Boying Special Welding to buy 55% of Luokelai Marine Equipment for RMB 495M

The structure matters more than the headline price: a share-heavy consideration at a fixed per-share level plus a separate raise from up to 35 investors means existing holders absorb dilution, and the deal's real cost depends on where the stock trades at closing. The three-year profit guarantee running from 2027 is the tell — earn-out style protection pushed well past the deal date signals the buyer is underwriting a business whose near-term earnings it cannot yet verify. Whether Luokelai hits those guaranteed thresholds, and how the supporting placement prices, is the open question.