GS(SH:601500) Zhong Guo Jing Ji Wang·2025-04-02 07:19Core Viewpoint - The control of General Holdings (601500.SH) is set to change from Hongdou Group to Suhao Holdings following a share transfer agreement, which involves a significant reduction in Hongdou Group's stake and an increase in Suhao Holdings' stake in the company [1][2]. Group 1: Share Transfer Details - Hongdou Group signed a share transfer agreement with Suhao Holdings on April 1, 2025, for the transfer of 389,425,230 shares, representing 24.50% of the total share capital, at a price of RMB 5.44 per share, totaling approximately RMB 2.12 billion [1]. - Post-transfer, Hongdou Group's shareholding will decrease from 657,320,290 shares (41.35%) to 267,895,060 shares (16.85%), while Suhao Holdings will hold 389,425,230 shares (24.50%) [1]. Group 2: Changes in Control - Following the completion of the share transfer, the controlling shareholder will shift from Hongdou Group to Suhao Holdings, with the actual controllers changing from Zhou Haijiang, Zhou Haiyan, Gu Cui, and Liu Lianhong to the Jiangsu Provincial State-owned Assets Supervision and Administration Commission [2]. Group 3: Regulatory Approval Requirements - The share transfer does not constitute a related party transaction and does not trigger a mandatory tender offer. It requires approval from state-owned asset supervision authorities and antitrust regulators, along with compliance confirmation from the Shanghai Stock Exchange and registration with the China Securities Depository and Clearing Corporation [3]. - There is uncertainty regarding the approval process and timeline for the control transfer [3].