DHKJ(SH:600288) Mei Ri Jing Ji Xin Wen·2025-10-11 23:19Core Viewpoint - The auction of shares held by Zheng Suzhen, mother of Xu Xiang, has resulted in Daheng Technology (600288.SH) transitioning to a state without a controlling shareholder, following the completion of the share transfer on August 8. The new largest shareholder is Li Rongrong, who, along with her concerted actor Zhou Zhengchang, holds a combined 9.26% of the shares, insufficient to influence board decisions or shareholder resolutions significantly [2][3]. Shareholder Changes - Zheng Suzhen's 130 million shares were auctioned off to seven individuals and one company, with Li Rongrong acquiring 27.46 million shares, making her the largest shareholder [3]. - The auction results revealed that the new shareholders, including Li Rongrong and Zhou Zhengchang, do not have the ability to control the board or make significant decisions due to their limited shareholding [2][3]. Funding Sources - Li Rongrong's total investment in the auction was 362 million yuan, with 242 million yuan from personal funds and 120 million yuan sourced from high-interest loans [4][5]. - Zhou Zhengchang's investment of 171 million yuan was entirely from family funds, with his personal contribution being approximately 32,740 yuan after accounting for contributions from relatives [5]. High-Interest Borrowing - Several auction participants, including Li Rongrong, opted for high-interest loans to finance their bids, with interest rates reaching as high as 12% [5]. - The rationale for such borrowing was explained by Daheng Technology, indicating that the buyers did not gain control of the company and thus could not apply for acquisition loans, leading to reliance on high-interest financing [5]. Relationship with China New Era - The involvement of China New Era, the former controlling shareholder, played a significant role in the auction process, as they represented the interests of the buyers during the bidding [6]. - The buyers, including Fu Zeyuan, were informed about the auction through connections to China New Era, indicating a potential influence on the auction dynamics [6]. Future Business Plans - Following the transition to a no-controlling-shareholder status, Daheng Technology announced plans to invest 600 million yuan to establish a wholly-owned subsidiary focused on the semiconductor industry, despite lacking prior experience or resources in this field [7]. - The parent company, China New Era, holds a significant stake in Ningbo Electronic Information Group, which possesses semiconductor-related assets, suggesting potential synergies or strategic alignments in future business endeavors [8].