Written by: Eric, Foresight News

On the evening of March 13, Beijing time, NASDAQ-listed company UTime (Liandai Technology) announced that it intends to acquire 100% of Feixiaohao's shares for a total consideration of $80 million, with the payment consisting of $64 million in UTime common stock or convertible bonds and $16 million in cash.

Liandai Technology stated that upon completion of the acquisition, the company will acquire all technical platforms, source code, databases, and trademark rights of Feixiaohao. Liandai Technology plans to combine Feixiaohao's data capabilities with its hardware expertise to explore innovative applications that integrate blockchain data services directly into mobile devices and smart hardware, thereby entering the Web3 and blockchain data infrastructure sectors.

Founded in August 2017, Feixiaohao reached an acquisition as its conclusion after nearly 10 years, which is not necessarily bad news. As one of the early domestic cryptocurrency information platforms alongside Mytoken, Feixiaohao is indeed a memory for many veterans in the crypto circle, and it is believed that many people welcome this outcome.

However, after delving into this nearly $100 million acquisition, I discovered numerous suspicious points behind the transaction.

Suspicion One: Why acquire Feixiaohao?

The acquirer, UTime, known in Chinese as Liandai Technology, is located in the Shenzhen Software Industry Base and is a neighbor of Tencent's Binhai Building.

Liandai Technology was established in 2008 and went public on NASDAQ in April 2021. Its core business in the past can be summarized as mobile phone manufacturing, with its own brands "UTime" and "Do", and it also provides OEM and ODM services for brands like TCL and Haier. The company's official website shows that its mobile terminal products have achieved cumulative global sales of over 25 million units.

However, starting in 2024, Liandai Technology has begun to transition from traditional mobile phone manufacturing to the medical health field, venturing into medical wearable devices. On December 31 of last year, the company announced that its Hong Kong subsidiary, UTime Technology (HK) Company Limited, had officially signed a procurement agreement worth nearly $10 million for smart health devices, including blood pressure watches and smart rings, with Tumu Vertex LLC based in Denver.

It is puzzling that, despite a seemingly successful transition into the medical health sector, the company suddenly wants to enter the Web3 and blockchain data infrastructure space.

If this kind of "impulsive decision" is still somewhat understandable, then choosing Feixiaohao falls into the realm of incomprehension: if you open Feixiaohao's App and website, you will find that they hardly capture any "on-chain data," merely aggregating data and information from platforms like exchanges and media via APIs, and this simple information aggregation is often riddled with errors.

At the time of writing, the gas fee on Ethereum was 0.6 GWei, but the data on Feixiaohao was 9 GWei.

Even setting these aside, I cannot think of any necessity to "integrate this data into smart hardware"; it seems more direct to view data using the App.

If acquiring an application like Feixiaohao costs $80 million, then how much are you prepared to spend on more complex on-chain data capture?

Suspicion Two: Is Feixiaohao worth $80 million?

If you asked this question before 2021, I would have confidently answered yes, but at this point in time, the data capture capabilities and information richness of platforms like Coinglass, CoinAnk, and SosoValue are clearly superior to those of Feixiaohao.

SosoValue's Series A financing valuation was $200 million, which makes Feixiaohao's $80 million valuation seem inflated. And if this comparison is somewhat forced, we can use a closer example, Coingecko.

On January 13 of this year, CoinDesk reported that Coingecko planned to sell at a $500 million valuation. According to SimilarWeb data, Coingecko's monthly website visits have been around 20 million in recent months, ranking it among the top 5,000 globally, while Feixiaohao ranks outside the top 500,000, implying a possible visit disparity of several dozen times.

In the App Store, Coingecko's app has about 26,000 reviews, while Feixiaohao has fewer than 2,000. Of course, currently, Feixiaohao cannot be downloaded using a domestic Apple ID, which may overlook some early domestic users. But regardless, the traffic of Feixiaohao and Coingecko cannot be on the same scale, not to mention the disparity in brand influence.

Before 2021, Feixiaohao's domestic user base, influence, and advertising effectiveness were well-known, but to still give an $80 million valuation in 2026 seems somewhat overestimated in my opinion.

However, the major source of overvaluation does not come from this data comparison; I will elaborate on the specifics later.

Suspicion Three: Can the company afford $80 million?

At the time of writing, UTime's market cap is hovering around just $5 million.

For the $80 million acquisition of Feixiaohao, $64 million is to be paid in common stock or convertible bonds, meaning Liandai Technology needs to issue shares worth more than 16 times its own market value just for the acquisition of another company.

If the acquisition is completed, the original shareholders of the company will see their shareholding drop to 6%, while Feixiaohao's shareholders will hold over 90% of Liandai Technology. This means that Liandai Technology is preparing to pay $16 million in cash and then hand over control of this public company to Feixiaohao.

As for the source of this $16 million cash, there are some claims, but before discussing the origin of this money, we need to first understand the company's financial situation.

According to the financial report submitted by Liandai Technology for 2025 in August, covering the period from March 2024 to March 2025, the company's cash and cash equivalents stood at $15.05 million, total assets at $28.392 million, current liabilities at $19.086 million, and total liabilities at $45.991 million. Meanwhile, the net loss for the same period was nearly $100 million.

With this in mind, at least a year ago, Liandai Technology could not have come up with $16 million in cash. Coincidentally, on October 16, 2025, Liandai Technology signed a final securities purchase agreement with five institutional investors, selling a total of 22,727,275 “one share of Class A common stock + Class A stock warrants” through a registered direct offering, for total proceeds of about $25 million.

It now appears that this previously vague financing may have been aimed at today's arrangements.

In addition to this, I also verified something quite interesting: according to the financial report released last August, no shareholder of Liandai Technology holds more than 5% of the shares, and the holding percentages of the company's executives and many institutions are below 1%. So who is actually driving this major decision to acquire another company at more than 16 times its own market value, and who supports this?

The True and False Feixiaohao

So far, this is not the entire story. Having spent $16 million and handed over the company, Liandai Technology did not explicitly state which "Feixiaohao" they were acquiring.

In August 2024, cryptocurrency intelligence platform Orange disclosed that many key personnel from the Feixiaohao team had been taken away for investigation by the Inner Mongolia police, with six months passing and the reasons unclear; this news was later confirmed by Wu.

In September, Feixiaohao's official statement claimed that "the platform has recently been strategically acquired and integrated by an experienced team," stressing that the new team is responsible for operations and continuing to provide services. But just in December of the same year, the original team and the acquirer began a public spat: the original team accused the buyer of acquiring part of the source code and data after paying the down payment but refusing to pay the final amount, tearing up the contract, and attempting to resell the source code/data, leading the original team to cancel the brand sale plan and continue operating the platform.

The acquirer responded by claiming it had legally registered overseas companies and trademarks, accusing the original team of providing incomplete source code and reselling the platform, and stating that it had invested hundreds of thousands of dollars to fix the system to relaunch.

This dispute ultimately did not have a clear resolution; two accounts, feixiaohao.com and feixiaohao.ai, appeared on X site, with the latter being the one that announced the acquisition news. Based on the regulatory details registered in the U.S. and the international logo copyright information provided in the account description, I speculate that the latter should be the buyer rumored to be acquiring in 2024.

This means that the original Feixiaohao team is still operating, and Liandai Technology has acquired the "new Feixiaohao" that was previously bought. The overvaluation I mentioned in Suspicion Two is based on the feixiaohao.com website and App, while the .ai website is quite another story, which interested parties can investigate themselves.

This makes Liandai Technology's operation even more incomprehensible. All current evidence points to their spending $80 million on a new team that spent tens of thousands of dollars just to restore a barely functional version without the original team's brand assets...

And this is not even the first outrageous operation by Liandai Technology this year.

On February 3 of this year, Liandai Technology announced that it had signed a strategic intent order cooperation agreement with "Shenzhen Yunwei Digital," which aimed to procure 500,000 intelligent servers, with a contract amount expected to be around $50 million. Liandai Technology referred to these as “high-performance servers,” aiming to meet the growing demand for modern computing infrastructure, and stated that this cooperation agreement marked the company's official entry into the cloud infrastructure sector.

However, this "high-performance server," model number "GM800," employs an RK3566 chipset, equipped with 4GB RAM and 128GB storage.

I, like you, had no idea what an RK3566 chip was, so I did a little research:

Can anyone tell me where the “growing demand for computing infrastructure” is satisfied by buying 500,000 units of such a configuration server at $100 each?

In conclusion, the only conclusion I can draw is: Spending $80 million to acquire Feixiaohao seems to just be a scheme.

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