Shangyao's Xinli Chemical Plans NT$367 Million Acquisition of Golf Retailer Madacom
Shangyao Group's Xinli Chemical announced a public tender offer to acquire golf retail leader Madacom. The acquisition, valued at approximately NT$367 million, aims to secure about 29.77% of Madacom's outstanding shares. This move is part of Shangyao Group's strategy for diversification into the golf market and international expansion of green materials.
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- 📰 Published: April 28, 2026 at 22:55
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Taipei, April 28 (CNA) Xinli Chemical, a subsidiary of Shangyao Group, announced today a significant development: it plans to publicly acquire common shares of Madacom, a leading golf retail channel, outside of the centralized securities trading market. The acquisition price is set at NT$36.75 per share, with an expected acquisition volume of 10,000 units (representing 10 million shares), accounting for approximately 29.77% of Madacom's total outstanding shares. The total acquisition amount is approximately NT$367 million.
Xinli Chemical General Manager Li Shan-lung stated at a major information press conference at the Taipei Exchange (GreTai Securities Market) that the public tender offer period is expected to run from April 30 to May 19. If the number of shares tendered reaches the predetermined minimum acquisition quantity by the end of the acquisition period, the acquisition conditions will be met.
However, if the minimum acquisition quantity is not met, the acquisition conditions will not be fulfilled, and all tendered shares will be returned.
Madacom was established in February 2000 and listed on the Taipei Exchange in December 2004. With a paid-in capital of NT$330 million, it is a leading brand in the professional golf channel sector in Taiwan. The company acts as an agent for global renowned brands of golf clubs, bags, apparel, shoes, and accessories, operating on an "online + offline" dual-track model. Online, it covers major e-commerce platforms, while offline, it has 23 directly operated stores across Taiwan, spanning department stores, driving ranges, and golf courses, building a complete virtual and physical channel network.
In 2021, Madacom completed the acquisition of INNOVA, a North American home rehabilitation fitness equipment brand, and laid out its strategy as a brand owner on two major international e-commerce platforms, Amazon and Walmart, accumulating mature cross-border e-commerce operational capabilities and North American brand assets. In recent years, global health awareness has risen, and the participation of younger demographics in golf has grown significantly. Madacom, having cultivated its channels for over 20 years, has formed an unshakeable competitive moat, possessing high brand loyalty among high-value sports consumers.
Shangyao Group stated that this acquisition is a crucial part of the group's diversified M&A strategy. Upon completion, it will leverage synergistic effects to expand international channels for green materials. Xinli Chemical will utilize Madacom's international channel network to promote green material solutions to global sports brands and luxury goods manufacturers.
Shangyao Group explained that through the integration of online and offline omnichannel approaches, combining products from Century Life, its e-commerce platform, health foods, smart wearables, and non-medical grade oxygen hyperbaric systems - intelligent micro-pressure oxygen chambers - with Madacom's physical stores and online channels will deeply merge, strengthening the sales momentum for rehabilitation-focused products across all channels.
Shangyao pointed out that to accelerate its entry into the North American market, it will leverage Madacom's existing operational foundation on Amazon and Walmart platforms and its consumer trust assets to quickly introduce the group's health foods, smart wearables, sports health, and consumer drone-related products into the North American market.
Xinli Chemical stated that the core value of this acquisition lies in high complementarity: Xinli Chemical possesses material innovation and mass production capabilities, while Madacom commands end-consumer scenarios and sports and leisure customer bases. After the integration, both parties will accelerate the introduction of eco-friendly PU, high-performance synthetic leather, and sustainable materials into golf bags, sports accessories, and lifestyle leisure products.
Through this acquisition, Xinli Chemical will further provide high-performance material products and, through Madacom's channels and market feedback, accelerate new product development, enhance product added value, and expand its layout in the sports, leisure, and luxury accessories markets. (Edited by Yang Kai-xiang) 1150428
Xinli Chemical General Manager Li Shan-lung stated at a major information press conference at the Taipei Exchange (GreTai Securities Market) that the public tender offer period is expected to run from April 30 to May 19. If the number of shares tendered reaches the predetermined minimum acquisition quantity by the end of the acquisition period, the acquisition conditions will be met.
However, if the minimum acquisition quantity is not met, the acquisition conditions will not be fulfilled, and all tendered shares will be returned.
Madacom was established in February 2000 and listed on the Taipei Exchange in December 2004. With a paid-in capital of NT$330 million, it is a leading brand in the professional golf channel sector in Taiwan. The company acts as an agent for global renowned brands of golf clubs, bags, apparel, shoes, and accessories, operating on an "online + offline" dual-track model. Online, it covers major e-commerce platforms, while offline, it has 23 directly operated stores across Taiwan, spanning department stores, driving ranges, and golf courses, building a complete virtual and physical channel network.
In 2021, Madacom completed the acquisition of INNOVA, a North American home rehabilitation fitness equipment brand, and laid out its strategy as a brand owner on two major international e-commerce platforms, Amazon and Walmart, accumulating mature cross-border e-commerce operational capabilities and North American brand assets. In recent years, global health awareness has risen, and the participation of younger demographics in golf has grown significantly. Madacom, having cultivated its channels for over 20 years, has formed an unshakeable competitive moat, possessing high brand loyalty among high-value sports consumers.
Shangyao Group stated that this acquisition is a crucial part of the group's diversified M&A strategy. Upon completion, it will leverage synergistic effects to expand international channels for green materials. Xinli Chemical will utilize Madacom's international channel network to promote green material solutions to global sports brands and luxury goods manufacturers.
Shangyao Group explained that through the integration of online and offline omnichannel approaches, combining products from Century Life, its e-commerce platform, health foods, smart wearables, and non-medical grade oxygen hyperbaric systems - intelligent micro-pressure oxygen chambers - with Madacom's physical stores and online channels will deeply merge, strengthening the sales momentum for rehabilitation-focused products across all channels.
Shangyao pointed out that to accelerate its entry into the North American market, it will leverage Madacom's existing operational foundation on Amazon and Walmart platforms and its consumer trust assets to quickly introduce the group's health foods, smart wearables, sports health, and consumer drone-related products into the North American market.
Xinli Chemical stated that the core value of this acquisition lies in high complementarity: Xinli Chemical possesses material innovation and mass production capabilities, while Madacom commands end-consumer scenarios and sports and leisure customer bases. After the integration, both parties will accelerate the introduction of eco-friendly PU, high-performance synthetic leather, and sustainable materials into golf bags, sports accessories, and lifestyle leisure products.
Through this acquisition, Xinli Chemical will further provide high-performance material products and, through Madacom's channels and market feedback, accelerate new product development, enhance product added value, and expand its layout in the sports, leisure, and luxury accessories markets. (Edited by Yang Kai-xiang) 1150428