Chengchi (承啟, TSE:2425) has secured board approval to divest a 51% stake in its indirectly held subsidiary Siteng Heli (思騰合力（天津）科技有限公司) and related reinvestment entities.CITE:E1 The deal is priced at RMB167 million, equivalent to roughly NT$790 million.CITE:E2 At a material-information press conference held the same day, Chengchi confirmed the total transaction value as RMB167 million, translated as approximately NT$791 million.CITE:E7
| Item | Value | Source |
|---|---|---|
| Stake divested | 51% | CITE:E1 |
| Deal value (RMB) | RMB167 million | CITE:E2 |
| Deal value in TWD (per UDN Money conversion) | ~NT$790 million | CITE:E2 |
| Deal value in TWD (per CNA conversion) | ~NT$791 million | CITE:E7 |
| Entity List designation | April 2024 | CITE:E3 |
| Board decision to sell | May 2024 | CITE:E3 |
| Shareholder meeting date | October 8, 2026 | CITE:E5 |
| Payment / equity-transfer window | Within 30 days after signing | CITE:E5 |
Siteng Heli was placed on the US Commerce Department's Entity List in April 2024, an action Chengchi says injected extreme uncertainty into the group's ongoing operations and management.CITE:E8 Citing long-term planning considerations, Chengchi's board resolved in May 2024 to sell all of its holdings in Siteng Heli and related companies.CITE:E3 The 51% divestment now underway carries that same 2024 board resolution through to execution more than two years later.
The buyers are four companies newly established by Siteng Heli's own leadership, including responsible person Wang Wei and other key employees, making this a related-party transaction.CITE:E4 The four counterparties are Tianjin Siteng Huizhi Enterprise Management Partnership Firm, Tianjin Qunchuang No. 2 Enterprise Management Consulting Center, Tianjin Qunchuang No. 3 Enterprise Management Consulting Center, and Tianjin Qunchuang No. 4 Enterprise Management Consulting Center.CITE:E4 Chengchi confirmed the same four-party, related-party structure at its press conference, describing the counterparties as entities set up by Siteng Heli's responsible person Wang Wei and key staff.CITE:E9
Chengchi spokesperson Li Kai-li said Siteng Heli is not traded on any public market, and combined with its Entity List status, that made it difficult to approach potential buyers.CITE:E6 Other prospective buyers had asked for performance-guarantee clauses attached to the deal, so Chengchi chose to sell to the original shareholders instead, in order to avoid the possibility of shouldering follow-on contingent obligations.CITE:E6 Chengchi added that once it no longer holds management control after the sale, it would not be in a position to guarantee the business's future operating performance — a further reason it steered away from buyers requesting such commitments.CITE:E10
The transaction still requires approval at Chengchi's extraordinary shareholders' meeting on October 8.CITE:E5 Closing is set to proceed only after shareholders sign off, with the first installment payment and the equity transfer both scheduled to occur within 30 days of signing.CITE:E5
The timeline across Chengchi's disclosures spans roughly two and a half years: Siteng Heli's Entity List designation in April 2024, the board's decision the following month to exit the business entirely, and final execution of a 51% divestment now pending an October 8, 2026 shareholder vote.CITE:E3CITE:E5 The RMB167 million price, structured as a related-party sale to management-affiliated entities rather than an open-market deal, reflects Chengchi's own stated rationale: an Entity List-listed, non-publicly-traded asset drew buyers who wanted performance guarantees Chengchi was unwilling to give once it ceded management control.CITE:E6CITE:E10
This divestment reads as a governance cleanup rather than a strategic retreat with upside attached: Chengchi has been trying to exit Siteng Heli since its board decision in May 2024, more than two years before this deal reached the disclosure stage. Structuring the sale as a related-party transaction with Siteng Heli's own responsible person, Wang Wei, and his newly formed entities, rather than an open-market buyer, is the direct consequence of the performance-guarantee terms other bidders wanted, terms Chengchi could not honor once it gave up management control. A 51% stake size points to a full exit from operational involvement rather than a partial monetization. The indicator worth watching next is the October 8 shareholder vote, and whether the 30-day payment and equity-transfer window after signing is met on schedule, since that is the only remaining gate on completion.
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