NBZB(SH:600857) 经济观察报·2025-10-24 02:59Core Viewpoint - The A-share empire built by Xu Xiang is disintegrating, with significant implications for the control of various listed companies, particularly Ningbo Zhongbai [2][5]. Group 1: Ownership Changes - Xu Bai Liang, the father of Xu Xiang, is losing control over multiple companies due to stock auctions and transfers, including Dahan Technology [5]. - The upcoming auction of 35,405,300 shares of Ningbo Zhongbai, with a starting price of 512 million yuan, indicates a potential change in control [3][6]. - Xu Bai Liang holds 15.78% of Ningbo Zhongbai through his company, Tibet Zetian Investment Development Co., Ltd., which is currently under auction [4][10]. Group 2: Auction Details - The auction for Ningbo Zhongbai shares is set for November 22-23, 2025, with a starting price of 512 million yuan, equivalent to approximately 14.46 yuan per share [3][7]. - On October 23, 2025, Ningbo Zhongbai's stock closed at 14.09 yuan, indicating that the auction price is higher than the market price, making it less attractive for investors [7][10]. Group 3: Related Parties - Zhu Renbao, who was seen as a proxy for Xu Xiang, had his 18,884,000 shares in Ningbo Zhongbai auctioned off for 270 million yuan, raising concerns about the influence of Xu Xiang's family on the company [9][12]. - The new buyer of Zhu Renbao's shares, Hangzhou Jindi Commercial Management Co., Ltd., may influence the future control of Ningbo Zhongbai, depending on the outcome of the upcoming auction [12][14]. Group 4: Financial Performance - Ningbo Zhongbai reported a revenue of 289 million yuan for the first half of 2025, a decline of 41.94% year-on-year, highlighting financial challenges amid ownership uncertainties [10].