Liuzhou State-owned Assets Supervision and Administration Commission → Guangxi State-owned Assets Supervision and Administration Commission! Two-sided needle, change of actual controller

MaticHoleFiller · 2026-04-09T00:49:55+00:00

Liangmianzhen announced that its controlling shareholder and others will transfer 154 million shares to Guangxi State-owned Assets Investment Group, with a total price of 1.23B yuan, representing a 25% premium over the pre-suspension price. After the transaction, the controlling shareholder and actual controller will change. The company's operating revenue in 2025 is expected to grow slightly year-on-year, but net profit will decline significantly.

MaticHoleFiller

2026-04-09 00:49:55

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On the evening of March 31, Mian Xiang Zhen (600249) announced that the company’s controlling shareholder, Guangxi Liuzhou Industrial Investment and Development Group Co., Ltd. (hereinafter referred to as “Industrial Group”), and its acting-in-concert parties, Liuzhou Yuanhong Investment Development Co., Ltd. (hereinafter referred to as “Liuzhou Yuanhong”) and Liuzhou Jingfa Investment Co., Ltd. (hereinafter referred to as “Liuzhou Jingtou”), entered into a Share Transfer Agreement with Guangxi Guokong Capital Operations Group Co., Ltd. (hereinafter referred to as “Guangxi Guokong”) on March 31, 2026.

Industrial Group plans to transfer 140 million shares it holds in the company (representing 25.46% of the company’s total share capital); Liuzhou Yuanhong plans to transfer 3.0139 million shares it holds in the company (representing 0.55% of the company’s total share capital); and Liuzhou Jingtou plans to transfer 10.9592 million shares it holds in the company (representing 1.99% of the company’s total share capital) to Guangxi Guokong. In total, 154 million shares will be transferred (representing 28% of the company’s total share capital). The transfer price is 7.9742 yuan per share, and the total transfer consideration is 1.23B yuan. The reporter noted that this transfer price is 6.37 yuan per share, which was the closing price on the previous trading day before Mian Xiang Zhen was suspended from trading, representing a premium of about 25%.

Before this transaction, the actual controller of Mian Xiang Zhen was the State-owned Assets Supervision and Administration Commission of the People’s Government of Liuzhou City. After the completion of this transaction, the company’s controlling shareholder will be changed from Industrial Group to Guangxi Guokong, and the actual controller will be changed from the State-owned Assets Supervision and Administration Commission of the People’s Government of Liuzhou City to the State-owned Assets Supervision and Administration Commission of the People’s Government of Guangxi Zhuang Autonomous Region. The company’s shares will resume trading starting from the opening of trading on April 1, 2026.

Mian Xiang Zhen’s main business is the daily chemical industry. Its business covers two segments: daily chemicals and pharmaceuticals. In 2025, Mian Xiang Zhen achieved operating revenue of 1.06B yuan, up 0.90% year over year; and net profit attributable to shareholders of listed companies of 9.8461 million yuan, down 87.86% year over year. The company said that the year-over-year decline in profit indicators is mainly due to a year-over-year reduction in gains/losses from changes in the fair value of trading financial assets it holds, which are mainly CITIC Securities shares, while the company’s operating fundamentals remain stable.

Author: Feng Xinyi

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Responsible editor: Shi Xiuzhen SF183

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