Core Viewpoint - The article discusses a high-profile divorce case involving Xu Zhihan, the chairman and general manager of the domestic RF leader ZTE Microelectronics, and Zhang Yu, which has significant implications for the company's shareholding structure and control [1][2]. Group 1: Divorce and Shareholding Changes - Xu Zhihan and Zhang Yu have amicably divorced, with Xu transferring 17,152,005 shares of ZTE Microelectronics to Zhang, valued at approximately 1.289 billion yuan based on the stock price of 75.16 yuan per share [1]. - Following the transfer, both Xu and Zhang hold 17,152,005 shares each, representing 3.21% of the total share capital of the company [1][2]. - The couple signed a voting rights delegation agreement, allowing Xu to exercise all voting rights associated with Zhang's shares, maintaining the control structure of the company [1][2]. Group 2: Control and Governance - Prior to the divorce, Xu, Feng Chenhui, and Tang Zhuang collectively controlled 31.90% of the voting rights of the company, a figure that remains unchanged post-divorce [2]. - Zhang Yu is restricted to selling no more than 10% of her shares annually, and during Xu's tenure as a director, she cannot transfer more than 25% of her shares [2]. Group 3: Company Performance - ZTE Microelectronics is a key player in the domestic RF front-end sector, primarily serving the smartphone and wearable device markets [3]. - The company has projected a revenue decline of 16% to 18% for 2025, with expected losses of 295 million to 255 million yuan, marking its first annual loss since its listing in 2019 [3]. Group 4: Industry Context - The article highlights a trend of high-value divorce cases among A-share listed companies, with significant financial implications for shareholding structures [4]. - In 2025, it is reported that 12 to 15 listed companies disclosed announcements related to divorces involving major shareholders, with total market value implications nearing 6 billion yuan [5].

Core Viewpoint - The article discusses the recent divorce of Xu Zhihan, a major shareholder and executive of the domestic RF leader, ZTE Microelectronics, and the implications of the asset division on the company's shareholding structure and governance [1][3][5]. Shareholding Changes - Xu Zhihan transferred 17.15 million shares (3.21% of total shares) to Zhang Yu as part of their divorce settlement, with Zhang limited to selling no more than 10% of her shares annually [3][5]. - After the transfer, Xu Zhihan's direct shareholding decreased from 34.3 million shares (6.41%) to 17.15 million shares (3.21%) [6]. - Zhang Yu now holds 17.15 million shares (3.21%) and has delegated all voting rights and other non-financial rights to Xu Zhihan [3][6]. Company Overview - ZTE Microelectronics is a leading domestic RF enterprise, primarily producing RF front-end discrete devices and modules for mobile smart terminals, with applications in various sectors including smart wearables, communication base stations, automotive electronics, and VR/AR devices [7]. - The company expects a net loss of 255 million to 295 million yuan for the fiscal year 2025, a significant decline from a profit of 402 million yuan in the previous year, with projected revenues of 3.7 billion to 3.75 billion yuan, reflecting a year-on-year decrease of approximately 16% to 18% [7].

A股又现天价离婚！ 国产射频龙头卓胜微（SZ300782）2月11日晚间公告，公司于近日收到实控人之一许志翰的通知，其与ZHANG YU（张昱）经友好协商，已解除婚姻关 系，并就离婚财产分割事宜做出相关安排。 经许志翰和ZHANG YU（张昱）协商，许志翰拟将其直接持有的公司1715.2万股股票分割过户给ZHANG YU（张昱），占公司总股本的3.21%。 （文章来源：华夏时报） | 股东名称 | 本次权益变动前持有股份 | | 本次权益变动后持有股份 | | | --- | --- | --- | --- | --- | | | 股数 | 占总股本 | 股数 | 占总股本 | | | (股) | 比例 | (股) | 比例 | | 无锡汇智联合投资企业 (有限合伙) | 59,209,013 | 11.07% | 59,209,013 | 11.07% | | 许志翰 | 34,304,010 | 6.41% | 17,152,005 | 3.21% | | FENG CHENHUI (冯晨晖) | 38,887,861 | 7.27% | 38,887,861 | 7.27% | | YI GEBING ...

北京商报讯(记者王蔓蕾)A股又有"天价"离婚案！2月11日晚间，卓胜微（300782）披露公告称，公司于 近日收到实际控制人之一许志翰的通知，其与ZHANGYU(张昱)经友好协商，已解除婚姻关系，并就离 婚财产分割事宜做出相关安排。 公告显示，根据许志翰与ZHANGYU(张昱)签订的《离婚财产分割协议》，许志翰将其直接持有的公司 无限售条件流通股份1715.2万股，占公司总股本的3.21%，分割至ZHANGYU(张昱)名下；根据双方约 定，ZHANGYU(张昱)每年可出售的股份数量不超过当年所持有股份总数的10%。ZHANGYU(张昱)另 承诺在许志翰担任公司董事、高级管理人员期间其每年转让的股份不得超过所持有公司股份总数的 25%。 本次权益变动后，许志翰直接持有公司无限售条件流通股份1715.2万股，占公司总股本的3.21%； ZHANGYU(张昱)直接持有公司无限售条件流通股份1715.2万股，占公司总股本的3.21%。 ZHANGYU(张昱)无条件且不可撤销地将其持有的公司1715.2万股股份(占公司总股本的3.21%)对应的全 部表决权、提名和提案权、参会权、监督建议权以及除收益权和股份转让权等财产 ...

Core Viewpoint - The announcement of the divorce between the actual controller of the company, Xu Zhihan, and Zhang Yu, along with the subsequent share transfer, does not significantly impact the company's control or management [2][3]. Shareholder Changes - Xu Zhihan will transfer 17.15 million shares, valued at approximately 1.29 billion yuan, to Zhang Yu, which represents 3.21% of the company's total share capital [2][3]. - After the share transfer, the combined voting rights of the actual controllers remain at 31.90%, indicating no change in the actual control of the company [3]. Shareholding Commitment - The actual controllers, including Xu Zhihan and Zhang Yu, have voluntarily committed not to reduce their shareholdings for six months from February 12, 2026 [4]. Previous Similar Incidents - This is not the first instance of a high-value divorce affecting the company; in June 2023, another actual controller, Tang Zhuang, transferred shares worth nearly 3.4 billion yuan to his ex-wife, Yi Gebing [5][6]. Financial Performance - The company expects a revenue decline of 16% to 18% for the year 2025, projecting revenues between 3.7 billion to 3.75 billion yuan, and a net loss of 295 million to 255 million yuan, marking its first annual loss since going public in 2019 [6]. - The loss is attributed to challenges in transitioning to a Fab-Lite model, increased competition, tight supply of raw materials, and adjustments in customer inventory [6].

Core Viewpoint - The announcement regarding the divorce and equity transfer between Xu Zhihan and Zhang Yu, significant shareholders of Zhaosheng Microelectronics, aims to maintain control stability within the company while adjusting ownership stakes [1]. Group 1: Shareholder Changes - Xu Zhihan transferred 17.15 million shares (3.21% of total shares) to Zhang Yu as part of their divorce settlement, with restrictions on share reduction [1]. - After the transfer, Xu Zhihan retains 17.15 million shares (3.21%), while Zhang Yu holds the same number of shares but delegates all voting and non-financial rights to Xu Zhihan [1]. - The total shareholding of major shareholders remains unchanged at 170,647,457 shares (31.90% of total shares) [2]. Group 2: Company Background - Zhaosheng Microelectronics is a leading player in the domestic RF front-end sector, focusing on RF front-end discrete devices and modules used in smartphones, wearables, communication base stations, automotive electronics, and VR/AR applications [3]. - Xu Zhihan, aged 52, holds multiple degrees and is the current chairman and general manager of Zhaosheng Microelectronics, with a pre-tax salary of 3.1208 million yuan for 2024 [2].

来源 | 每日经济新闻综合公开消息、智通财经 封图 | AI生成 A股又诞生一起天价离婚案。 2月11日，国产射频龙头卓胜微（SZ300782）发布公告，公司于近日收到实际控制人之一许志翰先生的 通知，其与ZHANG YU（张昱）女士经友好协商，已解除婚姻关系，并就离婚财产分割事宜做出相关 安排。 根据两人签订的《离婚财产分割协议》，许志翰将其直接持有的公司无限售条件流通股份1715万股（占 公司总股本的3.21%），分割至张昱名下。根据双方约定，张昱每年可出售的股份数量不超过当年所持 有股份总数的10%。张昱另承诺在许志翰担任公司董事、高级管理人员期间其每年转让的股份不得超过 所持有公司股份总数的25%。 本次权益变动后，许志翰直接持有公司无限售条件流通股份1715万股，占公司总股本的3.21%。张昱无 条件且不可撤销地将其持有的公司股份对应的全部表决权、提名和提案权、参会权、监督建议权以及除 收益权和股份转让权等财产性权利之外的其他权利全权委托给许志翰行使。 公开资料显示，许志翰，男，1972年出生，中国籍，清华大学计算机科学与技术专业学士、硕士研究 生，美国圣克拉拉大学电子工程专业硕士研究生，中欧工商学 ...

2026.02. 12 本文字数：1080，阅读时长大约2分钟 来源 | 每日经济新闻综合公开消息、澎湃新闻 封图 | AI生成 许志翰，图片来源：广州商学院 值得注意的是， 卓胜微目前的实控人中 唐壮与易戈兵也曾是夫妻关系。 2023年6月20日盘后，卓胜 微公告，公司实控人之一唐壮与易戈兵解除婚姻关系，并进行财产分割。唐壮将持有的大部分卓胜微 股权转让给前妻易戈兵，唐壮不再是公司持股5%以上的股东；按照当日收盘价计算，易戈兵分走近 34亿元。 A股又诞生一起天价离婚案。 2月11日，国产射频龙头卓胜微（SZ300782）发布公告，公司于近日收到实际控制人之一许志翰先 生的通知，其与ZHANG YU（张昱）女士经友好协商，已解除婚姻关系，并就离婚财产分割事宜做 出相关安排。 根据两人签订的《离婚财产分割协议》，许志翰将其直接持有的公司无限售条件流通股份1715万股 （占公司总股本的3.21%），分割至张昱名下。根据双方约定，张昱每年可出售的股份数量不超过当 年所持有股份总数的10%。张昱另承诺在许志翰担任公司董事、高级管理人员期间其每年转让的股 份不得超过所持有公司股份总数的25%。 本次权益变动后，许志翰 ...

Core Insights - The RF front-end module is a critical subsystem that directly impacts terminal communication quality, driven by the acceleration of global 5G commercialization and the increasing demand for multi-band compatibility in terminals [1][5] - The global market for RF front-end modules is projected to reach $14.881 billion by 2025, with modules accounting for nearly 70% of the market share [5] - China's RF front-end market is expected to grow from 22.9 billion yuan in 2020 to 33.6 billion yuan in 2024, and is projected to exceed 53 billion yuan by 2029, becoming the largest regional market globally [6][7] Industry Overview - RF front-end modules (RFFE) serve as the core components in wireless communication systems, integrating multiple RF devices into a single package to perform essential tasks such as signal processing [2][4] - The classification of RF front-end modules includes power amplifiers, low-noise amplifiers, filters, RF switches, and duplexers, among others, catering to various application scenarios [3] Market Dynamics - The demand for RF front-end devices is increasing due to the rapid commercialization of 5G, with a notable rise in the need for high-end products associated with key technologies like millimeter-wave communication [5] - The global RF front-end market is expected to grow at a compound annual growth rate (CAGR) of approximately 3.4% from 2025 to 2030, reaching $17.5 billion by 2030 [5] China's Market Growth - China's RF front-end market is experiencing rapid growth, driven by the acceleration of 5G commercialization, the rise of domestic smartphone brands, and the expansion of emerging applications like IoT [6][10] - The domestic market's growth is supported by policies promoting the semiconductor industry, which have created a robust support system for the RF front-end module sector [4] Industry Chain Analysis - The RF front-end module industry chain in China includes upstream suppliers of EDA design software and semiconductor materials, with domestic breakthroughs in certain areas [8] - Midstream focuses on module design, manufacturing, and testing, with local companies narrowing the technology gap with international giants [8] Competitive Landscape - The current market landscape shows a coexistence of international dominance and domestic breakthroughs, with major international companies holding about 76% of the global market share [12] - Domestic companies like Weijie Chuangxin, Huizhiwei, and Zhuoshengwei are gradually increasing their market share through continuous R&D and technological advancements [12] Future Development Trends - The RF front-end module industry in China is expected to develop along three main lines: technology, industry, and application, focusing on high integration and energy efficiency [13] - The trend of domestic substitution will deepen, with local companies aiming to penetrate high-end markets and enhance their competitiveness [14] - Application scenarios are expanding from consumer electronics to various fields, including smart vehicles and satellite internet, creating new growth opportunities [16]

卓胜微2月11日晚间公告，公司于近日收到实控人之一许志翰的通知，其与ZHANG YU（张昱）经友好 协商，已解除婚姻关系，并就离婚财产分割事宜做出相关安排。经许志翰和ZHANG YU（张昱）协 商，许志翰拟将其直接持有的公司1715.2万股股票分割过户给ZHANG YU（张昱），占公司总股本的 3.21%。同日公告，实控人及其一致行动人分别出具承诺函，自承诺函出具之日起6个月内（即2026年2 月12日起至2026年8月11日止），不以任何方式减持其持有的公司股份。以卓胜微目前的股价（75.16元/ 股）估算，张昱分割走的这笔股权市值约12.89亿元。 ...