Core Viewpoint - The A-share landscape created by Xu Xiang is disintegrating, with significant implications for companies involved, particularly Ningbo Zhongbai [2] Group 1: Auction Details - An auction for 35.4053 million shares of Ningbo Zhongbai is scheduled from November 22 to November 23, 2025, with a starting price of 512 million yuan [3][5] - The shares belong to Tibet Zetian Investment Development Co., which is controlled by Xu Bai Liang, the father of Xu Xiang [3][4] - The auction follows the freezing of shares related to the Xu Xiang case, indicating ongoing legal and financial repercussions [6] Group 2: Shareholder Dynamics - Xu Bai Liang holds 15.78% of Ningbo Zhongbai through Tibet Zetian, and the potential auction outcome could change the company's actual control [3][6] - Zhu Renbao, previously seen as a proxy for Xu Xiang, has lost his shares in Ningbo Zhongbai, which were sold for 270 million yuan [7][9] - The current shareholding structure is fragmented, with Zhu Renbao being the second-largest shareholder before the auction [10] Group 3: Financial Performance - Ningbo Zhongbai reported a revenue of 289 million yuan for the first half of 2025, a decline of 41.94% year-on-year [8] - The auction price of 14.46 yuan per share is above the market price of 14.09 yuan as of October 23, 2025, suggesting potential financial losses for bidders if they purchase shares on the secondary market [6][9] Group 4: Potential New Control - If the auction is successful, the new buyer, potentially Hangzhou Jindi, could become the actual controller of Ningbo Zhongbai, depending on the outcome of the Tibet Zetian shares auction [9][10] - Hangzhou Jindi's acquisition of Zhu Renbao's shares indicates a strategic move into the retail sector, with implications for the company's future direction [9][11]

Core Viewpoint - The shares held by Tibet Zetian Investment Development Co., Ltd. in Ningbo Zhongbai will be auctioned, following the complete judicial auction of shares held by Zhu Renbao, indicating potential changes in the company's control structure [1][3]. Group 1: Auction Details - The Qingdao Intermediate People's Court has issued a notice for the auction of 35,405,252 shares of Ningbo Zhongbai, with a starting price of 512 million yuan and a deposit of 51.2 million yuan [1][2]. - The auction is scheduled to take place from November 22, 2025, to November 23, 2025 [2][3]. Group 2: Shareholding Impact - Tibet Zetian's shares represent 15.78% of Ningbo Zhongbai's total share capital, and the auction will result in a complete liquidation of their holdings [3][4]. - If the shares are fully auctioned, it will lead to a change in the control of Ningbo Zhongbai, although the company asserts that its operations will not be adversely affected [4]. Group 3: Background Information - The auction stems from a ruling related to the manipulation of the securities market involving Xu Xiang and others, with the shares being frozen for nearly nine years before reaching the auction stage [3][4]. - Zhu Renbao, who previously held 18,884,000 shares (8.42% of the total), had his shares auctioned off two days prior, with the winning bid at 270 million yuan, reflecting a significant discount from the market price [5].

Core Viewpoint - Ningbo Zhongbai (600857.SH) announced the receipt of an auction notice from the Qingdao Intermediate People's Court regarding the auction of 35,405,252 shares held by its controlling shareholder, Tibet Zetian, which represents 15.78% of the company's total share capital. This auction could lead to a change in the company's control [1] Group 1 - The auction is currently in the public announcement phase, and the outcome remains uncertain, involving potential bidding, payment, and legal procedures for share transfer [1] - The company’s operational activities are normal, and this matter is not expected to have a significant adverse impact on its production and operations [1] - According to regulations, the acquirer of the shares will not be allowed to reduce their holdings within six months after the acquisition [1]

证券代码：600857 证券简称：宁波中百 公告编号：2025-026 宁波中百股份有限公司 关于控股股东所持股份将被法院司法拍卖的提示性 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 开拍时间：2025 年 11 月 22 日 拍卖机构名称：青岛市中级人民法院淘宝网司法拍卖网络平台（网址： http://sifa.taobao.com） 联系电话：0532-83098247 公司于 2024 年 12 月 25 日收到山东省青岛市中级人民法院（以下简称"青 岛中院"）作出的《执行裁定书》【（2022）鲁 02 执 924 号之二十二】，青岛中院 将拍卖公司股东西藏泽添持有公司股份 35,405,252 股无限售流通股股票。具体 截至本公告披露日，控股股东西藏泽添投资发展有限公司（以下简称"西藏 泽添"）持有宁波中百股份有限公司（以下简称"公司"）股份 35,405,252 股（均为无限售条件流通股），占公司总股本的 15.78%，本次将被拍卖股份 占其所持公司股份数量的 100%。 本次司法拍卖事项涉 ...

证券代码：600857 证券简称：宁波中百 公告编号：2025-025 宁波中百股份有限公司 关于持股5%以上股东所持股份将被法院司法拍卖的 进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年 9 月 23 日，公司披露了《关于持股 5%以上股东所持股份将被法院司 法拍卖的提示性公告》（公告编号:2025-023），公司持股 5%以上股东竺仁宝所持 的公司 18,884,000 股无限售流通股股票将于 2025 年 10 月 20 日 10 时至 2025 年 10 月 21 日 10 时在淘宝网络司法拍卖平台上（网址：http://sifa.taobao.com） 进行公开拍卖。 二、本次拍卖结果 2025 年 10 月 21 日，根据淘宝网络司法拍卖平台公示的《网络竞价成功确 认书》，本次网络拍卖竞价结果如下： | 标的物名称 | | | 网络拍卖时间 | | | 成 交 | 股 | 数 | 成 交 | 金 | 额 | 竞买人 | | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - The gold concept sector experienced a decline of 1.98%, ranking among the top losers in the market, with significant outflows of capital from major stocks in this sector [1][2]. Market Performance - The top-performing concept sectors included combustible ice with a gain of 4.06%, while the gold concept was among the worst performers with a decline of 1.98% [2]. - Notable gainers in the gold concept sector included HeBai Group, FuDa Alloy, and CITIC Metal, which saw increases of 4.14%, 3.44%, and 2.22% respectively [1][4]. Capital Flow - The gold concept sector faced a net outflow of 3.096 billion yuan, with 61 stocks experiencing capital outflows, and 8 stocks seeing outflows exceeding 100 million yuan [2]. - The stock with the highest net outflow was TBEA, with a net outflow of 770 million yuan, followed by Zhongjin Gold and Zijin Mining with outflows of 327 million yuan and 287 million yuan respectively [2][4]. Stock Performance - The gold concept stocks with the largest declines included Hunan Silver, which fell by 7.71%, and ManKaLong, which dropped by 7.46% [3][4]. - Other notable decliners included TBEA (-4.43%), Zhongjin Gold (-2.47%), and Zijin Mining (-2.00%) [2][3].

Market Overview - The general retail sector declined by 0.26% compared to the previous trading day, with Ningbo Zhongbai leading the decline [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers included Guoguang Chain, which rose by 10.02% to a closing price of 22.39, and Huitong Energy, which increased by 4.53% to 33.93 [1] - Conversely, Ningbo Zhongbai saw a significant drop of 7.65%, closing at 14.24, followed by Zhejiang Dongri with a decrease of 3.09% [2] Trading Volume and Value - Guoguang Chain had a trading volume of 491,200 shares and a transaction value of 1.052 billion yuan, while Huitong Energy had a volume of 42,000 shares and a value of 142 million yuan [1] - Ningbo Zhongbai recorded a trading volume of 222,200 shares with a transaction value of 322 million yuan [2] Capital Flow - The general retail sector experienced a net outflow of 402 million yuan from institutional investors, while retail investors saw a net inflow of 422 million yuan [2] - Notable net inflows from retail investors were observed in Guoguang Chain and Huitong Energy, while Ningbo Zhongbai experienced a net outflow from both institutional and speculative investors [3]

Core Insights - The shareholding structure of Ningbo Zhongbai (600857.SH), controlled by the Xu Xiang family, is undergoing significant changes due to a recent judicial auction of shares held by the third-largest shareholder, Zhu Renbao, which were acquired by Hangzhou Jindi Commercial Management Co., Ltd. for a total of 270 million yuan [1][2] Shareholding Changes - Zhu Renbao's 18.884 million shares were auctioned on the Taobao judicial auction platform, with the auction taking place from October 20 to October 21, 2025, starting at a price based on 90% of the average closing price over the previous 20 trading days [1] - Following the auction, Ningbo Zhongbai's stock price plummeted, hitting the daily limit down to 15.42 yuan per share within 10 minutes [2] - The largest shareholder of Ningbo Zhongbai is Tibet Zetian Investment Development Co., Ltd., holding 15.78% of the shares, which is associated with the Xu Xiang family [2] Potential Control Changes - The shares held by Tibet Zetian are also subject to judicial auction, with 35.4053 million shares registered for auction as per a court ruling received on December 25, 2024 [2] - If Tibet Zetian's shares enter the auction process, the new buyer could significantly influence the control of Ningbo Zhongbai, as Hangzhou Jindi's recent acquisition gives it an 8.42% stake, bringing it closer to the first two shareholders [2] Company Background - Hangzhou Jindi Commercial Management Co., Ltd. is part of Jindi United Holding Group Co., Ltd., which has diversified operations including overseas oil and gas fields, petrochemical trading, domestic natural gas, real estate development, and industrial investment [2]

宁波中百(600857)今日跌停，全天换手率7.90%，成交额2.79亿元，振幅11.67%。龙虎榜数据显示，营 业部席位合计净卖出3478.86万元。 8月26日公司发布的半年报数据显示，上半年公司共实现营业收入2.89亿元，同比下降41.94%，实现净 利润1763.56万元，同比增长194.13%。（数据宝） 宁波中百10月21日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 国泰海通证券股份有限公司总部 | 927.13 | | | 买二 | 中信证券股份有限公司上海分公司 | 639.92 | | | 买三 | 中泰证券股份有限公司杭州滨和路证券营业部 | 478.10 | | | 买四 | 中国银河证券股份有限公司杭州长乐路证券营业部 | 370.14 | | | 买五 | 中信证券股份有限公司深圳滨海大道证券营业部 | 311.58 | | | 卖一 | 中信证券股份有限公司北京紫竹院路证券营业部 | | 1423.43 | | 卖二 | 中信建投证券股份有限 ...

Core Viewpoint - Ningbo Zhongbai's major shareholder, Zhu Renbao, has had 18.884 million shares put up for judicial auction due to a court ruling related to a market manipulation case involving Xu Xiang, with the auction concluding on October 21 at a price significantly below the market value [2][10]. Group 1: Auction Details - The auction for Zhu Renbao's shares was held on October 20, with a total of 18.884 million shares being auctioned, representing 8.42% of Ningbo Zhongbai's total share capital [2]. - The shares were sold for 270 million yuan, equating to 14.3 yuan per share, which is over 15% lower than the closing price of 17.13 yuan on the auction day [4][10]. - Only three bidders participated in the auction, with two actively bidding, indicating a lack of competitive interest [3][4]. Group 2: Company Background and Implications - Zhu Renbao is identified as the third-largest shareholder of Ningbo Zhongbai, and his shares were under judicial freeze due to a criminal case that has now entered the execution phase [2][10]. - The winning bidder, Hangzhou Jindi Commercial Management Co., Ltd., acquired the shares, which is controlled by Lu Sikan, who also has interests in the real estate sector [10][11]. - The real estate market is currently experiencing a downturn, yet Hangzhou Jindi has shown willingness to invest heavily, as evidenced by their recent acquisition of a prime land parcel in Hangzhou for 5.45 million yuan per square meter, reflecting a 21% premium [10].