A deep dive into the suspicious aspects of the $80 million acquisition of Feixiaohao.

Written by Eric, Foresight News

On the evening of March 13, Beijing time, Nasdaq-listed UTime announced that it plans to acquire 100% of Feixiaohao's shares for a consideration of US$80 million, with payment consisting of US$64 million in UTime common stock or convertible bonds and US$16 million in cash.

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

Founded in August 2017, Feixiaohao's acquisition after nearly 10 years is not necessarily bad news. As a market information platform in China that was on par with Mytoken in the early days of blockchain development, Feixiaohao is indeed a cherished memory for many veterans in the cryptocurrency community, and many people are likely happy to see this outcome.

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

Question 1: Why acquire Feixiaohao?

The company that acquired Feixiaohao, UTime, has the Chinese name LianDai Technology. Its address is located in the Shenzhen Software Industry Base, next to Tencent's Binhai Building.

Founded in 2008, LianDai Technology went public on Nasdaq in April 2021. Its core business in the past was simply manufacturing mobile phones, with two of its own brands, "UTime" and "Do," and it also provided OEM and ODM services for brands such as TCL and Haier. Its official website shows that its cumulative global sales of mobile phone products have exceeded 25 million units.

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

What's puzzling is that, after seemingly achieving great success in the healthcare sector, they suddenly want to venture into Web3 and blockchain data infrastructure.

If this kind of "acting on a whim" is still within the realm of understanding, then choosing Feixiaohao is beyond comprehension: if you open the Feixiaohao app and website, you will find that Feixiaohao actually crawls almost no "on-chain data," but merely aggregates data and information from platforms such as exchanges and media through APIs. Such simple information aggregation is even riddled with errors.

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

Even putting all that aside, I see absolutely no need to "integrate this data into smart hardware"; using an app to view the data seems like a much more direct option.

If you spent $80 million to acquire an application like Feixiaohao, how much more are you prepared to spend on more complex on-chain data scraping?

Question 2: Is Feixiaohao really worth $80 million?

If you had asked this question before 2021, I would have been able to confidently give a positive answer, but at this point in time, platforms such as Coinglass, CoinAnk, and SosoVaule have significantly better data scraping capabilities and information richness than Feixiaohao.

SosoValue's Series A valuation was $200 million, which seems high compared to Feixiaohao's valuation of $80 million. If this comparison seems somewhat far-fetched, we can take Coingecko, which has a more similar valuation, as an example.

On January 13th of this year, CoinDesk reported that Coingecko planned to be sold at a valuation of $500 million. According to SimilarWeb data, Coingecko's website has received around 20 million monthly visits in recent months, ranking among the top 5,000 globally, while its smaller counterpart ranks outside the top 500,000, a difference that could be tens of times.

On the App Store, the Coingecko app has 26,000 reviews, while Feixiaohao has fewer than 2,000. Of course, Feixiaohao cannot currently be downloaded using a domestic Apple ID, so this data may overlook some early domestic users. However, regardless, Feixiaohao's traffic and Coingecko's traffic are nowhere near the same level, not to mention the difference in brand influence.

Before 2021, Feixiaohao's domestic user base, influence, and advertising effectiveness were all undeniable, but to still give it a valuation of $80 million in 2026, I think, is somewhat of an overestimation.

However, the majority of the overestimation does not stem from these data comparisons, which I will discuss in detail later.

Question 3: Is the company financially capable of paying $80 million?

When I wrote this article, the US stock market had not yet closed, but LianDai Technology's market value was only hovering around $5 million.

Of the $80 million acquisition of Feixiaohao, $64 million was paid in common stock or convertible bonds. This means that LianDai Technology needed to issue more than 16 times its own market value just to acquire another company.

If the acquisition is completed, the shareholding ratio of all original shareholders will decrease to 6%, while Feixiaohao shareholders will hold more than 90% of the shares of LianDai Technology. In other words, LianDai Technology is prepared to pay $16 million in cash and then transfer control of the listed company to Feixiaohao.

There are some details to the $16 million in cash, but before discussing how this money came about, we need to understand the company's financial situation.

According to the financial report submitted by LianDai Technology in August 2025, covering the period from March 2024 to March 2025, the company's cash and cash equivalents as of March 31, 2025, were US$15.05 million, total assets were US$28.392 million, current liabilities were US$19.086 million, and total liabilities were US$45.991 million. Meanwhile, the net loss for the same period was close to US$100 million.

Therefore, it seems that at least a year ago, Linkage Technology would not have been able to come up with $16 million in cash. Coincidentally, on October 16, 2025, Linkage Technology signed a definitive securities purchase agreement with five institutional investors to sell a total of 22,727,275 "one Class A ordinary share + Class A warrants" through a registered direct offering, generating total proceeds of approximately $25 million.

In retrospect, this round of financing, for which no specific reason was given at the time, may have been a preparation for today.

In addition to these, I also found something very interesting: According to the financial report released last August, no shareholder of LianDai Technology held more than 5% of the shares, and the shareholding ratio of the company's senior executives and many institutions was less than 1%. So who is driving and supporting this major decision to acquire another company at a price more than 16 times its own market value?

True or false, not small number

But that's not the end of the story. LianDai Technology, which spent $16 million and then handed over the company, didn't specify which "non-small company" they bought.

In August 2024, Cipher Intelligence Orange revealed that many key members of the Feixiaohao team had been taken away by the Inner Mongolia police for investigation. Half a year had passed, and the reason was unknown. This news was later confirmed by Wu Shuo.

In September, Feixiaohao issued an official statement saying that "the platform has recently been strategically acquired and integrated by a senior team," emphasizing that the new team will be responsible for operations and continue to provide services. However, in December of the same year, Feixiaohao's original team and the acquiring party began a public war of words: the original team accused the buyer of obtaining part of the source code and data after paying the initial payment, but refusing to pay the final payment, breaking the contract, and attempting to resell the source code/data, which led the original team to cancel the brand sale plan and continue to operate the platform.

The acquiring party countered that it had legally registered overseas companies and trademarks, accused the original team of delivering incomplete source code and repeatedly selling the platform, and claimed that it invested hundreds of thousands of dollars to repair the system before it was put back online.

The dispute ultimately went unresolved, and two accounts appeared on X: feixiaohao.com and feixiaohao.ai. It was the latter that announced the acquisition. Based on the account's description of a US-registered compliant company and international logo copyright information, I speculate that the latter is likely the buyer in the 2024 acquisition rumors.

In other words, the original Feixiaohao team is still operating, and LianDai Technology acquired the "new Feixiaohao" that previously acquired Feixiaohao. The overvaluation I mentioned in point two was based on the feixiaohao.com website and app, while the .ai website is... well, let's just say it's not great; you can check it out if you're interested.

This makes LianDai Technology's actions even more perplexing. All current evidence points to them spending 80 million to hire a new team, then spending hundreds of thousands of dollars to fix a barely deployable version, without any of the original team's brand assets…

And these aren't even the first outrageous moves by LianDai Technology this year.

On February 3rd of this year, Linkage Technology announced that it had signed a strategic intent order cooperation agreement with "Shenzhen Yunwei Digital," under which the latter intends to purchase 500,000 intelligent servers, with a contract value estimated at approximately US$50 million. Linkage Technology refers to these as "high-performance servers," designed to meet the growing demands of modern computing infrastructure, and stated that this cooperation agreement marks the company's official entry into the cloud infrastructure field.

Then, this "high-performance server" with the model number "GM800" uses the RK3566 chipset and is equipped with 4GB of memory and 128GB of storage space.

Like you, I didn't know what the RK3566 chip was, so I looked it up:

Can anyone tell me where the "growing demand for computing infrastructure" can be met by buying 500,000 servers of this configuration at a price of $100 each?

In conclusion, the only conclusion I can draw is that the $80 million acquisition of Feixiaohao was likely just a setup .