GaoLing Information, which failed in its restructuring less than a year ago and has experienced continuous declines in performance, is once again proposing an acquisition plan, this time "betting" on satellite communications.

Against the backdrop of two consecutive years of losses and the failure of the previous major asset restructuring, Sci-Tech Innovation Board-listed company Gao Ling Information (SH688175) has once again set its sights on an external expansion-style acquisition. About half a month ago, Gao Ling Information announced a deal.

On the evening of March 30, Gao Ling Information released a detailed transaction plan, proposing to acquire 89.49% of the shares of Beijing Keerisitong Information Technology (Nanjing) Co., Ltd. (“Keerisitong” for short) through a combination of issuing shares and paying cash. The company is a high-tech enterprise mainly engaged in R&D, production, and development of satellite communication technologies and systems.

A reporter from The Economic Daily News found that this is the second time within one year that Gao Ling Information has been planning a major asset restructuring. The company had initiated an acquisition of another target at the end of 2024, but the plan was terminated in June 2025. Behind this, since Gao Ling Information listed on the Sci-Tech Innovation Board in March 2022, its performance has shown continuous declines. In 2025, its revenue was only RMB 230 million, less than half of 2022, and its net profit has been loss-making for two consecutive years.

What’s interesting is that the target of this acquisition, Keerisitong, had also previously attracted the attention of another listed company, but the deal fell through due to valuation disagreements.

Keerisitong’s net profit declines in 2025

According to the restructuring proposal, Gao Ling Information plans to purchase 89.49% of Keerisitong’s shares held in aggregate by 20 transaction counterparties, including Shi Yan and Li Jianghua, through a combination of issuing shares and paying cash. The issue price is set at RMB 23.00 per share. At the same time, the company also plans to raise supporting funds to pay the cash consideration for this transaction and for project construction of the target company, among other purposes. However, the transaction price of the target assets has not yet been determined.

The target of this acquisition, Keerisitong, is a national-level specialized, refined, distinctive, and innovative “Little Giant” enterprise focused on the satellite communications sector. It mainly engages in the R&D and sales of satellite communication baseband products, network control systems, ground terminals, and other products.

For Gao Ling Information, which has been deeply involved in terrestrial communications and network security, the strategic intent of this acquisition is clear. In the proposal, Gao Ling Information stated that after the transaction is completed, its ground communications business can complement Keerisitong’s satellite communications business to form advantages in an interlocking manner, build a complete product chain covering ground communications, satellite communications, security assurance, and data services, and create an integrated competitive advantage of “ground secure communications + satellite full-domain communications.”

In terms of performance, the transaction proposal shows that Keerisitong’s operating revenue in 2024 and 2025 was RMB 258 million and RMB 269 million, respectively, while its net profit was RMB 41.5001 million and RMB 24.2890 million, respectively. Among them, in 2025, it implemented an equity incentive plan and correspondingly recognized share-based payment expenses. If the impact of share-based payment expenses is excluded, Keerisitong’s net profit in 2025 would be RMB 29.8390 million. As can be seen from the comparison, Keerisitong’s net profit in 2025 declines markedly. The announcement also stated that the above financial data has not been audited, and the audited financial data of the target company will be disclosed in the restructuring report.

It is worth noting that in August 2025, Dongzhu Ecology (SH603359) had announced plans to acquire Keerisitong, but it was terminated in January 2026. At that time, Dongzhu Ecology also proposed to acquire 89.49% of its shares.

Performance under pressure year after year; after the last restructuring failed, it again “searched for a path”

A reporter from The Economic Daily News found that after Gao Ling Information listed on the Sci-Tech Innovation Board in 2022, its performance has continued to face pressure. To reverse its downturn, Gao Ling Information had also taken early steps to seek development through external expansion. Its proposal to acquire Keerisitong came less than a year after the last failure.

Data from Eastmoney Choice shows that from 2022 to 2024, Gao Ling Information’s operating revenue fell from RMB 517 million to RMB 266 million, nearly halving. The parent-attributable net profit also slid from a profitability level of over RMB 100 million before listing, declining steadily to a loss of more than RMB 52 million in 2024.

Entering 2025, its operating situation still showed no fundamental improvement. The company’s latest performance press release shows that in 2025 it achieved operating revenue of about RMB 230 million, a year-on-year decline of 13.87%; parent-attributable net profit was -RMB 40.6416 million. Although the company narrowed the loss year-on-year by 22.26% by strengthening the collection of accounts receivable and expense management, the decline in revenue and gross margin remains the main driver of the loss. The revenue scale in that year was already less than half of the level in the year it went public.

Against the backdrop of sustained weak performance, in December 2024 Gao Ling Information initiated an acquisition of Xinxin Communication, intending to enter civilian markets such as telecommunications operators and open up new growth space. However, that restructuring plan was terminated in June 2025. The reason the company gave was that “the transaction counterparties failed to reach agreement on the final cooperation plan for this transaction.”

After the last restructuring failed, investors were highly concerned about the company’s development path. In several investor relations activities, investors raised questions about issues such as the failure of the restructuring, the decline in performance, and stock price performance. The company replied that it was willing to expand the scale and quality of the company’s operations through the channels of M&A restructuring, but needed to evaluate prudently and advance in an orderly manner.

Now, less than a year after the last restructuring was a bust, Gao Ling Information has quickly rolled out an acquisition plan for Keerisitong. Whether this time’s “bet” can succeed is something the market will wait to see.

(Source: The Economic Daily News)