Former "Asia's Bottle King" Zhuhai Zhongfu Plans to Change Ownership Again! Huang Zhihao Invests with 933 million yuan

Reporter | Chen Pengli | The Daily Economic News Editor | Wei Guanhong | The Daily Economic News

After four consecutive years mired in losses, Zhuhai Zhongfu (SZ000659, currently suspended) — once known as the “Asian bottle king” — has once again found a “white knight.”

On the evening of April 3, Zhuhai Zhongfu disclosed a plan for a private placement. The company intends to issue no more than 283 million shares to Zhuhai Hengqin Xingying Investment Partnership (Limited Partnership) (hereinafter “Hengqin Xingying”), raising total proceeds of no more than RMB 933 million. After the issuance is completed, Hengqin Xingying will become the company’s new controlling shareholder, and its actual controller, Huang Zihang, will also become Zhuhai Zhongfu’s new actual controller. Prior to this, Zhuhai Zhongfu had no actual controller.

A reporter from The Daily Economic News noted that this is less than a year since Zhuhai Zhongfu’s previous “control change” plan was terminated. This time, however, the new “acquirer” also needs to face the company’s grim financial situation: as of September 30, 2025, its asset-liability ratio is as high as 95.6%. The funds raised in this private placement will also be used precisely for “recapitalization.” Of this, RMB 800 million is planned for debt repayment, and the remainder will be used to supplement working capital.

Regarding this change in control, the original controlling shareholder, Shaanxi Xinsi Road Investment Partnership No. 1 (Limited Partnership), shows a strong willingness to “let go.” It not only commits that within the next 36 months it will not seek control of the listed company, but also commits to cast affirmative votes for the directors nominated by the new shareholders.

Huang Zihang plans to take control of Zhuhai Zhongfu with RMB 933 million

According to a company announcement from Zhuhai Zhongfu on the evening of April 3, the company’s board of directors has convened a meeting to deliberate and approve the relevant proposals for issuing shares to specific targets. The plan shows that the issuance target is Hengqin Xingying. The issuance price will be RMB 3.3 per share, with an issuance quantity of no more than 283 million shares. Total proceeds raised will not exceed RMB 933 million. Hengqin Xingying will subscribe to all shares issued in this offering in cash.

It is understood that prior to this issuance, Xinsi Road held 15.71% of the shares of Zhuhai Zhongfu and was the company’s controlling shareholder, but Zhuhai Zhongfu had no actual controller. If this issuance is completed as scheduled, Xinsi Road’s shareholding proportion will be diluted to 12.88%; while Hengqin Xingying will hold 18.03% of the company’s shares, becoming the new controlling shareholder. Its executive affairs partner, Huang Zihang, will become the company’s new actual controller.

Zhuhai Zhongfu stated that the company’s shares will resume trading from the opening of the market on April 7, 2026.

A reporter from The Daily Economic News also noted that, to ensure a smooth transition of control, the original controlling shareholder Xinsi Road and its executive affairs partner Shaanxi Renk Entrepreneurship Energy Management Co., Ltd. (hereinafter “Renk Entrepreneurship Energy”) issued a “Commitment Not to Seek Control of the Listed Company.” They commit that within 36 months after the completion of this change in equity, Xinsi Road and Renk Entrepreneurship Energy will not seek the position of the listed company’s largest shareholder or actual controller in any manner, and will also cast affirmative votes for all director candidates nominated by Hengqin Xingying.

The announcement also reveals that the new shareholder plans to make appropriate adjustments to Zhuhai Zhongfu’s board of directors. The directors nominated and elected should hold two-thirds or more of the seats on the board.

The reporter learned from Tianyancha that Hengqin Xingying, the “acquirer” slated to enter, is a “young” company established in June 2025, with Huang Zihang as its executive affairs partner. The plan discloses that among the funds Hengqin Xingying will use for this subscription, its own-funds contribution ratio is no less than 50%. It also does not rule out applying for legal ways to obtain self-raised funds such as bank merger and acquisition loans.

The private placement proceeds will be used in full for debt repayment and supplementing working capital

It is also worth noting that this is not the first time Zhuhai Zhongfu has sought a “control change” in recent years. In December 2024, Zhuhai Zhongfu had also planned to introduce Xun Zhen Investment (Shenzhen) Partnership (Limited Partnership) through a private placement as the company’s new controlling shareholder. However, in June 2025, that private placement plan was formally terminated. The reason given was that “the parties held differing opinions on future business development plans and failed to reach agreement on the core terms of this transaction.”

Now, the selection of a new “knight” has appeared again.

Looking back at Zhuhai Zhongfu itself, the company’s operating performance in recent years has not been encouraging. According to the company’s earlier 2025 performance forecast, it expects attributable net profit in 2025 to be between -RMB 135 million and -RMB 100 million. This also means that since 2022, Zhuhai Zhongfu has recorded losses for the fourth consecutive year. Financial statements show that its attributable net profit from 2022 to 2024 was -RMB 186 million, -RMB 70 million, and -RMB 123 million, respectively.

Ongoing losses have worsened the company’s financial position. As of the end of September 2025, Zhuhai Zhongfu’s asset-liability ratio had risen to 95.6%. At the same time, the company’s short-term borrowings on its books are RMB 273 million, and non-current liabilities due within one year are RMB 621 million.

Against this backdrop, the RMB 933 million raised in this private placement is particularly critical. According to the plan, after deducting issuance costs, of the raised funds, RMB 800 million will be used to repay the company’s debts, and the remaining portion will be used to supplement the company’s working capital.

In the announcement, Zhuhai Zhongfu stated that the purpose of this issuance is to enhance the company’s capital strength and improve its profitability. Through this issuance, the company’s net asset scale will increase, and its financial condition will improve significantly, which will help enhance the company’s ability to withstand risks and safeguard its sustainable development. Since December 2010, the company has not conducted further capital market refinancing; it mainly relies on its own operating accumulation and bank borrowings. Financing methods are relatively single. This equity financing will effectively optimize the company’s capital structure.

If this “control change” can be advanced smoothly, will the new actual controller be able to reverse Zhuhai Zhongfu’s current predicament? That may be the question most company investors are concerned about.

Cover image source: The Daily Economic News Media Database

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Edited by Shi Xiu zhen SF183