Core Viewpoint - Guangdong Xiaocong Technology Co., Ltd. is undergoing a significant ownership change, with Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd. transferring its shares to Shanghai Jiasheng Times Enterprise Management Partnership, marking a new chapter for the company after nearly a decade of public listing [1][2]. Group 1: Ownership Change - The controlling shareholder, Huaxin Chuangli, signed a share transfer agreement to sell 30,737,862 shares at a price of 9.32 yuan per share, totaling approximately 286.48 million yuan [1][2]. - Upon completion of the transaction, Jiasheng Times will become the new controlling shareholder with a 9.25% stake, while Huaxin Chuangli will no longer hold any shares [1][2]. Group 2: New Shareholder Background - Jiasheng Times was established on November 18, 2025, with a registered capital of 200 million yuan, and its equity structure includes key figures such as Luo Minghua and Liu Lingshuang, who have signed a concerted action agreement [2]. - Luo Minghua, born in 1979, has a background in management and has previously controlled other companies, while Liu Lingshuang, born in 1992, has held significant positions in various investment and technology firms [2]. Group 3: Transition and Governance - The agreement stipulates that Huaxin Chuangli must maintain stable management and refrain from major asset disposals or executive changes before the share transfer is completed, unless agreed upon by Jiasheng Times [2]. - After the share transfer, Jiasheng Times will have the authority to reorganize the board and nominate more than half of the directors, while the existing management team will continue to operate the current business for a smooth transition [2]. Group 4: Company Performance - Xiaocong Technology has faced declining performance, reporting net losses of 6.92 million yuan in 2023, 22.5 million yuan in 2024, and 7.11 million yuan in the first three quarters of 2025 [3]. - As of September 30, 2025, the company's debt-to-asset ratio was 61.46%, an increase of 7.46% year-on-year, with accounts receivable amounting to 465 million yuan, up 6.12% year-on-year [4].