CICC: Assigns Tiangong International (00826.HK) an "Outperform" rating with a target price of HK$5.29.

Zhitong Finance APP has learned that CICC issued a research report giving Tiangong International (00826.HK) an "Outperform Industry" rating, with a target price of HK$5.29. On September 15, Tiangong International announced that its indirect subsidiary Tiangong Cemented Carbide and Henan Zuoneng Precision Industry and its original shareholders signed an equity cooperation memorandum, intending to acquire approximately 48.42% of Zuoneng Precision Industry for RMB 46 million and subscribe to newly issued equity for RMB 5 million. After the transaction is completed, the shareholding ratio will reach 51%. This transaction corresponds to a pre-investment valuation of RMB 95 million for the target, with pricing referenced to its estimated after-tax net profit of RMB 9.5 million in 2026. At present, the two parties have only signed an equity cooperation memorandum, and audit and evaluation still need to be carried out subsequently. Whether the transaction can be completed remains uncertain.