NBZB(SH:600857) Feng Huang Wang·2025-10-21 14:13Core Insights - The shareholding structure of Ningbo Zhongbai (600857.SH), controlled by the Xu Xiang family, is undergoing significant changes due to a recent judicial auction of shares held by the third-largest shareholder, Zhu Renbao, which were acquired by Hangzhou Jindi Commercial Management Co., Ltd. for a total of 270 million yuan [1][2] Shareholding Changes - Zhu Renbao's 18.884 million shares were auctioned on the Taobao judicial auction platform, with the auction taking place from October 20 to October 21, 2025, starting at a price based on 90% of the average closing price over the previous 20 trading days [1] - Following the auction, Ningbo Zhongbai's stock price plummeted, hitting the daily limit down to 15.42 yuan per share within 10 minutes [2] - The largest shareholder of Ningbo Zhongbai is Tibet Zetian Investment Development Co., Ltd., holding 15.78% of the shares, which is associated with the Xu Xiang family [2] Potential Control Changes - The shares held by Tibet Zetian are also subject to judicial auction, with 35.4053 million shares registered for auction as per a court ruling received on December 25, 2024 [2] - If Tibet Zetian's shares enter the auction process, the new buyer could significantly influence the control of Ningbo Zhongbai, as Hangzhou Jindi's recent acquisition gives it an 8.42% stake, bringing it closer to the first two shareholders [2] Company Background - Hangzhou Jindi Commercial Management Co., Ltd. is part of Jindi United Holding Group Co., Ltd., which has diversified operations including overseas oil and gas fields, petrochemical trading, domestic natural gas, real estate development, and industrial investment [2]