Yorhe(SZ:002795) Sou Hu Cai Jing·2025-08-08 05:13Core Viewpoint - Yonghe Fluid Control Co., Ltd. (永和智控) is undergoing a significant change in control as its major shareholder, Cao Deli, transfers shares to Hangzhou Runfeng Intelligent Equipment Co., Ltd. for a total of approximately 320 million yuan, marking a shift in the company's leadership [1][2][5]. Share Transfer Details - Cao Deli signed a share transfer agreement on August 5, 2023, transferring 35.66 million shares (8% of total shares) at a price of 8.9736 yuan per share [1][5]. - Following the transfer, Hangzhou Runfeng will hold 8% of Yonghe's shares and 14.65% of voting rights, making it the new controlling shareholder [2][5]. - The share transfer price represents a premium of over 45% compared to Yonghe's closing price on August 6, 2023 [5]. Historical Context - This is not the first time Yonghe has sought a new controlling party; previous attempts included a planned transfer to Guangdong Pulu Green Energy Holdings in 2023, which ultimately fell through [6][7]. - The current transaction mirrors the previous one in terms of share price and quantity, indicating Cao Deli's persistent efforts to divest control [8]. Company Performance and Business Focus - Yonghe's main business includes plumbing valves and fittings, which account for 85% of its revenue, while its medical and photovoltaic businesses contribute 14.39% and 0.24%, respectively [9]. - Despite efforts to diversify into the medical and photovoltaic sectors, these ventures have not yielded significant profits, with medical revenue declining by 19.77% in 2024 and photovoltaic revenue being negligible [10][11]. Future Plans - Cao Deli has committed to facilitating the divestment of Yonghe's underperforming photovoltaic and medical assets by December 20, 2025, as part of the share transfer agreement [12].