Core Viewpoint - Kewah Holdings (603161.SH) is undergoing a potential change in control as its major shareholder and actual controller are planning to transfer shares, which may lead to a change in actual control. The stock was suspended from trading starting August 18, following a significant price increase prior to the announcement [1][2]. Group 1: Share Transfer and Control Changes - Kewah Holdings has faced multiple failed attempts at control transfer since 2022, with the Chen family planning to transfer control but encountering various setbacks [2]. - In July 2022, an agreement was made to transfer 12% of shares to Chen Wei, which would have made him the actual controller, but the deal fell through due to regulatory issues [2][3]. - Following two failed attempts at control transfer, Kewah Holdings announced on August 25, 2023, another attempt, which was later terminated, leaving Shanghai Jingyou as a significant shareholder without control [4][5]. Group 2: Financial Performance - Kewah Holdings has experienced significant fluctuations in financial performance, with net profit declining from 2018 to 2021, including a loss of 46.76 million yuan in 2021 due to various operational challenges [7]. - The company saw a recovery in 2022 and reached new highs in 2023, but financial performance began to decline again in 2024, with revenue dropping by 9.28% year-on-year to 2.372 billion yuan and net profit decreasing by 14.71% [8]. - In the first quarter of 2025, Kewah Holdings reported a revenue of 526 million yuan, down 15.17% year-on-year, and a net profit of 25.61 million yuan, down 40.82% [8]. Group 3: Shareholder Structure - As of April 15, 2025, the major shareholders include Chen Hongmin (20.11%), Shanghai Jingyou (11.21%), and Zhang Yu (8.27%), with Chen Wei's remaining shares frozen, reducing his stake to 3.47% [4][6]. - Shanghai Jingyou, which entered the company in December 2022, has faced a paper loss of approximately 15.57 million yuan on its investment due to the decline in stock value since its acquisition [6][8]. Group 4: Strategic Developments - Kewah Holdings is expanding internationally, having established a wholly-owned subsidiary in Thailand with an investment of up to 16 million USD to enhance its overseas market presence [9].