Shanghai Hongda New Material Co Ltd

ST Hongda shares hit their daily limit up for the third consecutive trading day, as the company plans a change in its controlling shareholder and actual controller. The company intends to issue no more than 130 million shares to Jurong Urumqi Technology Company at a total fundraising amount not exceeding 600 million yuan. At the same time, Jurong Technology plans to acquire approximately 21.62 million shares held by the current actual controller Zhu Enwei through a negotiated transfer. After the transaction, the controlling shareholder will become Jurong Technology, and the actual controller will become Lin Rongsheng. Jurong Technology is a subsidiary of Xinjiang Jurong Energy Group, which already has a listed company, Hangzhou Gaoxin, under its umbrella. ST Hongda, whose full name is Shanghai Hongda New Material Company Limited, is the first listed company in China's silicone rubber industry. Its performance has been lackluster in recent years, with an estimated net profit attributable to the parent company of only 1.6 million to 2.4 million yuan in the first half of 2026.