Luchang Technology controlling shareholder to sell 29.99% stake for RMB 900M

The defining feature here is a full change of control at a flat RMB 25 per share, with the mandatory partial tender offer set at the same price — leaving minority holders facing a single, fixed reference point rather than a negotiated range. The buyer's profile is the more telling detail: a new-energy partnership vehicle backed by an individual controller, taking over a listed platform outright. That raises the question of whether this is a financial stake or the first step toward injecting related assets, and whether the tender take-up ends up materially above the 14% floor.