battery segment, CALB's customers include numerous domestic automakers such as XPeng, GAC, Geely, Changan, Leapmotor, SAIC, and Dongfeng, as well as international automakers including Toyota, Volkswagen, Ford, Audi, and Mazda.

In the energy storage sector, in 2024, Sungrow and Saudi ALGIHAZ successfully signed what was then the world's largest energy storage project, with a capacity of 7.8GWh. CALB supplied high-performance battery cells for Sungrow's Saudi energy storage project with its independently developed technology. In November, CALB secured another 4.4GWh energy storage battery cell order from the European market, providing 314Ah energy storage cells for the landmark Thorpe Marsh and West Burton C power stations in the UK.

As these orders progressively materialize, CALB's battery shipments continue to grow substantially.