GON Technology (02768) fell more than 20% at one point, while its A-share counterpart, Guoen Co., Ltd., hit the daily limit down this morning. As of press time, the stock was down 18.04% at HK$36.62, with turnover of HK$97.4028 million.

On the evening of October 12, GON Technology announced that on October 11 it entered into an equity acquisition agreement with Lai Minggui and Sichuan Zhongfuneng New Material Technology Co., Ltd., proposing to acquire an 80% stake in Zhongfuneng for RMB 1.504 billion in cash. Upon completion of the transaction, Zhongfuneng will become a controlled subsidiary within the company's consolidated financial statements.

Zhongfuneng's core products include sulfur hexafluoride, carbon tetrafluoride, and nitrogen trifluoride. The acquisition will help the company enter the high-barrier, high-value-added high-purity electronic specialty gas sector, creating cyclical complementarity with the company's current downstream application areas such as home appliances and automobiles, which are more consumer-oriented industries.

It is understood that the target's overall valuation is RMB 1.88 billion, representing an appraisal appreciation rate of 200.07%. It is worth noting that in January this year, Haohua Gas Co., Ltd. sued Zhongfuneng, Lai Minggui, and three employees for infringement of trade secrets; in April 2026, Zhongfuneng filed a civil lawsuit regarding commercial defamation. Both lawsuits are currently under trial.