Shang Hai Zheng Quan Bao·2025-11-02 15:48Core Points - Tianhua New Energy announced that its actual controllers, Pei Zhenhua and Rong Jianfen, signed a share transfer agreement with CATL to transfer a total of 108 million unrestricted circulating shares, accounting for 12.95% of the company's total shares [2][4] - The transfer price is set at 24.49 yuan per share, totaling 2.635 billion yuan [2][4] - After the transfer, CATL will hold 112 million shares, representing 13.54% of the company, becoming the second-largest shareholder [4][5] Shareholding Structure - Before the transfer, Pei Zhenhua held 196,835,843 shares (23.69%) and Rong Jianfen held 67,471,304 shares (8.12%), totaling 31.81% [5] - Post-transfer, Pei Zhenhua's holding will decrease to 147,626,883 shares (17.77%) and Rong Jianfen's to 9,097,939 shares (1.10%), resulting in a combined holding of 18.87% [5] - CATL's shareholding will increase from 0.59% to 13.54% [4][5] Market Context - As of October 31, Tianhua New Energy's latest stock price was 30.42 yuan per share, indicating a 19.49% discount on the transfer price [7] - The introduction of CATL as a strategic investor is expected to optimize the company's shareholder structure without changing the actual controller or the governance structure [8] Strategic Implications - CATL and Tianhua New Energy have a history of deep cooperation, with CATL previously holding 0.59% of shares [8] - CATL's investment strategy includes significant stakes in other companies, indicating a trend of active investment in the market [11]