C SUCCESS FIN, the company behind the 03623 listing, has announced a move to acquire an additional 45% of the issued shares in its subsidiary, GNW Capital Limited, a deal that will lift its total ownership to 96%. The transaction, set for August 31, 2026, will see its wholly-owned unit, China Jicheng (Hong Kong), buy the stake from seller Zeng Guogiang for RMB 34.253 million.

Payment will be made by issuing 78.78 million consideration shares to the seller at an issue price of HK$0.50 per share, a move that requires a special mandate to be sought at an extraordinary general meeting. These new shares represent roughly 12.49% of the company’s existing issued share capital and about 11.10% of the enlarged capital, assuming no other shares are issued or bought back before completion.

Once the deal closes, China Jicheng (Hong Kong) will hold 96% of GNW Capital’s issued shares, with the remaining 4% staying with existing shareholder GNW Power Limited. No long-term distribution or strategic agreements are in place, a structure that helps keep inventory pile-up risks low.

GNW Capital, which has been a subsidiary since September 2023, focuses on selling energy storage products across Australia, South Africa, Sweden, and the UK. Its business runs on a project basis: orders come to the company first, and it then sources the necessary raw materials from China.

What’s driving this push? The seller’s deep experience in the energy storage sector has been key to building the company’s footprint so far, but with global demand for storage solutions surging—thanks to artificial intelligence applications and a broader electricity sector boom—the company sees a clear window to expand its market share and strengthen its overseas presence, particularly in Australia, South Africa, and Sweden.

As GNW Capital’s operations mature, the timing of this increased stake signals a strong bet on the sector’s growth trajectory. With the consideration structured as shares rather than cash, the deal also helps conserve the company’s cash reserves while supporting its expansion ambitions.