Qiming Venture Partners acquired a controlling interest in Zhengzhou Tianmai Technology Co., Ltd. for approximately 542 million RMB to strengthen its foothold in the intelligent transportation sector.

Target Company Information

On January 7, 2026, Suzhou Qichen Hengyuan Equity Investment Partnership (limited partnership), a merger fund under Qiming Venture Partners, completed the acquisition of controlling interest in Zhengzhou Tianmai Technology Co., Ltd. The transaction was performed through an agreement to acquire shares and the relinquishment of voting rights by the original controlling shareholders. This acquisition grants Suzhou Qichen control over a 26.10% stake in Tianmai Technology, with a total consideration of approximately 542 million RMB.

This deal represents the first practice of a private equity fund acquiring the controlling interest in a publicly listed company following the release of the "M&A Six Lines". CICC served as the exclusive financial advisor to Suzhou Qichen throughout the transaction, leveraging its extensive experience in mergers and restructuring to provide comprehensive support, confirm transaction validity, and enhance strategy optimization, thereby ensuring the successful completion of the deal.

Industry Overview in China

China's transportation technology industry is undergoing significant transformations driven by advancements in smart city initiatives and government investments in infrastructure. The smart travel sector, which encompass