Core Viewpoint - Rhein Biotech is undergoing a change in control, with its major shareholder transferring control to Guangzhou Defu Nutrition, effective from December 24, 2023, after a suspension of trading since December 10, 2023 [1][3]. Shareholder Changes - The controlling shareholder Qin Benjun signed several agreements with Guangzhou Defu Nutrition on December 22, 2023, including a framework agreement for control change and share transfer [3]. - Qin Benjun will transfer 8.09% of his shares in Rhein Biotech to Guangzhou Defu Nutrition and will relinquish voting rights for 25.50% of his shares while retaining voting rights for 3% [4]. - The total transaction value is 646 million yuan, with a share transfer price of 10.76 yuan per share, representing a premium of 23.68% over the closing price of 8.70 yuan on December 9, 2023 [4]. Post-Transaction Shareholding Structure - After the transaction, Qin Benjun will hold 28.50% of Rhein Biotech's shares and 4.14% of the voting rights, while Guangzhou Defu Nutrition will hold 8.09% of the shares and 11.17% of the voting rights [5]. - Guangzhou Defu Nutrition was established on December 2, 2025, by Defu Capital and currently has not engaged in any actual business activities [5]. Strategic Intentions - Rhein Biotech aims to leverage Defu Capital's extensive resources in the healthcare sector to enhance its operational efficiency and governance structure [6]. - The company plans to expand its industry chain through acquisitions, specifically targeting the nutritional supplement sector, to create a closed-loop supply chain from raw materials to formulation solutions [7]. Acquisition Details - Rhein Biotech has signed agreements to acquire 80% of Beijing Jinkangpu Food Technology Co., Ltd. through share issuance, which will be funded by issuing shares to Guangzhou Defu Nutrition [7]. - This acquisition is expected to enhance Rhein Biotech's capabilities in the nutritional supplement market, particularly in the area of fortified food products [8]. Financial Overview of Beijing Jinkangpu - As of September 30, 2025, Beijing Jinkangpu reported total assets of 593 million yuan and a net profit of 40.33 million yuan for the first three quarters of 2025 [8]. - The company is a leading supplier of nutritional supplements for infant formula manufacturers, indicating a strong market position [8]. Financial Performance of Rhein Biotech - As of September 30, 2025, Rhein Biotech's total assets were 4.985 billion yuan, with a net profit of 70.40 million yuan for the first three quarters of 2025 [10]. - The company has shown a consistent growth trajectory in its financial performance, with total liabilities of 1.823 billion yuan [10].