THXN(SZ:300390) Shang Hai Zheng Quan Bao·2025-11-02 21:12Core Viewpoint - Tianhua New Energy (300390) announced a share transfer agreement with CATL, where the actual controllers Pei Zhenhua and Rong Jianfen plan to transfer a total of 108 million unrestricted circulating shares, accounting for 12.95% of the company's total shares, at a price of 24.49 yuan per share, totaling 2.635 billion yuan [2][4]. Share Transfer Details - After the share transfer, CATL will hold 112 million shares, representing 13.54% of the total shares, making it the second-largest shareholder [4]. - The transfer price of 24.49 yuan per share reflects a discount of 19.49% compared to the latest closing price of 30.42 yuan [5]. - The actual controllers' combined shareholding will decrease from 31.81% to 18.87% post-transfer, while CATL's shareholding will increase from 0.59% to 13.54% [4][5]. Strategic Implications - The introduction of CATL as a strategic investor is expected to optimize the shareholder structure of Tianhua New Energy without changing the actual controllers or the governance structure of the company [4][8]. - CATL and Tianhua New Energy have a history of deep cooperation, with CATL previously holding 0.59% of shares, ranking eighth among the top ten shareholders [8]. - The share transfer is part of CATL's broader strategy of investing in companies within its supply chain, indicating potential for further collaboration [12].