Core Viewpoint - The proposed change of control at Yonghe Intelligent Control has been abruptly terminated due to the failure of Hangzhou Runfeng to fulfill payment obligations under the share transfer agreement [1][2] Group 1: Share Transfer Agreement - On August 5, a share transfer agreement was signed between Cao Delin and Hangzhou Runfeng, where Cao intended to transfer 35.66 million shares (8% of total shares) at approximately 8.97 yuan per share, totaling 320 million yuan [1] - The agreement included a voting rights delegation agreement, which would have resulted in a change of controlling shareholder from Cao Delin to Sun Rongxiang [1] - The transfer was contingent upon Hangzhou Runfeng making an initial payment of 20.01 million yuan, which was not completed, leading to the automatic invalidation of the agreement [2] Group 2: Company Control and Ownership - As of the announcement date, Cao Delin and his associates held 46.73 million shares, representing 10.49% of the total share capital, indicating that control remains unchanged [2] - The termination of the share transfer agreement ensures that Cao Delin continues as the controlling shareholder and actual controller of Yonghe Intelligent Control [2] Group 3: Company Background and Business Segments - Yonghe Intelligent Control was founded in 2003 and listed on the Shenzhen Stock Exchange in April 2016, initially focusing on fluid control equipment [2] - In 2019, the company expanded into the medical sector with a focus on precision radiation therapy for tumors [2] - In December 2022, Yonghe Intelligent Control became a controlling shareholder of Puluo New Energy Technology (Taixing) Co., Ltd., entering the photovoltaic industry, and currently operates in three main sectors: valves, medical, and photovoltaic [2] Group 4: Financial Performance - The company has projected a net loss of 30 million to 56 million yuan for the first half of 2025, indicating ongoing financial challenges [2]

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 - Yonghe Intelligent Control (002795) is planning a change of control, with its stock price experiencing a strong surge recently [1] Group 1: Share Transfer Agreement - On August 5, Yonghe Intelligent Control announced that its controlling shareholder, Cao Deli, signed a share transfer agreement with Hangzhou Runfeng Intelligent Equipment Co., Ltd., transferring 35.66 million shares (8% of total shares) at approximately 8.97 yuan per share, totaling 320 million yuan [1] - Following the share transfer, the controlling shareholder will change from Cao Deli to Hangzhou Runfeng, and the actual controller will change to Sun Rongxiang [3] - The share transfer does not trigger a mandatory bid and is not considered a related party transaction, pending compliance confirmation from the Shenzhen Stock Exchange [3] Group 2: Previous Control Change Attempt - Two years prior, Yonghe Intelligent Control attempted to transfer control but ultimately failed [3] - In November 2023, Cao Deli signed a share transfer agreement with Guangdong Pule Green Energy Holdings Co., Ltd., proposing to transfer 59.30 million shares (13.3% of total shares) at approximately 8.9736 yuan per share, totaling 532 million yuan [4] - This transaction was later terminated due to significant changes in transaction conditions, with all related agreements being voided [4] Group 3: Company Background and Financial Performance - Yonghe Intelligent Control was founded in 2003 and listed on the Shenzhen Stock Exchange in April 2016, initially focusing on fluid control equipment [5] - The company expanded into medical business related to tumor precision radiation therapy in 2019 and became a controlling shareholder in a photovoltaic company in December 2022 [5] - For the first half of 2025, the company expects a net loss of 30 million to 56 million yuan, attributed to decreased revenue in the valve and pipe fittings business and high depreciation and labor costs, although the net profit attributable to the parent company has increased due to reduced losses in the photovoltaic sector [5]