Core Viewpoint - The planned change of control for Shankai Intelligent (山科智能) has been halted due to the failure of the acquiring party, Changjiang Aerospace (长江航天), to obtain necessary approvals from the relevant state-owned asset regulatory authorities [1][4]. Summary by Sections Company Overview - Shankai Intelligent was established in 1999 and primarily produces smart water meters, intelligent water management products, and related software integration products. The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on September 28, 2020 [1]. Share Transfer Agreement - On July 16, 2025, shareholders of Shankai Intelligent signed a share transfer agreement with Changjiang Aerospace, where multiple shareholders planned to transfer a total of 27,619,091 shares, representing 19.70% of the company's total share capital [2][3]. Voting Rights Waiver Agreement - Alongside the share transfer, a voting rights waiver agreement was signed, where shareholders agreed to waive their voting rights for the remaining shares they hold for 36 months post-transfer [3]. Termination of Control Change - The control change transaction was terminated due to Changjiang Aerospace's inability to secure the necessary approvals from state asset regulatory authorities, leading to the signing of a termination agreement on November 7, 2025 [4]. Market Context and Implications - The New District of Wuhan had high expectations for controlling a listed company like Shankai Intelligent, marking a significant shift from "land finance" to "equity finance" for the district [4]. Key Personnel Issues - A key figure in the transaction, Li Yajun, was reported to have been detained a month prior to the termination of the deal, raising concerns about the transaction's viability [5].