Core Viewpoint - The control of Changling Hydraulic (605389) has changed hands to Hu Kangqiao, a semiconductor expert, through a combination of agreement transfer and tender offer, resulting in the new controlling party holding 41.99% of the voting rights [2][7][11]. Group 1: Control Change Details - The control change will be executed via "agreement transfer + tender offer" [2][7]. - After the transaction, Hu Kangqiao will become the actual controller of the company [2][9]. - The agreement transfer involves the transfer of approximately 43.21 million shares, accounting for 29.99% of the total shares, at a price of 34.39 yuan per share, totaling approximately 1.486 billion yuan [7][9]. Group 2: Market Reaction - Following the announcement, Changling Hydraulic's stock resumed trading on July 11 and hit the daily limit up [2]. - Prior to the suspension, the stock experienced significant volatility, with a cumulative increase of over 17% on June 30 and July 1, followed by two consecutive limit downs [2]. Group 3: Background of New Controller - Hu Kangqiao, born in 1988, is a Tsinghua University graduate and a leading talent in national technology entrepreneurship [11]. - He is the founder of Core Chip Interconnect Technology, which specializes in mixed-signal chip design and has received significant investment support [11][12]. - The company aims to enhance Changling Hydraulic's operational management and resource integration, promoting business transformation and sustainable development [11][13]. Group 4: Financial Aspects - The tender offer will involve acquiring 17,290,448 shares, representing 12.00% of the total shares, at a price of 36.24 yuan per share, which is lower than the pre-suspension closing price of 38.21 yuan [9]. - The agreement includes commitments from existing shareholders to accept the tender offer for their shares [9].

Core Viewpoint - The company plans to change its business scope and amend its articles of association, which requires approval from the shareholders' meeting [1][3]. Group 1: Business Scope Changes - The company intends to expand its business scope to include the research, development, manufacturing, and sales of oil drilling tools, equipment, and materials, in addition to its existing hydraulic components and systems [1]. - The revised business scope will also cover the import and export of raw materials, machinery, instruments, and hydraulic components necessary for the company's production and research [1]. Group 2: Corporate Governance - The proposed amendments to the articles of association will be submitted for approval at the company's first extraordinary shareholders' meeting in 2025, requiring a two-thirds majority of the voting rights present [3]. - The board of directors will seek authorization from the shareholders' meeting to handle the necessary business registration and related matters following the approval [3].