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Core Viewpoint - The control change of Tianchuang Fashion has been finalized, with Anhui Xianrui Investment Holding Co., Ltd. becoming the controlling shareholder, raising questions about whether this move is aimed at better transformation or a reverse merger [1][3]. Group 1: Shareholder Changes - Tianchuang Fashion announced the signing of a share transfer agreement, where the previous controlling shareholders, Quanzhou Hetian Investment Partnership and Gaochuang Co., Ltd., will transfer shares to Anhui Xianrui, resulting in a decrease of their holdings to 6.5% and 4.61% respectively, while Anhui Xianrui will hold 19.95% [3][4]. - Anhui Xianrui was established specifically for this equity change, with a registered capital of 150 million yuan, fully controlled by Cixing Group, whose founder is Hu Xiangen [3][4]. Group 2: Board Restructuring - Following the share transfer, a new board of directors will be formed within 20 days after the disclosure of Tianchuang Fashion's 2026 semi-annual report, with Anhui Xianrui having the right to nominate 3 non-independent directors and 2 independent directors [4][5]. - The restructuring indicates that Hu Xiangen will have significant control over Tianchuang Fashion's operational decisions, while the original shareholders will retain limited influence [5]. Group 3: Financial Performance - Tianchuang Fashion has reported declining financial performance, with revenues of 744 million yuan in the first three quarters of 2025, down 7.12% year-on-year, and a loss of 5.23 million yuan [6]. - In 2024, the company recorded revenues of 1.099 billion yuan, a decrease of 13.74%, with a loss of 90.81 million yuan [6][7]. - In contrast, Cixing Group, the acquirer, reported revenues of 2.156 billion yuan and 1.59 billion yuan for 2024 and the first nine months of 2025, respectively, with net profits of 220 million yuan and 242 million yuan [7]. Group 4: Market Speculation - Industry experts speculate that the acquisition may serve as a vehicle for a reverse merger, as Cixing Group's core business in bearing manufacturing is unrelated to Tianchuang Fashion's footwear operations [8]. - There are concerns that if Tianchuang Fashion abandons its core footwear business, it may lose its brand foundation, but a strategic transformation could enhance operational efficiency and product competitiveness [10].