Home furnishing industry reshuffle: shell sales, cross-sector moves, and contrarian bets proceed in parallel

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The home furnishing industry is undergoing unprecedented divergence, with at least 10 listed home furnishing companies seeking changes of control as of August 2026. The family of Xia Zhisheng, founder of Zhejiang Meida, transferred a 29.99% stake to cash out about 1.29 billion yuan, with the buyer being cross-border e-commerce firm XingShang Innovation. After the restructuring of ST Markor's controlling shareholder Markor Group, XiaoCi Investment acquired a 51% stake, and actual controller Li Shaofeng also controls communication component supplier WandeTai Optoelectronics. Elegant Home announced the acquisition of no less than 77.08% of semiconductor testing company O'Connell, after which its share price hit the daily limit for 10 consecutive sessions. Monalisa Home Furnishing spent 500 million yuan to enter generative artificial intelligence and changed its name to Monalisa Shuihua. Jason Furniture chose to double down on its core business instead, elevating mattresses to a strategic category. Its 2025 research and development expenses rose 31.19% year-on-year to 369 million yuan, and annual revenue exceeded 20 billion yuan for the first time, reaching 20.056 billion yuan. Shenwan Hongyuan and Guotai Haitong Securities both noted that concentration in the home furnishing industry remains low, and the bottoming-out reshuffle in the property sector is expected to accelerate share gains for leading players.

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