Zhejiang Meida announced that controlling shareholder and actual controller Xia Zhisheng and Xia Ding are planning a major matter that may lead to a change in company control. Trading in the company's shares will be halted from July 10, expected to last no more than two trading days. The counterparty is in the cross-border e-commerce industry, with a share transfer ratio within 30 percent and no prior approval from authorities required. Previously, Zhejiang Meida's share price hit three daily limit-up moves in five trading days. On the same day, Fengyuan Pharmaceutical announced that Bengbu Investment Group plans to acquire 109 million shares of the company through a negotiated transfer, representing 23.52 percent of total share capital. The transaction is based on a total market value of 2.98 billion yuan, corresponding to an amount of approximately 700 million yuan. Upon completion, the controlling shareholder will change to Bengbu Investment Group, and the actual controller will change to the Bengbu Municipal State-owned Assets Supervision and Administration Commission.
Anhui Fengyuan Pharmaceutical Co LtdBengbu Investment Group plans to acquire 23.52% of shares via negotiated transfer, leading to change in controlling shareholder to state-owned entity
Zhejiang Meida Industrial Co LtdControlling shareholder plans major matter that may lead to change in company control, with counterparty in cross-border e-commerce industry