Yu Hao, the visionary founder of Dreame Technology, is currently navigating a complex financial maneuver that has captured the attention of China’s investment community. Through a newly established entity, Zhuyue Hongzhi, Yu has secured a controlling 45.01% stake in Jiamei Packaging (SZ002969) for approximately 2.2 billion RMB. This move is being viewed not just as a simple acquisition, but as a strategic entry into the A-share market that leverages the shell of a traditional manufacturing firm.
Dreame Technology’s internal figures for 2025 show a company in its prime, with total revenue exceeding 40 billion RMB and net profits surpassing 5.5 billion RMB. These numbers, which include a consecutive six-year growth rate of over 100%, suggest that Yu is operating from a position of significant strength. Despite this, he has chosen a leveraged approach, pledging half of his newly acquired Jiamei shares to banks just months after the entity's formation.
The acquisition provides a timely exit for the aging founders of Jiamei Packaging, who have seen their company's performance stagnate since its 2019 IPO. While Jiamei was once a high-performer, its net profits have dwindled from over 200 million RMB in 2016 to just 800 million RMB in 2025. This narrative of the 'old guard' stepping down to make way for 'new economy' entrepreneurs is becoming a recurring theme in the Chinese corporate landscape.
Market reaction to the takeover has been nothing short of explosive, with Jiamei’s share price climbing from under 4 RMB to over 14 RMB per share. This valuation surge reflects investor hope that Yu will inject Dreame’s high-growth assets, which range from robotics to aerospace technology, into the listed vehicle. For retail investors and the outgoing founders alike, Yu Hao represents a savior who can unlock liquidity in a market often plagued by stagnant traditional industries.
The strategic brilliance of this move lies in its efficiency, as Yu has effectively bypassed the traditional IPO queue to gain a public platform. With over 200 business units within Dreame’s ecosystem, this acquisition could be the first of many 'backdoor' listings. This model offers a blueprint for how China’s burgeoning tech giants might absorb and revitalize the country’s aging industrial infrastructure while providing 'old money' with a dignified exit.