Maxscend Microelectronics Company Limited(SZ:300782) Xin Lang Cai Jing·2026-02-12 00:40Core Viewpoint - The recent high-profile divorce case involving Xu Zhihan, a major shareholder of the leading domestic RF company, ZTE Microelectronics, has resulted in significant changes in shareholding structure and potential implications for the company's governance and stock performance [1][6]. Shareholding Changes - Xu Zhihan has transferred 17.15 million shares (3.21% of total shares) to his ex-wife Zhang Yu as part of their divorce settlement [1][11]. - Following the transfer, Xu Zhihan's direct shareholding in the company decreased from 34.3 million shares (6.41%) to 17.15 million shares (3.21%) [12]. - Zhang Yu is restricted to selling no more than 10% of her shares annually and cannot transfer more than 25% of her shares while Xu is a director or senior manager [1][11]. Company Background - ZTE Microelectronics specializes in RF front-end discrete devices and modules, primarily used in smartphones and other mobile smart terminal products, as well as in smart wearables, communication base stations, automotive electronics, Bluetooth headsets, VR/AR devices, and networking equipment [12]. Financial Performance - ZTE Microelectronics has projected a net loss of 255 million to 295 million yuan for the fiscal year 2025, a significant decline from a profit of 402 million yuan in the previous year [8][14]. - The expected revenue for the same period is estimated to be between 3.7 billion and 3.75 billion yuan, reflecting a year-on-year decrease of approximately 16% to 18% [8][14].