NBZB(SH:600857) Bei Jing Shang Bao·2025-11-24 12:49Core Viewpoint - The recent judicial auction of shares in Ningbo Zhongbai (600857) has significant implications for the company's control, as the controlling shareholder's stake is being acquired by a new entity, potentially leading to a change in management and strategy [1][3]. Group 1: Share Auction Details - On November 24, Ningbo Zhongbai announced that 35.4053 million shares held by its controlling shareholder, Tibet Zetian Investment Development Co., Ltd., were sold at a judicial auction for 527 million yuan, representing 15.78% of the company's total share capital [1]. - The buyer of these shares is Hangzhou Jindi Commercial Management Co., Ltd., which is associated with well-known Zhejiang businessman Lu Sikan [1][3]. - If the share transfer is completed, Jindi Commercial's stake will increase to 28.96%, significantly surpassing the second-largest shareholder's stake of 10.09% [3]. Group 2: Background of the Controlling Shareholder - Tibet Zetian is linked to Xu Xiang, a prominent figure in the capital market, whose family members are the shareholders behind the company [3][5]. - Xu Xiang was sentenced to prison for market manipulation in 2017, and his family's assets have been under judicial scrutiny since then, with multiple companies' shares being auctioned off [5]. Group 3: Implications for Future Control - Should Lu Sikan successfully gain control of the board of directors at Ningbo Zhongbai, it would mark his first acquisition of a publicly listed company [6]. - Jindi Commercial has been actively increasing its stake in Ningbo Zhongbai since July, with total expenditures amounting to approximately 950 million yuan if the auctioned shares are transferred [4].