Core Viewpoint - Yonghe Fluid Control Co., Ltd. (永和智控) is undergoing a significant change in control as its major shareholder, Cao Deli, transfers shares to Hangzhou Runfeng Intelligent Equipment Co., Ltd. for a total of approximately 320 million yuan, marking a shift in the company's leadership [1][2][5]. Share Transfer Details - Cao Deli signed a share transfer agreement on August 5, 2023, transferring 35.66 million shares (8% of total shares) at a price of 8.9736 yuan per share [1][5]. - Following the transfer, Hangzhou Runfeng will hold 8% of Yonghe's shares and 14.65% of voting rights, making it the new controlling shareholder [2][5]. - The share transfer price represents a premium of over 45% compared to Yonghe's closing price on August 6, 2023 [5]. Historical Context - This is not the first time Yonghe has sought a new controlling party; previous attempts included a planned transfer to Guangdong Pulu Green Energy Holdings in 2023, which ultimately fell through [6][7]. - The current transaction mirrors the previous one in terms of share price and quantity, indicating Cao Deli's persistent efforts to divest control [8]. Company Performance and Business Focus - Yonghe's main business includes plumbing valves and fittings, which account for 85% of its revenue, while its medical and photovoltaic businesses contribute 14.39% and 0.24%, respectively [9]. - Despite efforts to diversify into the medical and photovoltaic sectors, these ventures have not yielded significant profits, with medical revenue declining by 19.77% in 2024 and photovoltaic revenue being negligible [10][11]. Future Plans - Cao Deli has committed to facilitating the divestment of Yonghe's underperforming photovoltaic and medical assets by December 20, 2025, as part of the share transfer agreement [12].

Core Viewpoint - The controlling shareholder of Yonghe Intelligent Control, Cao Deli, is transferring 35.66 million shares (8.00% of total shares) to Hangzhou Runfeng at a price of 8.9736 yuan per share, totaling 320 million yuan, which has led to a significant drop in the company's stock price following the announcement [1][2][3]. Group 1: Share Transfer and Control Change - Cao Deli and Yu Yaqin collectively controlled 46.73 million shares (10.49% of total shares) before the transfer [2]. - After the transfer, Hangzhou Runfeng will hold 8.00% of Yonghe Intelligent Control, and its actual controller, Sun Rongxiang, will have voting rights for 14.65% of the shares [3]. - The transfer does not trigger a mandatory takeover and is not classified as a related party transaction [3]. Group 2: Business Restructuring - Yonghe Intelligent Control plans to divest its medical and photovoltaic segments by December 20, 2023, as part of a restructuring effort [4]. - The company has reported consecutive annual losses from 2022 to 2024, with net profits of -26.70 million yuan, -156 million yuan, and -297 million yuan, indicating a worsening trend [4]. - The anticipated revenue for the first half of 2025 is projected between 330 million yuan and 380 million yuan, with expected losses of 30 million to 56 million yuan [4]. Group 3: Legal Issues - Yonghe Intelligent Control and its subsidiaries have been involved in multiple lawsuits, with a total amount of 64.83 million yuan in undisclosed litigation over the past 12 months, exceeding 10% of the company's latest audited net assets [5]. Group 4: Hangzhou Runfeng Background - Hangzhou Runfeng was established on July 22, 2023, with a registered capital of 20 million yuan, focusing on intelligent manufacturing equipment and robotics [6]. - The company has not yet engaged in any related business activities and plans to change its business scope within 10 working days [6]. - The controlling shareholder of Hangzhou Runfeng, Hangzhou Yuli Enterprise Management, was formed on July 14, 2023, and is linked to Sun Rongxiang, who holds a 35% stake in Zhejiang Yuli Electromechanical Technology [6][7].

Core Viewpoint - The leading valve and fittings company Yonghe Zhikong is undergoing a change in control, with its major shareholder transferring shares to Hangzhou Runfeng, which has not yet commenced operations [1][6]. Group 1: Share Transfer Details - On August 5, the controlling shareholder Cao Deli signed a share transfer agreement to sell 35.66 million shares (8.00% of total shares) to Hangzhou Runfeng at a price of 8.9736 yuan per share, totaling 320 million yuan [1][2]. - Following the transfer, Hangzhou Runfeng will hold 8.00% of Yonghe Zhikong, and Sun Rongxiang will become the actual controller of the company, holding 14.65% of voting rights [3][4]. Group 2: Business Operations and Financial Performance - Yonghe Zhikong's main business includes plumbing valves and fittings, as well as tumor precision radiation treatment, with plans to divest from the photovoltaic and medical sectors by December 20 [4]. - The company has reported declining performance over the past three years, with net losses of 26.70 million yuan in 2022, 156 million yuan in 2023, and an expected loss of 297 million yuan in 2024 [4]. - For the first half of 2025, Yonghe Zhikong anticipates revenue between 330 million yuan and 380 million yuan, with a projected net loss of 30 million to 56 million yuan, primarily due to reduced income from valve fittings and declining gross margins [4]. Group 3: Legal Issues - Yonghe Zhikong and its subsidiaries are involved in multiple lawsuits, with a total amount of 64.83 million yuan in undisclosed litigation over the past twelve months, exceeding 10% of the company's latest audited net assets [5]. Group 4: Hangzhou Runfeng Background - Hangzhou Runfeng was established on July 22, 2023, with a registered capital of 20 million yuan, but has not yet engaged in any business activities related to industrial robots [6][7]. - The controlling shareholder of Hangzhou Runfeng is Hangzhou Yuli Enterprise Management Co., which was founded shortly before Runfeng and is linked to Sun Rongxiang [6][7].

Core Viewpoint - The stock price of Yonghe Intelligent Control (002795.SZ) dropped by 5.80% after the announcement of a share transfer agreement involving its controlling shareholder, Cao Deli, who plans to transfer 35.66 million shares (8.00% of total shares) to Hangzhou Runfeng at a price of 8.9736 yuan per share, totaling 320 million yuan [1][2]. Group 1: Share Transfer and Control Change - Cao Deli, the current controlling shareholder, will transfer his shares to Hangzhou Runfeng, which will result in Sun Rongxiang becoming the new controlling person of Yonghe Intelligent Control [2][3]. - After the share transfer, Hangzhou Runfeng will hold 8.00% of Yonghe Intelligent Control, and Sun Rongxiang will have voting rights corresponding to 14.65% of the shares [3]. - The share transfer does not trigger a mandatory tender offer and is not classified as a related party transaction, ensuring that the company's main business operations will not undergo significant changes [3]. Group 2: Business Operations and Financial Performance - Yonghe Intelligent Control's main business includes plumbing valves and tumor precision radiation therapy, with plans to divest from the photovoltaic and medical sectors by December 20, 2023 [4]. - The company has experienced declining performance over the past three years, with net losses of 26.70 million yuan in 2022, 156 million yuan in 2023, and an expected loss of 297 million yuan in 2024 [4]. - The revenue forecast for the first half of 2025 is between 330 million yuan and 380 million yuan, with anticipated net losses ranging from 30 million yuan to 56 million yuan due to decreased income from valve business and rising costs [4]. Group 3: Legal Issues and Company Background - Yonghe Intelligent Control and its subsidiaries are involved in multiple lawsuits, with a total amount of 64.83 million yuan in undisclosed litigation over the past twelve months, exceeding 10% of the company's latest audited net assets [5]. - Hangzhou Runfeng, established on July 22, 2023, has not yet commenced its intended business operations and will change its business scope shortly [6]. - The controlling shareholder of Hangzhou Runfeng, Zhejiang Yuli Electromechanical Technology Co., has been reported to be in a state of suspension since April 2023, raising concerns about the stability of the new controlling entity [7].