康恒环境上市，再近一步

Core Viewpoint - The announcement reveals a significant change in the ownership structure of *ST Zhongzhuang, with Shanghai Hengcen Enterprise Management Consulting Co., Ltd. becoming the largest shareholder, indicating a strategic shift in the company's management and potential recovery path following its financial difficulties [1][4]. Group 1: Ownership Changes - Shanghai Hengcen has acquired 312 million shares, representing a 16.00% stake, making it the largest shareholder of *ST Zhongzhuang [1]. - The controlling shareholder has changed from Zhuang Xiaohong to Shanghai Hengcen, while the actual controller has shifted from Zhuang Xiaohong and Zhuang Zhannuo to Long Jisheng [1]. - Long Jisheng controls 89.95% of the voting rights of Shanghai Hengcen, indicating a strong influence over the company's strategic direction [1][3]. Group 2: Financial Background - *ST Zhongzhuang reported a net loss of 702 million yuan in 2023, with total liabilities reaching 4.753 billion yuan and a cash short-term debt ratio of only 0.28, highlighting severe financial distress [4]. - The company entered a restructuring process in May 2024 due to a debt crisis, with the Shenzhen Intermediate People's Court initiating pre-restructuring procedures in August 2024 [4]. - Shanghai Hengcen and Kangheng Environment signed a restructuring investment agreement in March 2025, indicating a potential pathway for financial recovery [4]. Group 3: Long Jisheng's Background - Long Jisheng, born in 1966, has extensive experience in environmental management and has held various significant positions in the industry, including CEO of Kangheng Environment [3]. - He has been recognized as a leading talent in Shanghai and is an expert in public-private partnerships (PPP) and sustainable development [3]. - Kangheng Environment, under Long Jisheng's leadership, has shown strong financial performance with revenues of 8.581 billion yuan, 8.936 billion yuan, and 8.070 billion yuan over the past three years, along with consistent net profits [4].