粤民投再次增持中国宝安，持股比例逼近深圳国资

Core Viewpoint - Guangdong Private Investment Co., Ltd. (referred to as "Yue Min Investment") is increasing its stake in China Baoan (000009), approaching the holdings of Shenzhen state-owned assets, indicating a potential shift in shareholder dynamics and governance within the company [1][2]. Group 1: Shareholding Changes - Yue Min Investment's subsidiary, Shaoguan High-tech Enterprise Management Co., Ltd. (referred to as "Shaoguan High-tech"), increased its stake in China Baoan by 1% (2.5792 million shares) from September 12 to 24, raising its total holding to 18% [1]. - Following this, Shaoguan High-tech had previously increased its stake by 25.3164 million shares (0.98% of total shares) between June 23 and September 8, bringing its holding to 17% [2]. - As of mid-2025, the largest shareholder, Chengxing Investment and its concerted party, held 18.4% of shares, while Shaoguan High-tech held 16.66%, indicating a competitive shareholding structure [5]. Group 2: Strategic Intentions - The increase in shareholding by Shaoguan High-tech is based on a sustained confidence in the company's value and future development [2]. - The entry of state-owned capital from Shenzhen, which acquired 9.7904% of shares in June 2022, has created a dual-shareholder dynamic with both Shaoguan High-tech and Chengxing Investment holding significant stakes [4]. Group 3: Governance and Management Changes - Shaoguan High-tech's entry has led to governance improvements, including the removal of unreasonable anti-takeover clauses from the company’s articles of association, which was positively received by the investor protection center [3]. - A recent board restructuring has resulted in a balanced representation from both Shaoguan High-tech and Chengxing Investment, with the latter holding a majority in the new board [5][6]. - The revised company bylaws have restricted the powers of the president, indicating a shift in internal power dynamics favoring the board [6]. Group 4: Future Considerations - There is speculation that Shaoguan High-tech may continue to increase its stake, potentially surpassing Chengxing Investment's holdings, which could lead to a shift in the current balance of power [6][7].