On the evening of Sep 7, JinChengZi (688291) announced (Notice No. 2026-047) its plan to acquire a controlling stake in Shenzhen ZhiboTek Technology Co., Ltd. through a combination of share issuance and cash payment, alongside raising ancillary funds. The transaction may constitute a major asset restructuring, and the company's shares have been suspended from trading starting Sep 8 (expected to last no more than 5 trading days). ZhiboTek is a leading domestic manufacturer of high-end optical scanning galvanometers, holding nearly 80 invention patents and commanding over 30% of the domestic market share in high-end scanning galvanometers. Its products are used in 3D printing, high-power welding for new energy, and photovoltaic scribing. JinChengZi, a leading domestic supplier of laser galvanometer control systems (H1 2026 net profit attributable to parent: RMB 63.9657 million, up 130.91% year-on-year), aims to extend its capabilities from control software to galvanometer hardware through this acquisition. Given that the galvanometer is a core optical component of metal 3D printing equipment, the domestic integration of 'control + galvanometer' is expected to drive cost reductions and volume growth for domestic metal AM machines, indirectly benefiting powder consumption.