Core Viewpoint - The article discusses a high-profile divorce case involving Xu Zhihan, the chairman and general manager of the domestic RF leader ZTE Microelectronics, and Zhang Yu, which has significant implications for the company's shareholding structure and control [1][2]. Group 1: Divorce and Shareholding Changes - Xu Zhihan and Zhang Yu have amicably divorced, with Xu transferring 17,152,005 shares of ZTE Microelectronics to Zhang, valued at approximately 1.289 billion yuan based on the stock price of 75.16 yuan per share [1]. - Following the transfer, both Xu and Zhang hold 17,152,005 shares each, representing 3.21% of the total share capital of the company [1][2]. - The couple signed a voting rights delegation agreement, allowing Xu to exercise all voting rights associated with Zhang's shares, maintaining the control structure of the company [1][2]. Group 2: Control and Governance - Prior to the divorce, Xu, Feng Chenhui, and Tang Zhuang collectively controlled 31.90% of the voting rights of the company, a figure that remains unchanged post-divorce [2]. - Zhang Yu is restricted to selling no more than 10% of her shares annually, and during Xu's tenure as a director, she cannot transfer more than 25% of her shares [2]. Group 3: Company Performance - ZTE Microelectronics is a key player in the domestic RF front-end sector, primarily serving the smartphone and wearable device markets [3]. - The company has projected a revenue decline of 16% to 18% for 2025, with expected losses of 295 million to 255 million yuan, marking its first annual loss since its listing in 2019 [3]. Group 4: Industry Context - The article highlights a trend of high-value divorce cases among A-share listed companies, with significant financial implications for shareholding structures [4]. - In 2025, it is reported that 12 to 15 listed companies disclosed announcements related to divorces involving major shareholders, with total market value implications nearing 6 billion yuan [5].
A股又现“天价离婚”，警惕离婚式减持等违规行为