Major reshuffle is underway in the electric two-wheeler industry, and Yadea takes over the "King of County Towns" at the cost of 1 billion yuan.

For Yadea, building a new affordable brand from scratch, setting up factories and expanding sales channels will take at least several years, while directly acquiring a mature brand is undoubtedly the fastest path.

Many people may not have heard of the brand Jinjian, but if you are a young person living in a county town, you will find that there is always a store running promotions on the electric vehicle street, and there is a high probability that this store is "Jinjian".

Now, this "ace player" in the sinking market is about to be brought under the wing of Yadea, the industry leader.

On August 25, 2026, Yadea Holdings announced that its wholly-owned subsidiary Wuxi Yadea Consulting signed an agreement with Zhu Chaofeng, the actual controller of Jinjian Technology, to acquire 100% equity of Jinjian Technology for 1.02 billion yuan in cash.

After the delivery is completed, Jinjian will become an indirectly wholly-owned subsidiary of Yadea.

Deepwater Finance believes that this is not a simple "big fish eating small fish". As the two-wheeled electric vehicle market enters stock competition, this may be the beginning of the industry's merger wave.

The founder will stay in office for 3 years

Let's first look at the hard core details of this transaction.

On August 25, 2026, Wuxi Yadea Consulting Co., Ltd., a wholly-owned subsidiary of Yadea Holdings, signed an equity acquisition agreement with Zhu Chaofeng, founder of Jinjian Technology.

The total consideration of the transaction is RMB 1.02 billion, paid entirely in cash, and the source of funds is the internal resources of Yadea Group.

However, this sum of money will not be paid in one lump sum. According to the announcement, the acquisition consideration will be adjusted according to the financial performance of Jinjian in the second half of 2026. If the net consolidated profit in the second half of the year is less than 50 million yuan, the difference will be deducted directly from the acquisition payment;

If it exceeds 80 million yuan or 100 million yuan, Yadea will additionally pay 2 million yuan or 5 million yuan respectively.

This "gambling-style" payment arrangement not only gives the seller performance incentives, but also leaves a safety cushion for the buyer.

In addition, the transaction needs to meet a series of completion conditions, including the completion of anti-monopoly review by the State Administration for Market Regulation, the continuous truth and accuracy of the seller's representations and warranties, and the signing of retention and non-compete agreements by the core team.

According to the disclosure of "Detective Ding of Electric Vehicles", founder Zhu Chaofeng will stay in office for at least three years to achieve a smooth transition.

Moreover, there is a key statement in the announcement that "this acquisition is an important strategic step for the Group, which is in line with the Group's strategy of developing diversified, multi-brand and multi-product portfolios".

This means that the Jinjian brand will most likely retain independent operation instead of being absorbed by Yadea's main brand. In the short term, the management will not be replaced, and Jinjian will remain the same Jinjian as before.

More than 4,000 franchisees and the original team can put half of their worries aside first to achieve a smooth transition.

Why did Jinjian choose to be acquired?

Although deeply rooted in the sinking market, Jinjian has shown strong explosive power in the past two years.

In 2025, Jinjian's annual sales exceeded 3 million units, ranking fifth in the industry alongside Luyuan with a 4.8% market share.

In terms of production capacity, Jinjian has laid out four major production bases in Wuxi, Tianjin, Guangdong and Chongqing, with an annual production capacity exceeding 10 million units.

Not only focusing on cost-effectiveness, Jinjian has also developed very competitive flagship products under the leadership of Zhu Chaofeng in recent years.

First, it launched the Flash Plus series, which comprehensively upgraded power, intelligence and control configurations.

There are also mid-to-high-end series models such as Peak God and Zero Boundary, which have gained popularity among young consumer groups.

Then why did Jinjian, which is in a good momentum of development, choose to be acquired by the industry leader?

First of all, the domestic electric moped market has entered the stock stage. Especially after the implementation of the new national standard, the living space of small and medium-sized brands has been continuously squeezed.

At the same time, the supervision of electric two-wheelers in various regions is also tightening, ranging from production qualifications to road access standards.

For Jinjian, although it has reached the top five in the industry, it has never established a sufficiently deep brand barrier. The long-term low-price route has also made the profit margin extremely thin.

Choosing to be acquired by Yadea can make up for its own shortcomings by relying on Yadea's supply chain, capital and technical resources, which is actually a good choice for Jinjian.

The acceleration of "big fish eating small fish"

In the first half of 2026, the domestic domestic sales of electric two-wheelers reached 28.252 million units, a year-on-year decrease of 12.6%.

At a time when the market production and sales are declining and the industry is entering a period of in-depth adjustment, the competition between brands has become more intense.

In the first half of 2026, Yadea ranked first with a 25.4% share, Aima ranked second with 20.6%, Tailg ranked third with 12.1%, and Jinjian ranked sixth with a 4% share.

In other words, after Yadea acquires Jinjian, the combined market share of the two will reach almost 30%.

Moreover, after Yadea takes over Jinjian's channels and production capacity, its market share may further increase. The pressure on competitors such as Aima and Tailg will undoubtedly increase sharply.

In this context, "big fish eating small fish" may become the norm. Yadea's acquisition of Jinjian is just the beginning.

Who will be the next acquisition target? Luyuan? Sunra? Lima? Or Xiaodao?

For Yadea, building a new affordable brand from scratch, setting up factories and expanding sales channels will take at least several years, while directly acquiring a mature brand is undoubtedly the fastest path.

Yadea's acquisition this time also seizes the window period of industry integration. On the brutal battlefield of stock competition, speed itself is a kind of "moat".

This article is only a collation of public information and personal subjective evaluation, and does not constitute any investment advice. For the information of listed companies involved in the article, please refer to the official announcements of the China Securities Regulatory Commission, the stock exchange and the listed companies.

This article is from the WeChat official account "Deepwater Finance", author: Ni Dajiu, published with authorization from 36Kr.