Core Viewpoint - The article discusses the recent suspension announcement by Gao Le Co., Ltd. due to potential changes in control stemming from its major shareholder, Huatong Group, planning to transfer its shares or delegate voting rights, which may lead to a shift in the company's governance structure [2][6]. Group 1: Company Background - Huatong Group, established in 2003, is the largest shareholder of Gao Le Co., Ltd. and primarily operates in pig farming and slaughtering [5]. - Gao Le Co., Ltd., founded in October 1989, has two main business segments: toys and internet education [6]. Group 2: Shareholding Changes - In November 2022, Huatong Group acquired a 14% stake in Gao Le Co., Ltd. by purchasing 133 million shares for 290 million yuan, along with additional voting rights, resulting in a total control of 21.74% of voting rights [6]. - Following Huatong Group's acquisition, the company aimed to diversify into the new energy battery sector, announcing a 2 billion yuan investment in a 2GWh solid-state battery project in January 2023 [6]. Group 3: Project Adjustments and Financial Performance - By June 2024, the initial project was revised to a 1.2GWh sodium-ion battery project with a reduced investment of 1.05 billion yuan, indicating challenges in the transition to the new energy sector [6]. - As of the first three quarters of 2025, Gao Le Co., Ltd. reported revenues of 226 million yuan, a year-on-year increase of 10.06%, but still faced a net loss of 11.67 million yuan [7].

Core Viewpoint - The major shareholder, Huadong Group, is planning to transfer its shares in Gaole Co., which may lead to a change in control and potentially halt the company's ambitions in the new energy sector [1][2]. Group 1: Shareholder Changes - Huadong Group has notified Gaole Co. about its plan to transfer shares or voting rights, which could result in a change of control [1]. - The stock of Gaole Co. experienced a limit-up before the announcement of the share transfer [1]. - The transfer comes after Huadong Group took control of Gaole Co. in March 2023, following a share acquisition in November 2022 [1][2]. Group 2: New Energy Ventures - Huadong Group's entry into Gaole Co. was seen as a critical step towards establishing a new energy business [2]. - In December 2022, Gaole Co. established Gaole New Energy Technology (Zhejiang) Co., focusing on battery manufacturing and sales [2]. - A strategic cooperation agreement was signed to invest in a 2GWh solid-state battery project in Yiwu, with a total investment of approximately 2 billion yuan [2]. Group 3: Financial Aspects and Project Status - The 20 billion yuan solid-state battery project was partially funded by Huadong Group through bond financing, contributing about 601 million yuan [3]. - The project has been adjusted to a 1.2GWh sodium-ion battery project, reducing the total investment to 1.05 billion yuan [3]. - As of now, the battery project remains in its early stages, with no production or revenue generated [4]. Group 4: Performance Metrics - For the first three quarters of 2025, Gaole Co. reported revenues of 226 million yuan, a year-on-year increase of 10.06%, but still incurred a net loss of 12 million yuan [6]. - The company has not achieved profitability since Huadong Group's acquisition, with continued losses expected in 2023 and 2024 [6].