Topy Industries has reversed course again on what to do with Ring-Techs Guangzhou Co., Ltd., the Chinese steel-wheel maker it holds indirectly at a 100% stake through Lintex, a consolidated subsidiary. An amended extraordinary report filed with the Kanto Local Finance Bureau on August 20, 2026 shows the auto-parts group has struck a "basic agreement" to sell the unit outright, cancelling a liquidation order it had issued only months earlier.
The reversal is the third turn since Topy's board first voted to dissolve and liquidate the subsidiary in September 2024. It later found a Chinese buyer and, in November 2025, voted to swap liquidation for a straight equity sale. That deal collapsed on February 6, 2026, after the buyer breached the contract's terms, sending Topy back to a plan to dissolve and wind up the unit. Now a different, unnamed Chinese private company has reached the same kind of preliminary agreement; Topy signed the transfer contract on August 20, 2026, and plans to complete the share transfer, handing over its full stake, by September 30, 2026.
Topy is unwinding the wheelmaking unit under its mid-term plan "TOPY Active & Challenge 2027," citing shrinking Chinese output as Japanese automakers lose local market share. The subsidiary's own numbers explain why Topy isn't fighting to keep it: revenue collapsed from RMB 87.96mn in the 2023 fiscal year to just RMB 2.04mn in 2025, with a net loss in every one of those years.
| Fiscal year (Dec) | Revenue (RMB mn) | Net income (RMB mn) |
|---|---|---|
| 2023 | 87.96 | -10.41 |
| 2024 | 18.38 | -47.95 |
| 2025 | 2.04 | -2.87 |
The buyer's name and the sale price are being withheld at the counterparty's request, and Topy says it expects the transaction to have only a minor effect on its consolidated results. The company has no capital, personnel or trading ties to the buyer, and the deal remains a signed basic agreement rather than a completed sale.