Covering Millions of Crypto Users, UTime Signs Non-Binding Letter of Intent to Acquire Data Platform “Feixiaohao” for Web3 Infrastructure Expansion

UTime (Nasdaq: WTO)/b) signed a nonbinding letter of intent to acquire 100% of Feixiaohao Technology for up to (USD 64M in shares/convertible preferred and USD 16M cash).

Rhea-AI Summary

UTime (Nasdaq: WTO)/b) signed a nonbinding letter of intent to acquire 100% of Feixiaohao Technology for up to (USD 64M in shares/convertible preferred and USD 16M cash).

The deal would add Feixiaohao’s Web3 data platform, technology assets, and millions of crypto users to UTime’s hardware ecosystem, subject to definitive agreements and closing conditions.

Positive

• Transaction value up to USD 80 million
• Consideration split USD 64M in shares/convertible preferred and USD 16M cash
• Acquisition target includes full technology stack, databases, trademarks, and key employee contracts
• Large user base access to millions of cryptocurrency users via Feixiaohao platform

Negative

• Nonbinding LOI — transaction not guaranteed and subject to definitive agreement
• Share-based consideration of USD 64M may cause dilution for existing WTO shareholders

Argus Mar 13 session

+2.03% close to close Open Argus

Details

News Market Reaction – WTO

On Mar 13, the day this news came out, WTO closed 2.03% above the previous close.

Data tracked by StockTitan Argus for the Mar 13 session.

Key Figures

Deal value: up to USD80 million Equity portion: USD64 million Cash portion: USD16 million +1 more

Deal value

up to USD80 million

Proposed Feixiaohao acquisition consideration

Equity portion

USD64 million

UTime ordinary or convertible preferred shares

Cash portion

USD16 million

Cash consideration component of acquisition

Ownership acquired

100% equity

Intended stake in Feixiaohao Technology Inc.

Historical Context

5 past events · Latest: Feb 06

5 events

1. Feb 06

   Reverse stock split

   24h Move

   -38.4%

   5-for-1 reverse split to adjust share price and capital structure.

2. Feb 03

   Commercial agreement

   24h Move

   +83.2%

   Intent agreement for 500,000 GM800 smart servers worth about US$50M.

3. Dec 31

   Wearables mega order

   24h Move

   +61.1%

   Nearly $10M order for 50,000 smart health devices to enter North America.

4. Nov 12

   Reverse stock split

   24h Move

   -33.5%

   1-for-100 reverse split aimed at regaining Nasdaq minimum bid compliance.

5. Nov 05

   Market expansion

   24h Move

   -0.2%

   Announcement of broader international push for health-focused wearables.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

web3, blockchain, on-chain data analytics, convertible preferred shares, +2 more

6 terms

web3 technical

"Feixiaohao Technology Inc. owns and operates one of the most comprehensive Web3 data platforms"

An approach to the internet that uses decentralized technologies (like blockchains and smart contracts) to give users control over data, identity and digital assets instead of relying on a single company. For investors it matters because it enables new business models—token-based ownership, marketplaces and governance structures—but also brings higher volatility, novel revenue streams and regulatory uncertainty, so investment outcomes can be very different from traditional tech.

blockchain technical

"users exploring the blockchain world. If completed, this acquisition will enable us"

A blockchain is a digital record-keeping system that securely stores information across many computers, making it difficult to alter or tamper with. Think of it like a shared, unchangeable ledger that everyone can see and verify, ensuring transparency and trust. For investors, this technology offers a way to securely track transactions and assets without relying on a central authority, potentially reducing costs and increasing security.

View in glossary

on-chain data analytics technical

"provides essential data services including digital asset pricing, on-chain data analytics, project tracking"

On-chain data analytics is the practice of examining the public records stored on a blockchain—transactions, addresses, and smart-contract activity—to reveal who is moving assets, how much, and when. For investors, it provides near-real-time visibility into liquidity, large trades, token flows, and behavioral patterns, helping assess risk, spot unusual activity or market sentiment, and make more informed decisions—think of it as watching traffic on a public ledger to understand where money is flowing.

convertible preferred shares financial

"structured through a combination of USD64 million in UTime ordinary shares or convertible preferred shares"

Convertible preferred shares are a type of stock that pays priority dividends and has a higher claim on assets than common shares, but can be exchanged later for a set number of common shares. For investors, they offer a safety-and-upside mix: steady income and protection like a senior ticket, plus the option to convert into common stock if the company grows — a decision that affects potential returns and how much existing owners’ stakes may be diluted.

nonbinding term sheet financial

"Following execution of the nonbinding term sheet, the parties have commenced preliminary discussions"

A nonbinding term sheet is a preliminary document that lays out the main commercial and financial points of a proposed deal—such as price, ownership split, key responsibilities and timing—without legally obligating either party to complete the transaction. For investors it acts like a handshake sketch: it signals serious intent, frames expectations for valuation and risk, guides due diligence and negotiations, and can affect share prices even though final terms and approvals may still change.

definitive agreement regulatory

"intend to further negotiate and execute a definitive agreement, subject to the conditions"

A definitive agreement is a formal, legally binding document that outlines the final terms and conditions of a deal or transaction, such as a sale or partnership. It acts like a detailed contract that confirms all parties have agreed on the key details, making the deal official. For investors, it signals that the agreement is settled and moving toward completion, providing clarity and security about the transaction.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SHENZHEN, China, March 13, 2026 (GLOBE NEWSWIRE) -- UTime Limited (Nasdaq: WTO), a global technology company engaged in the design, development, and manufacturing of mobile devices and smart hardware products, today announced its intention to acquire 100% of the outstanding equity of Feixiaohao Technology Inc., operator of the renowned “Feixiaohao” Web3 Data Analytics & Asset Pricing Platform (feixiaohao.ai).

The proposed transaction is valued at up to USD80 million, structured through a combination of USD64 million in UTime ordinary shares or convertible preferred shares and USD16 million in cash consideration. This intended acquisition, upon completion, will mark UTime’s strategic entry into the rapidly growing Web3 and blockchain data infrastructure sector, with the potential to bring millions of cryptocurrency users into its expanding digital ecosystem.

Feixiaohao: A Gateway to the Crypto World

Feixiaohao Technology Inc. owns and operates one of the most comprehensive Web3 data platforms in the industry, serving millions of cryptocurrency investors and Web3 enthusiasts worldwide. The platform provides essential data services including digital asset pricing, on-chain data analytics, project tracking, and market sentiment monitoring. With extensive coverage across multiple major public blockchains and thousands of digital assets, Feixiaohao has established itself as a trusted gateway for users navigating the complex cryptocurrency landscape.

The proposed acquisition would include all technology platforms, source code, databases, trademark rights, and key employee contracts and partnerships related to the Feixiaohao platform. UTime believes that this comprehensive asset package would position UTime to leverage Feixiaohao’s established user base and data infrastructure as a foundation for future growth in Web3 services.

Strategic Rationale: Bridging Hardware and Data

“With this intended acquisition, we are taking a significant step toward bringing millions of crypto users into the UTime ecosystem,” stated Mr. Hengcong Qiu, CEO of UTime Limited. “We believe that Feixiaohao is not merely a data platform—it is the entry point for millions of users exploring the blockchain world. If completed, this acquisition will enable us to integrate Feixiaohao’s robust data capabilities with UTime’s hardware expertise, creating innovative applications that bridge physical devices with digital assets.”

UTime further believes that the proposed transaction, if completed, would enable UTime to combine its hardware manufacturing capabilities with Feixiaohao’s data infrastructure, potentially enabling new product categories that integrate blockchain data services directly into mobile devices and smart hardware.

Next Steps

Following execution of the nonbinding term sheet, the parties have commenced preliminary discussions and intend to further negotiate and execute a definitive agreement, subject to the conditions outlined in the term sheet.

About UTime Limited

Trading under the NASDAQ ticker WTO, UTime Limited is engaged in the design, development, production, sales and brand operation of mobile devices in China and globally. UTime aims to provide cost-effective products and serves to a broad customer base. For more information, visit UTime’s website at utimemobile.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause UTime’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding UTime’s proposed acquisition of the data platform “Feixiaohao,” including whether the parties will negotiate and enter into a definitive agreement, whether the acquisition will be completed, and, if acquired, whether the Company will be successfully deploy any post-acquisition plans, integration activities, synergies, expected benefits, or Web3 infrastructure expansion initiatives. These forward-looking statements, and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us, including those described in UTime Limited’s Annual Report on Form 20-F and our other filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

Contact

Utime Limited
7th Floor, Building 5A
Shenzhen Software Industry Base, Nanshan District
Shenzhen, People’s Republic of China 518061
Attention: Hengcong Qiu, Chief Executive Officer
Tel: (86) 755 86512266
Email: qhengcong@utimemobile.com 

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did UTime (WTO) announce on March 13, 2026 about Feixiaohao?

UTime announced a nonbinding LOI to acquire 100% of Feixiaohao for up to USD 80 million. According to the company, the consideration is USD 64M in shares or convertible preferred and USD 16M cash, and the deal remains subject to a definitive agreement.

How is the USD 80 million purchase price for Feixiaohao structured in the WTO deal?

The proposed price is structured as USD 64 million in UTime ordinary shares or convertible preferred and USD 16 million in cash. According to the company, this mix combines equity consideration with cash, subject to final negotiation and closing conditions.

What assets and users does UTime expect to acquire from Feixiaohao in the WTO transaction?

UTime expects to acquire Feixiaohao’s platforms, source code, databases, trademarks, and key employee contracts. According to the company, the acquisition would also bring Feixiaohao’s Web3 data services and access to millions of crypto users.

What strategic rationale did UTime give for acquiring Feixiaohao (WTO)?

UTime said the acquisition would bridge its hardware expertise with Feixiaohao’s Web3 data infrastructure to create integrated products. According to the company, this aims to combine device manufacturing with blockchain data services to expand its digital ecosystem.

What are the next steps and risks after UTime’s LOI to buy Feixiaohao for WTO investors?

The parties will negotiate and seek a definitive agreement; closing is conditional and not guaranteed. According to the company, preliminary discussions have begun and transaction completion depends on final terms and customary closing conditions.