On the evening of December 3, 2025, Shenzhen Stock Exchange listed company PROLTO (002769.SZ) announced that it is planning to issue shares and pay cash to acquire control of Leqee Group Limited.

If this transaction is successfully implemented, it will mean that Leqee Group, a well-known brand e-commerce service provider, will achieve its plan to enter the A-share market through acquisition by a state-owned listed company. According to the announcement and public information, Leqee Group was established in 2018 and registered in the Cayman Islands. It is a comprehensive enterprise focused on brand digital and e-commerce services, with business covering major domestic and cross-border e-commerce platforms. Its core e-commerce operation service segment includes store operations, channel management, and brand incubation on mainstream platforms such as Tmall, JD.com, and Douyin, covering multiple categories including beauty, maternal and infant, and food. This is not the first attempt by Leqee-related enterprises to connect with the capital market. Information shows that its affiliated company Shenzhen Leqee Network Technology Co., Ltd. (Leqee E-commerce) completed listing guidance as early as 2020 and planned to rush for an IPO. In addition, the transformation of PROLTO's identity as the other party to the transaction is a key background for understanding this transaction. As a supply chain management service enterprise, PROLTO expanded into the new energy sector starting in 2021, with its main business covering supply chain management, photovoltaic energy services, and energy storage ecosystem operations. A key turning point occurred in March 2024, when PROLTO's controlling shareholder changed to Guangdong Green Investment Operation Co., Ltd., and the actual controller changed to the State-owned Assets Supervision and Administration Commission of Huadu District, Guangzhou (Huadu District SASAC). Since then, PROLTO has become a listed company controlled by Guangdong local state-owned assets. Its state-owned shareholder, Zhidu Group, is a comprehensive urban asset operation platform with total assets exceeding 20 billion yuan. In its 2025 semi-annual report, PROLTO stated that its state-owned shareholder provides the company with rich high-quality resources and injects momentum into the company's development through strategic synergy and resource empowerment. According to the announcement, this transaction is a cross-border merger and acquisition, and PROLTO plans to issue shares to its controlling shareholder Zhidu Group or its controlled enterprises to raise matching funds while purchasing assets. The transaction is currently in the planning stage, and the specific plan is still under verification. The company's stock has been suspended since December 4, and it is expected to disclose the plan within 10 trading days. If the disclosure does not occur as scheduled, the stock will resume trading on December 18 and the planning will be terminated. It is worth mentioning that there are reports that Leqee is currently conducting an employee equity distribution incentive plan internally