Zhenhai PetroChem EngineeringControl transfer completed with new controlling shareholder, strategic investors to aid transformation.

Zhenhai Shares has officially confirmed that the final transferee of the share agreement transfer is Piao Weilai Quan, marking key progress in the company's change of control. Controlling shareholder Shuntong Group signed a conditional share transfer agreement with Piao Weilai Quan, planning to transfer 35.8029 million shares, representing 15% of the company's total share capital, at a transfer price of 15.51 yuan per share, for a total consideration of 555 million yuan. After the transaction is completed, Piao Weilai Quan will become the controlling shareholder of Zhenhai Shares, and Zhang Wenlong will become the actual controller. Piao Weilai Quan was initiated and established by Zhang Wenlong, with its core industrial entity being Piaoxijing New Energy Materials Shanghai Company Limited, and its other main limited partners include state-owned investors from Zhoushan, Quzhou, and other strategic investors with backgrounds in the new materials industry. Zhang Wenlong is also strengthening control over Zhenhai Shares through equity structure optimization and concerted action arrangements at the Piaoxijing level, and plans to nominate 9 of the 11 seats on the listed company's board of directors. Zhenhai Shares stated that the introduction of strategic investors aims to connect with high-quality capital with industrial synergy, helping the company transform into high-end polyolefins, new energy materials, and other sectors.
Zhenhai PetroChem EngineeringControl transfer completed with new controlling shareholder, strategic investors to aid transformation.
Piao Weilai Quan becomes controlling shareholder, gaining control of listed company.
Core industrial entity of new controlling shareholder, expected to drive strategic transformation.
Shuntong Group transfers shares, losing controlling stake but receiving consideration.