June 5 — Lanke Hi‑Tech shares fell sharply; at the midday close the stock was
8.23 yuan, down 5.29%. Market reports said the company’s proposed restructuring
disappointed investors and that Q1 adjusted net profit dropped sharply. The
company said the restructuring timeline will be relatively long, it has
cancelled the planned 100% acquisition of Lanya Testing and will instead acquire
a 51% stake in China Air Separation at the appraised price. The deal’s implied
uplift is not high versus peers, and China Air Separation’s performance is
subject to earnings commitments tied to its operations.
