TQM(SZ:002510) Tai Mei Ti A P P·2025-09-26 14:41Core Viewpoint - The control transfer of Tianqi Mould (002510.SZ) is nearing completion, marking a significant shift as the company transitions to state-owned capital after multiple failed attempts since its listing in 2010 [2][3]. Group 1: Control Transfer Details - On September 24, Tianqi Mould announced the signing of a share transfer agreement with Xinjiang Jianda Fanyu Industrial Investment Fund, planning to transfer 162 million shares, which represents 15.94% of the total share capital, for a total consideration of 1.03 billion yuan [2][3]. - The transaction will be executed in four phases: 30% in the first phase, 40% in the second, 20% in the third, and 10% in the final phase [3]. - The current chairman, Ren Wei, will relinquish voting rights for approximately 10.24 million shares (1.0085% of total shares) for a period of 36 months post-transaction [3]. Group 2: Background and Context - Tianqi Mould has attempted to change control four times since its listing, with previous attempts failing due to various reasons, including non-payment of deposits and slow progress [3]. - The new controlling entity, Jianda Fanyu, is backed by the Urumqi Economic and Technological Development Zone (Toutunhe District) State-owned Assets Supervision and Administration Commission, which has a strong industrial foundation and several listed companies in the region [5]. Group 3: Financial Performance and Strategic Intent - Tianqi Mould has faced significant financial pressure, with a revenue decline of 15.46% year-on-year to 1.016 billion yuan and a net profit drop of 78.72% to 21.9 million yuan in the first half of 2025 [6]. - The company aims to leverage state-owned capital to improve its operational status and enhance profitability and risk resistance, potentially expanding into new business areas such as aerospace components [6][7]. Group 4: Implications of the Transaction - For the Urumqi Economic and Technological Development Zone, acquiring a publicly listed company represents a breakthrough in connecting regional industrial economy with capital markets [7]. - The involvement of state capital may provide financial relief and facilitate business expansion for Tianqi Mould, enhancing its order acquisition and operational capabilities [7].