In early April 2026, the global knitting machinery industry witnessed a landmark cross‑border transaction. Fujian‑based private textile machinery company Huixing Machinery (from Shishi) announced it had completed the full acquisition of the core business of Mayer & Cie., a 120‑year‑old German “hidden champion” in knitting machinery, marking a milestone for Chinese private enterprises in the global high‑end knitting equipment manufacturing sector.
Founded in 1905 and headquartered in Albstadt, Germany, Mayer & Cie. is a technology benchmark in circular knitting machines. Its intelligent machinery represents the highest industry standards, with over 90% of its machines exported to key textile markets such as China, India, Bangladesh and Turkey, and production bases in Germany, the Czech Republic and China. However, the company saw a sharp drop in sales due to global shifts toward fast fashion, small‑batch flexible production, as well as geopolitical volatility and supply chain restructuring. In September 2025, the company filed for self‑administered bankruptcy, and in December 2025 formal insolvency proceedings began, threatening permanent closure.
At this critical juncture, Huixing Machinery moved decisively. The two parties signed the acquisition contract on 9 February 2026, and secured both national and local government approvals within just one month – a record for such cross‑border M&A approval efficiency. On 15 April 2026, the transaction received formal approval from Chinese and German regulators and was completed. After the acquisition, 32‑year‑old Xu Hongjie was appointed Global Managing Director of Mayer & Cie., taking full responsibility for strategy and daily operations of the century‑old German company. According to the plan, the German headquarters will be retained as a global R&D and high‑end manufacturing centre, adhering to “German R&D, German manufacturing”, while leveraging Huixing’s global sales network and smart manufacturing capabilities to build a “German R&D + Chinese manufacturing + global sales” collaborative network.