Huayang Group and Zhenhai Shares Both Announce Progress on Control Changes

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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.