Core Viewpoint - *ST Lvkang has undergone a significant change in its controlling shareholder, with the transfer of 46,608,400 shares (29.99% of total shares) to Zongteng Network, which will now control the company [2][3]. Group 1: Share Transfer Details - The share transfer agreement was signed in April 2023, involving multiple investors transferring shares to Zongteng Network [2]. - The breakdown of the share transfer includes: - Kangyi Investment transferring 27,326,100 shares (17.58% of total shares) - Yirui Investment transferring 7,712,900 shares (4.96% of total shares) - Changxin No. 2 transferring 3,856,500 shares (2.48% of total shares) - Haoying Investment transferring 7,712,900 shares (4.96% of total shares) [3]. - Following the completion of the transfer, Zongteng Network will hold 46,608,400 shares, making it the new controlling shareholder [3]. Group 2: Company Financial Status - As of the end of 2024, *ST Lvkang reported a net asset of -2,453.61 million yuan, leading to a "delisting risk warning" on its stock [4]. - The company has recorded negative net profits for three consecutive years (2022, 2023, 2024), with an audit opinion indicating significant uncertainty regarding its ability to continue as a going concern [4]. - For the first three quarters of 2025, *ST Lvkang achieved a revenue of 410 million yuan but reported a net loss of 82.59 million yuan, with a non-recurring net profit loss of 91.63 million yuan [4]. - As of September 30, 2025, the company's equity attributable to shareholders remained negative at -106 million yuan [4]. Group 3: Market Reaction and Business Stability - The stock price of *ST Lvkang has experienced significant volatility, with a series of trading halts and subsequent declines [4]. - The company has stated that the change in control will not adversely affect its main business or operational performance, and it encourages investors to make rational investment decisions [4].

Core Viewpoint - The cross-border logistics unicorn, Zongteng Network, has become the controlling shareholder of the listed company Green康生化 through a significant asset acquisition, raising speculation about a potential "backdoor listing" in the capital market [2][7]. Group 1: Acquisition Details - Green康生化 announced the transfer of 29.99% of its shares to Zongteng Network, making it the controlling shareholder with a total payment of approximately 639.93 million yuan for 46,608,397 shares at a price of 13.73 yuan per share [5][6]. - The actual controller of Green康生化 has changed from Lai Tanping to Wang Zuan, the founder of Zongteng Network [5]. Group 2: Company Background - Green康生化, established in 2003 and listed in May 2017, focuses on the research, production, and sales of veterinary drugs. However, it has faced continuous operational challenges since its IPO, leading to four consecutive years of losses starting in 2021 [6]. - The company has diversified into the photovoltaic film business since 2022, creating a dual business model of "veterinary drugs + photovoltaics" [6]. Group 3: Zongteng Network Overview - Zongteng Network, founded in 2009, is a leading player in cross-border e-commerce logistics and serves major platforms like Amazon, eBay, TikTok, SHEIN, and Walmart. It has received significant investments from various institutions, achieving a market valuation exceeding 50 billion yuan [7]. - As of 2024, Zongteng Network reported annual revenue of 27.1 billion yuan and a net profit of 1.12 billion yuan, and it has been recognized as one of the "Top 500 Service Enterprises in China" for three consecutive years [7].