Core Viewpoint - The piano industry is facing a significant decline in sales, leading to the transfer of control of Helen Piano, a company founded by the so-called "Piano Godfather," Chen Hailun, due to continuous poor performance and the risk of delisting [1][11][17]. Company Ownership and Control - Helen Piano has undergone a change in ownership, with Helen Investment and Four Seasons Hong Kong as the controlling shareholders, holding 27.41% and 16.98% of shares respectively [4]. - On July 24, a share transfer agreement was signed, where Helen Investment and Four Seasons Hong Kong sold a total of 60.83 million shares to Quantuo Zhuodai at a price of 9.09 yuan per share, totaling 548 million yuan [4][5]. - After the transfer, Quantuo Zhuodai will hold 23.83% of Helen Piano, while Helen Investment retains 20.56% [5]. - Following the transaction, Cui Yongqing will become the actual controller of Helen Piano, although Helen Investment remains the second-largest shareholder [7]. Financial Performance and Market Trends - Helen Piano's sales have drastically declined, with upright piano sales dropping from 30,904 units in 2020 to 9,452 units in 2024 [16]. - The company's financial situation has worsened, with a reported revenue of 27.76 million yuan in Q1 2023, a year-on-year decrease of 39.96%, and a net profit loss of 9.685 million yuan, a decline of 154.56% [17]. - The company faces a significant risk of delisting if it cannot maintain a revenue threshold of 100 million yuan [17]. Industry Context - The piano market in China has seen a decline in demand, attributed to the cancellation of educational policies that previously encouraged piano training, leading to many households with over 8 million pianos now having them as idle assets [16]. - The overall piano sales in China, which had averaged 400,000 units annually from 2017 to 2020, have sharply decreased, reflecting a broader trend of declining interest in piano education and ownership [16].

Group 1 - Helen Piano, founded 24 years ago, is set to change ownership with a transfer price exceeding 500 million yuan [1] - The controlling shareholders, including Chen Hailun and his family, will transfer approximately 60.26 million shares, representing 23.83% of the total shares, to Quantuo Zhuodai [1][2] - After the transaction, Quantuo Zhuodai will hold 23.83% of Helen Piano, while Helen Investment will hold 14.56% [1] Group 2 - The share transfer price is set at 9.09 yuan per share, totaling 548 million yuan [2] - Helen Investment will unconditionally and irrevocably waive voting rights for 15.17 million shares, which is 6.00% of the total shares, until the new actual controller is no longer from the Chen family [2] - Helen Piano has faced significant revenue decline, with a reported revenue of 159 million yuan last year, a 46.47% decrease year-on-year, and a net loss of 97.92 million yuan, the largest in its history [2] Group 3 - Quantuo Zhuodai, the new owner, was established on March 7, 2025, with a registered capital of 600 million yuan, focusing on enterprise management and consulting services [3]