Shanshan Shares has officially changed hands to Anhui state capital, with Zhu Shengli elected as the new chairman and all members of the Zheng family stepping down from the board. The company's twelfth board of directors elected Zhu Shengli as chairman at its first meeting. He currently serves as deputy party secretary, director, and general manager of Anhui Conch Group, and previously served as vice mayor of Hefei and deputy director of the Anhui SASAC. All eleven new directors were nominated by the controlling shareholder Wanwei Group. Former chairwoman Zhou Ting, former vice chairman Zheng Ju, and other Zheng family members are no longer serving. Wanwei Group is a wholly owned enterprise of the Anhui SASAC. Conch Group plans to inject nearly 5 billion yuan in cash to acquire a 60 percent stake in Wanwei Group. Upon completion of the restructuring, Conch Group will become the indirect controlling shareholder of Shanshan Shares. Shanshan Shares currently has two core businesses: anode materials and polarizers. It expects semi-annual net profit attributable to the parent company of 750 million to 900 million yuan, representing year-on-year growth of 262 percent to 334 percent.
Ningbo Shanshan Co LtdState capital injection and restructuring with Conch Group, plus strong profit growth forecast
Anhui Wanwei Updated High-tech Material Industry Co Ltd