Zhenhai PetroChem Engineering

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Zhenhai Shares' 2026 Interim Net Profit Falls 19.28% Year-on-Year

Zhenhai Shares released its 2026 interim report, with net profit attributable to the parent company of 20.9517 million yuan, down 19.28% from the same period last year. Total operating revenue was 184 million yuan, up 7.79% year-on-year. Net cash inflow from operating activities was 17.7821 million yuan, marking a second consecutive year of growth. The company's latest asset-liability ratio was 21.39%, gross margin was 18.94%, ROE was 2.01%, and diluted earnings per share was 0.09 yuan.

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Huayang Group and Zhenhai Shares Both Announce Progress on Control Changes

Huayang Group and Zhenhai Shares separately issued announcements on the evening of August 19 regarding proposed changes of control. Huayang Group may come under the ownership of the Mianyang State-owned Assets Supervision and Administration Commission, while the actual controller of Zhenhai Shares is proposed to change from the Yuyao State-owned Assets Management Center to Zhang Wenlong. Huayang Group's controlling shareholder, Huizhou Huayue Investment Company Limited, intends to transfer its shares in the company to Sichuan Jiuzhou Investment Holding Group Company Limited. Jiuzhou Group is an enterprise under the Mianyang State-owned Assets Supervision and Administration Commission and already holds control of several listed companies including Sichuan Jiuzhou and Yidian Electronics. Trading in Huayang Group shares will remain suspended from the market open on August 20, 2026, and the suspension is expected to last no more than three trading days. Zhenhai Shares' controlling shareholder, Ningbo Shuntong Group Company Limited, signed a share transfer agreement with Shanghai Puwilai Quan Enterprise Management Consulting Partnership. The transfer involves 35.8029 million shares, representing 15 percent of total share capital, at a transfer price of 15.51 yuan per share, for a total consideration of 555 million yuan. The actual controller of Puwilai Quan is Zhang Wenlong, and its largest limited partner is Puxijing New Energy Materials Shanghai Company Limited, which is engaged in the research, development, production and sale of ultra-high purity polyethylene under Zhang Wenlong. Zhenhai Shares stated that this change of control is intended to optimize resource allocation and promote the transformation and upgrading of the listed company. Puwilai Quan and Zhang Wenlong have committed not to transfer the shares acquired for 60 months.

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Zhenhai Shares Control Transfer Completed, Piao Weilai Quan Becomes Controlling Shareholder

Zhenhai Shares has officially confirmed that the final transferee of the share agreement transfer is Piao Weilai Quan, marking key progress in the company's change of control. Controlling shareholder Shuntong Group signed a conditional share transfer agreement with Piao Weilai Quan, planning to transfer 35.8029 million shares, representing 15% of the company's total share capital, at a transfer price of 15.51 yuan per share, for a total consideration of 555 million yuan. After the transaction is completed, Piao Weilai Quan will become the controlling shareholder of Zhenhai Shares, and Zhang Wenlong will become the actual controller. Piao Weilai Quan was initiated and established by Zhang Wenlong, with its core industrial entity being Piaoxijing New Energy Materials Shanghai Company Limited, and its other main limited partners include state-owned investors from Zhoushan, Quzhou, and other strategic investors with backgrounds in the new materials industry. Zhang Wenlong is also strengthening control over Zhenhai Shares through equity structure optimization and concerted action arrangements at the Piaoxijing level, and plans to nominate 9 of the 11 seats on the listed company's board of directors. Zhenhai Shares stated that the introduction of strategic investors aims to connect with high-quality capital with industrial synergy, helping the company transform into high-end polyolefins, new energy materials, and other sectors.

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Piao Future Spring to Become Controlling Shareholder of Zhenhai Petrochemical Engineering; State Capital from Three Zhejiang Cities to Jointly Empower

Zhenhai Petrochemical Engineering Company announced on the evening of August 18 that its controlling shareholder, Ningbo Shuntong Group, has confirmed Shanghai Piao Future Spring Enterprise Management Consulting Partnership as the final transferee in a public solicitation transfer, and the two parties signed a conditional share transfer agreement. Shuntong Group plans to transfer 35.8029 million shares to Piao Future Spring, representing 15 percent of the company's total share capital, at a transfer price of 15.51 yuan per share, for a total consideration of 555 million yuan. After the transaction is completed, Piao Future Spring will directly hold 15 percent of the company's shares and become the largest shareholder, while Shuntong Group's stake will fall to 1.88 percent, and its combined holding with concert party Shunjian Group will be 6.22 percent. Piao Future Spring was initiated by Zhang Wenlong, with its core industrial entity being Piaoxijing New Energy Materials Shanghai Company. State capital institutions from Quzhou, Zhoushan, and Ningbo in Zhejiang Province have jointly joined and signed a concert party resolution, forming a shareholding structure led by private capital and empowered by state capital. Zhenhai Petrochemical Engineering said the introduction of strategic investors is aimed at connecting with quality capital that has industrial implementation capability and technical strength, helping the company transform into high-end polyolefins, new energy materials, and other sectors.

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