Core Viewpoint - Hehua Co., Ltd. (河化股份) is undergoing a significant change in control, with the transfer of shares from Ningbo Yinyi Holdings (银亿控股) to Ningbo Zhongzhe Ruihe Enterprise Management Consulting Co., Ltd. (中哲瑞和), marking the second attempt at a change of control within a month [4][9]. Group 1: Ownership Changes - On September 13, Hehua Co. disclosed that its controlling shareholder, Ningbo Yinyi Holdings, will transfer 87 million shares (23.76% of total shares) to Zhongzhe Ruihe, making Zhongzhe the new controlling shareholder [4][9]. - This is the second attempt at a change of control in a short period, with the first plan involving a transfer to Beijing Shengding Technology Co., Ltd. that was ultimately unsuccessful [6][8]. - The new transaction price for the shares is 632 million yuan, which is 60 million yuan lower than the previous proposal [9]. Group 2: Stock Price Movements - Prior to both announcements of ownership changes, Hehua Co.'s stock price experienced unusual surges, hitting the daily limit up on both occasions [5][13]. - The stock price movements have raised questions about potential insider trading, as the price increases occurred just before the public announcements [13]. Group 3: Background of New Controlling Shareholder - Zhongzhe Ruihe was established on July 23, 2025, and is fully owned by Zhongzhe Group, which has a diverse business portfolio and significant revenue [16]. - The new actual controller, Yang Herong, is a prominent entrepreneur in Ningbo and has previously collaborated with the outgoing controller, Xiong Xuqiang [9][16]. Group 4: Foreign Investment Interest - Recently, foreign investment has increased in Hehua Co., with several foreign institutions acquiring shares, indicating a growing interest from international investors [16][17]. Group 5: Pledge and Risk Factors - The shares being transferred are under a long-term pledge to a bank, which complicates the ownership transfer process [19][23]. - The asset transfer agreement includes strict liability clauses, which could impose significant penalties on the outgoing shareholder if certain conditions are not met [24].

Core Viewpoint - Hehua Co., Ltd. is undergoing a significant change in control, with the transfer of shares from Ningbo Yinyi Holdings to Ningbo Zhongzhe Ruihe Management Consulting Co., Ltd., marking the second attempt at a change of control within a month [3][4][9]. Group 1: Change of Control - On September 13, Hehua Co. disclosed a report indicating that its controlling shareholder, Ningbo Yinyi Holdings, will transfer 87 million shares (23.76% of total shares) to Zhongzhe Ruihe, making Zhongzhe the new controlling shareholder [3][9]. - This is the second attempt at a change of control in a short period, with the first plan involving a transfer to Beijing Shending Technology, which was aborted due to unmet payment conditions [4][8]. - The new transaction price is 632 million yuan, which is 60 million yuan less than the previous proposal [9]. Group 2: Stock Price Movements - Prior to both announcements of the change of control, Hehua Co.'s stock price experienced unusual surges, hitting the daily limit on both occasions [5][12]. - On July 30, the stock price reached a limit of 8.02 yuan, and on September 9, it again hit the limit, raising concerns about potential insider trading [12][20]. Group 3: Background of New Controlling Shareholder - Zhongzhe Ruihe was established on July 23, 2025, and is fully owned by Zhongzhe Group, which has a diverse business portfolio and significant revenue [14]. - The new actual controller, Yang Herong, is a prominent entrepreneur in Ningbo and has previously collaborated with the outgoing controller, Xiong Xuqiang [9][14]. Group 4: Foreign Investment Interest - Recently, foreign investment has increased in Hehua Co., with three foreign institutions and two individuals entering the top ten shareholders list [14]. - UBS, Morgan Stanley, and Goldman Sachs are among the foreign entities that have acquired shares, indicating growing interest from international investors [14]. Group 5: Pledge and Legal Risks - The shares being transferred are under a long-term pledge to a bank, which raises questions about the transaction's feasibility [16][18]. - The asset transfer agreement includes strict liability clauses, imposing significant penalties on Yinyi Holdings if the company faces delisting risks before the transfer is completed [19][20].

上市公司名称：广西河池化工股份有限公司 股票上市地点：深圳证券交易所 股票简称：河化股份 股票代码：000953 信息披露义务人：宁波银亿控股有限公司 法定住所：宁波保税区发展大厦 2809 室 通讯地址：宁波市江北区人民路 132 号银亿外滩大厦 27 楼 权益变动性质：股份减少（协议转让） 签署日期：2025年9月12日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》《上市公司收购管理办 法》《公开发行证券的公司信息披露内容与格式准则第15号——权益变动报告书》 及其他相关的法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本权益变动报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第15号——权益变动报告书》的规定，本报 告书已全面披露了信息披露义务人在广西河池化工股份有限公司拥有权益的股 份变动情况。 四、截至本报告书签署日，除本报告书披露的信息外，信息披露义务人没有 通过任何其他方式增加或减少其在广西河池化工股份有限公司中拥有权益的股 份。 五、本次权益变动的标的股份目前处在质押状态， ...

Group 1 - The core point of the article is that Hehua Co., Ltd. announced a share transfer agreement where its controlling shareholder, Ningbo Yinyi Holdings Co., Ltd., will transfer 87 million shares (23.76% of total equity) to Ningbo Zhongzhe Ruihe Enterprise Management Consulting Co., Ltd. for a total price of 632 million yuan [1] - After the completion of this equity change, Yinyi Holdings will no longer hold shares in the company, and Zhongzhe Ruihe will become the controlling shareholder, with Yang Herong as the actual controller of the company [1] - The share transfer is subject to compliance review by the Shenzhen Stock Exchange and the registration procedures by China Securities Depository and Clearing Co., Ltd. [1]

Group 1 - Hehua Co., Ltd. (河化股份) has found a new buyer, Ningbo Zhongzhe Ruihe Enterprise Management Consulting Co., Ltd. (中哲瑞和), which was established less than two months ago, with Yang Herong as the actual controller [1][8] - On September 9, Silver Billion Holdings (银亿控股) signed an asset transfer agreement with Zhongzhe Ruihe to transfer 87 million shares of Hehua Co., representing 23.76% of the total share capital, for a total transaction price of approximately 632 million yuan [2][3] - If the transaction is completed, the controlling shareholder of Hehua Co. will change from Silver Billion Holdings to Zhongzhe Ruihe, and the actual controller will change from Xiong Xuqiang to Yang Herong [2][3] Group 2 - Hehua Co. reported a revenue of 80.83 million yuan for the first half of 2025, a year-on-year decrease of 37.02%, while the net profit attributable to shareholders increased by 45.56% to 3.84 million yuan [3] - The company was originally established as Guangxi Hechi Fertilizer Plant and was listed on the Shenzhen Stock Exchange in December 1999 [5] - Silver Billion Holdings acquired 87 million shares of Hehua Co. for 840 million yuan in 2016, becoming the controlling shareholder, while the company has since shifted its focus from chemical production to fine chemicals and pharmaceuticals [6] Group 3 - Yang Herong is a prominent figure in the Ningbo business community, known for founding the fashion brand "GXG" and leading Zhongzhe Group, which achieved a revenue of 30.01 billion yuan in 2024 [12] - Despite the lack of direct business connection between Hehua Co. and Zhongzhe Group, there are speculations that Zhongzhe may integrate Hehua's assets to achieve a listing [12] - Yang Herong has expressed a willingness to pursue cross-industry ventures when the timing is right, indicating a strategic approach to business expansion [13]

Group 1 - Company Wuchan Jinyun plans to reduce its shareholding by up to 3%, amounting to a maximum of 6.24 million shares [1] - Company Hualing Steel's shareholder intends to increase its stake by 1% to 2%, acquiring between 6.91 million and 13.8 million shares [1] - Company Zhujiang Co. plans to sell multiple stock assets, potentially generating over 50% of its audited net profit from the previous year [1] Group 2 - Company Dash Smart's actual controller plans to reduce holdings by up to 1.52%, equating to 30.41 million shares [2] - Company Zhendian Medical's controlling shareholder intends to transfer 5% of its shares, totaling 13.32 million shares, at a price of 26.74 yuan per share [2] - Company Dajin Heavy Industry's subsidiary signed a contract worth approximately 1.25 billion yuan for offshore wind power foundations, representing about 33% of its projected revenue for 2024 [4] Group 3 - Company Andy Su received approval for a stock issuance to specific investors [5] - Company Shield Environment plans to invest approximately 5 billion yuan in a new smart manufacturing headquarters project [7] - Company Dongfang Guoxin intends to establish a joint venture with Shunyi Jin Kong with a registered capital of 300 million yuan [8] Group 4 - Company ST Lian Shi signed a pre-restructuring investment agreement with selected investors, with share prices set at 5.65 yuan and 6.73 yuan for different lock-up periods [9][10] - Company Langzi Co. plans to acquire 67.5% of Chongqing Time for 92.475 million yuan [11] - Company Yingli Co. intends to purchase 77.94% of Youte Li for 468 million yuan and raise up to 196 million yuan through a private placement [13] Group 5 - Company Betta Pharmaceuticals plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [14] - Company Hehua Co. intends to transfer control by selling 23.76% of its shares for 632 million yuan [16] - Company Jieshun Technology's shareholder plans to reduce holdings by up to 3%, totaling 1.92 million shares [18] Group 6 - Company Wuyang Zikong's controlling shareholder plans to transfer 15% of its shares, changing the controlling party [19] - Company Zhongliang Kegong plans to reduce its shareholding by up to 3%, amounting to 1.54 million shares [20] - Company Changhua Chemical intends to reduce its shareholding by up to 3%, totaling 417,420 shares [22]

Core Viewpoint - The controlling stake of Hehua Co., Ltd. is being transferred from Ningbo Yinyi Holdings to Ningbo Zhongzhe Ruihe Enterprise Management Consulting Co., Ltd. after a failed previous transaction [1][2] Group 1: Transaction Details - Ningbo Yinyi Holdings plans to transfer 87 million shares of Hehua Co., Ltd. (23.76% of total shares) and all receivables for a total consideration of approximately 632 million yuan [1][2] - The share portion of the transaction is valued at 586 million yuan, while the receivables are valued at 46.11 million yuan [1][2] - The shares involved in the transaction are currently under pledge and require consent from the pledgee [1] Group 2: Company Background - Hehua Co., Ltd. is primarily engaged in the research, production, and sales of pharmaceutical intermediates, as well as urea processing and sales [2] - The company has a subsidiary, Nansong Pharmaceutical, which specializes in the development and production of pharmaceutical intermediates, including anti-malarial and progestogen products [2] Group 3: Historical Context - The controlling shareholder, Ningbo Yinyi Holdings, has faced liquidity crises since 2019, leading to restructuring applications submitted to the Ningbo Intermediate People's Court [3][4] - The previous attempt to transfer control to Beijing Shending was unsuccessful due to unfulfilled payment obligations, resulting in the automatic termination of the cooperation intention [3]

Core Viewpoint - The announcement indicates that the controlling shareholder of Hehua Co., Ltd. will change from Ningbo Yinyi Holdings Co., Ltd. to Ningbo Zhongzhe Ruihe Enterprise Management Consulting Co., Ltd. following a share transfer agreement [1] Group 1: Share Transfer Details - Ningbo Yinyi Holdings plans to transfer 87 million shares, representing 23.76% of the total share capital of Hehua Co., Ltd. to Zhongzhe Ruihe [1] - The transaction includes the transfer of all receivables owed to Hehua Co., Ltd. by Ningbo Yinyi Holdings [1] Group 2: Change in Control - If the transaction is completed, the actual controller of Hehua Co., Ltd. will change from Xiong Xuqiang to Yang Herong [1]

河化股份（000953）(000953.SZ)发布公告，公司控股股东宁波银亿控股有限公司("银亿控股")与宁波中 哲瑞和企业管理咨询有限公司("中哲瑞和")签署了《宁波银亿控股有限公司与宁波中哲瑞和企业管理咨 询有限公司关于宁波银亿控股有限公司的资产转让协议》，银亿控股拟向中哲瑞和转让其持有上市公司 8700万股股份(占上市公司总股本的23.76%)和对河化股份享有的全部应收款项。若本次交易若最终得以 实施，公司的控股股东将由银亿控股变更为中哲瑞和，公司的实际控制人将由熊续强变更为杨和荣。 ...

Core Viewpoint - The announcement reveals a significant change in the ownership structure of Hehua Co., Ltd. (河化股份), with the controlling shareholder shifting from Ningbo Yinyi Holdings Co., Ltd. to Ningbo Zhongzhe Ruihe Enterprise Management Consulting Co., Ltd. This transaction involves the transfer of 87 million shares, representing 23.76% of the total share capital, for a total consideration of 632 million yuan [1]. Group 1: Ownership Change - Ningbo Yinyi Holdings plans to transfer 87 million shares and all receivables from Hehua Co. to Zhongzhe Ruihe for a total price of 632 million yuan [1]. - If the transaction is completed, the controlling shareholder will change to Zhongzhe Ruihe, and the actual controller will change from Xiong Xuqiang to Yang Herong [1]. - Zhongzhe Ruihe was established in July 2025 and is wholly owned by Zhongzhe Group, focusing on enterprise management consulting and financial consulting [1]. Group 2: Company Performance - In the first half of 2025, Hehua Co. reported revenue of 80.83 million yuan, a decrease of 37.02% year-on-year, while net profit attributable to shareholders increased by 45.56% to 3.84 million yuan [3]. - The revenue decline was attributed to management optimization and resource allocation, which improved per capita output, as well as the recovery of previously written-off bad debts [3]. - The company's subsidiary, Nansong Pharmaceutical, reported revenue of 42.67 million yuan, down 31.52%, while Hehua Biological reported revenue of 38.10 million yuan, down 42.28% [3]. Group 3: Business Overview - Hehua Co. primarily engages in the research, production, and sales of pharmaceutical intermediates and urea processing and sales [2]. - Its subsidiary, Nansong Pharmaceutical, specializes in pharmaceutical intermediates, with products sold domestically and to markets such as Taiwan, India, and Finland [2]. - Hehua Biological leverages its established reputation in urea sales and operates through third-party processing [2].