NBZB(SH:600857) Jing Ji Guan Cha Wang·2025-10-24 01:57Core Viewpoint - The A-share landscape created by Xu Xiang is disintegrating, with significant implications for companies involved, particularly Ningbo Zhongbai [2] Group 1: Auction Details - An auction for 35.4053 million shares of Ningbo Zhongbai is scheduled from November 22 to November 23, 2025, with a starting price of 512 million yuan [3][5] - The shares belong to Tibet Zetian Investment Development Co., which is controlled by Xu Bai Liang, the father of Xu Xiang [3][4] - The auction follows the freezing of shares related to the Xu Xiang case, indicating ongoing legal and financial repercussions [6] Group 2: Shareholder Dynamics - Xu Bai Liang holds 15.78% of Ningbo Zhongbai through Tibet Zetian, and the potential auction outcome could change the company's actual control [3][6] - Zhu Renbao, previously seen as a proxy for Xu Xiang, has lost his shares in Ningbo Zhongbai, which were sold for 270 million yuan [7][9] - The current shareholding structure is fragmented, with Zhu Renbao being the second-largest shareholder before the auction [10] Group 3: Financial Performance - Ningbo Zhongbai reported a revenue of 289 million yuan for the first half of 2025, a decline of 41.94% year-on-year [8] - The auction price of 14.46 yuan per share is above the market price of 14.09 yuan as of October 23, 2025, suggesting potential financial losses for bidders if they purchase shares on the secondary market [6][9] Group 4: Potential New Control - If the auction is successful, the new buyer, potentially Hangzhou Jindi, could become the actual controller of Ningbo Zhongbai, depending on the outcome of the Tibet Zetian shares auction [9][10] - Hangzhou Jindi's acquisition of Zhu Renbao's shares indicates a strategic move into the retail sector, with implications for the company's future direction [9][11]