Suspended from trading starting tomorrow! 000659 is once again planning a control rights change!

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Nine months after the asset-holder change that was set to be finalized via a private placement, Zhuhai Zhongfu is now starting a new plan again.

Late on April 1, Zhuhai Zhongfu (000659) announced that the company is planning to issue A-shares to specific targets. The matter may lead to a change in the company’s controlling rights. Trading will be suspended starting from the opening of trading on Thursday, April 2, and the suspension period is expected to be no longer than 2 trading days.

According to the announcement, at present, the relevant parties are discussing and negotiating the specific proposals, agreements, and other related matters. The specific situation is subject to the relevant agreements ultimately signed by each party.

Zhuhai Zhongfu mainly engages in the production and sales of PET bottles for carbonated beverages, hot-filled beverages, bottled water, and beer packaging, as well as PET bottle preforms, labels, outer packaging films, and glue tanks. At the same time, it also provides contract filling services for carbonated beverages, bottled water, aseptic filling, and hot-filled beverages to enterprises. Its main customers include large beverage producers such as Coca-Cola, Pepsi, Leibaisi, and Wahaha Resources Yibao, among others.

Financial reports show that from 2020 to 2024, Zhuhai Zhongfu’s operating revenue hovered between RMB 1 billion and RMB 1.4 billion; over the past 5 years, net profit was loss-making in 4 years; in the first three quarters of 2025, the company’s operating revenue was RMB 820 million; the loss was RMB 53.6221 million; and the company expects a loss of RMB 100 million to RMB 135 million in 2025.

At present, Zhuhai Zhongfu’s largest shareholder is Shaanxi New Silk Road Entering One Investment Partnership Enterprise, which holds 202 million shares, accounting for 15.71% of the total share capital of the listed company. However, given that the managing partner of New Silk Road does not have an actual controller, the company therefore deems that there is no actual controller.

Worth noting is that more than a year ago, Zhuhai Zhongfu had also planned an asset-holder change, but it never materialized.

At the time, the asset-holder change plan was: In December 2024, the private placement pre-announcement disclosed by Zhuhai Zhongfu showed that the company planned to issue approximately 321 million shares to Xun Zhen Investment (Shenzhen) Partnership Enterprise (Limited Partnership) (abbreviated as “Xun Zhen Investment”) at an issue price of RMB 2.56 per share, raising total funds of approximately RMB 822 million, all of which would be used to repay debts and replenish the company’s working capital.

The above private placement is related to changes in Zhuhai Zhongfu’s controlling shareholder and actual controller. If the private placement is completed smoothly, Xun Zhen Investment will become the company’s largest shareholder and controlling shareholder, and Yu Diming will become the company’s actual controller.

However, after waiting for half a year—namely in June 2025—Zhuhai Zhongfu announced that, due to differences between the two parties regarding future business development plans, they were unable to reach agreement on the key terms of this transaction. After sufficient communication and careful analysis with the relevant parties, the company decided to terminate the 2024 private issuance of shares to specific targets.

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Responsible editor: Yang Hongbo