Zhejiang Meida announced that controlling shareholder and actual controller Xia Zhisheng and Xia Ding are planning a major event that may lead to a change in company control. Trading in the company's shares has been suspended since July 10, expected to last no more than two trading days. Before the suspension, the stock hit three upper limits in five trading days, closing at the daily limit of 7.23 yuan on the announcement day, up 10.05 percent, with a total market value of 4.671 billion yuan. The counterparty in this transaction operates in the cross-border e-commerce industry, and the share transfer ratio is within 30 percent. The company's 2025 revenue shrank to just 454 million yuan, down about 80 percent from its 2021 peak, while net profit attributable to shareholders was 11.54 million yuan, a sharp year-on-year decline of 89.55 percent. Xia Zhisheng, Xia Ding, and Xia Lan together hold 52.41 percent of the shares, but management has gradually transitioned to professional managers, and the Xia family may further reduce its stake.
Zhejiang Meida Industrial Co LtdPlanned ownership change and potential control transfer, with shares suspended; outcome uncertain.