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Core Viewpoint - Jianghuai Microelectronics plans to change its controlling shareholder from Zibo Xingheng Tusheng Holdings to Shanghai Fuxun Technology, with the actual controller changing to Shanghai State-owned Assets Supervision and Administration Commission, resuming trading on January 20 [1][13]. Share Transfer Agreement - On January 19, Zibo Xingheng Tusheng signed a conditional share transfer agreement to sell 23.96% of Jianghuai Microelectronics' shares at a price of 20 yuan per share, totaling 1.848 billion yuan [3][15]. - After the transaction, Zibo Xingheng Tusheng will no longer hold shares in Jianghuai Microelectronics, and the controlling shareholder will be Shanghai Fuxun Technology [4][16]. Shareholding Structure - Before the transaction, Zibo Xingheng Tusheng held 92,382,329 shares (23.96%), while other shareholders held 293,254,919 shares (76.04%). Post-transaction, Shanghai Fuxun will hold the same number of shares [5][17]. Strategic Focus - The share transfer is part of Zibo Urban Asset Operation Group's strategy to focus on its core business and optimize its industrial layout [6][18]. - Zibo Urban Asset Operation Group is responsible for the unified management and operation of state-owned assets authorized by the Zibo municipal government [6][18]. Support from Shanghai Huayi - The transfer also aims to support Jianghuai Microelectronics in leveraging the technological and industrial advantages of Shanghai Huayi Holding Group to explore development potential and achieve high-quality growth [8][20]. - Shanghai Huayi, a major chemical enterprise group, holds 95% of Shanghai Fuxun Technology and is fully owned by the Shanghai State-owned Assets Supervision and Administration Commission [10][22]. Business Performance - Jianghuai Microelectronics specializes in the R&D, production, and sales of ultra-pure reagents and photoresist materials for semiconductor chips and other electronic components [20][22]. - Despite revenue growth, Jianghuai Microelectronics has faced declining net profits, with a revenue increase of 6.73% and 10.92% in 2024 and the first three quarters of 2025, respectively, while net profit decreased by 6.29% and 8.66% [20][22].