"First Stock of Integrated Ceilings" Aobo Ceiling Changes Hands: Can the New Post-80s Actual Controller Turn the Tide?

After years of ongoing performance pressure, the founder couple of “the first stock in integrated ceilings” Yubang Ceiling has ultimately chosen to relinquish control.

On February 23, Yubang Ceiling announced that Shanghai Mingsheng Lianhe Intelligent Technology Co., Ltd. (hereinafter referred to as “Mingsheng Intelligent”) plans to make a partial tender offer to all shareholders at a price of 29.41 yuan per share, aiming to acquire 19.4301 million shares, accounting for 15.01% of the company’s total equity. The tender offer period is from February 25, 2026, to March 26, 2026.

The announcement shows that Mingsheng Intelligent previously (as of December 30, 2025) signed an agreement with the actual controllers of Yubang Ceiling, Shi Shenxiang and Luo Lianqin, and their controlled company, Tangsheng Technology, to transfer a total of 29.99% of the company’s shares at the same price of 29.41 yuan per share. This transfer has been completed, and the controlling shareholder of Yubang Ceiling has changed to Mingsheng Intelligent, with the actual controller becoming Shi Qiming.

A reporter from Daily Economic News noted that Yubang Ceiling was once a pioneer and leader in the integrated ceiling industry, but in recent years, due to factors such as the downturn in the real estate sector, its operations have fallen into difficulty, with core business lines shrinking across the board. The new actual controller, Shi Qiming, is a post-80s entrepreneur and one of the founders of the “unicorn” tech company Ligong Digital Transmission in the publishing industry. He plans to leverage his accumulated designer resources to provide “deep empowerment” in sales and product R&D for Yubang Ceiling.

Simultaneous Launch of the Tender Offer, New Main Shareholder to Hold 45%

According to the “Tender Offer Report” published by Yubang Ceiling, the acquirer Mingsheng Intelligent will, from February 25 to March 26, 2026, initiate a partial tender offer to all shareholders except the acquirer and its concerted parties, at a price of 29.41 yuan per share, aiming to purchase 19.4301 million shares, representing 15.01% of the company’s total equity. The total funds required for this tender offer are estimated not to exceed 571 million yuan.

Image source: Yubang Ceiling announcement

Prior to this, on December 30, 2025, the original actual controllers of Yubang Ceiling, Shi Shenxiang and Luo Lianqin, along with their concerted party, Wuhan Mingshu Wan Technology Partnership (Limited Partnership) (collectively referred to as “the transferees”), signed a “Share Transfer Agreement” with Mingsheng Intelligent and Shi Qiming. Under this agreement, the transferees transferred a total of 29.99% of Yubang Ceiling’s shares at 29.41 yuan per share, with a total consideration of approximately 1.142 billion yuan. The relevant shares were registered on February 6, 2026.

Image source: Yubang Ceiling announcement

After the share transfer was completed, prior to the completion of the partial tender offer, Shi Shenxiang and Luo Lianqin promised to waive their voting rights for the remaining shares they held.

The upcoming tender offer is a key step to consolidate the new main controller’s control. According to the agreement, the original controllers Shi Shenxiang and Luo Lianqin have unconditionally committed to pre-accept the offer for their total holdings of 19.4301 million shares (15.01% of total equity).

This means that, barring other shareholders’ participation, the tender offer is highly likely to be completed precisely. After the entire transaction, Shi Qiming and his concerted parties’ shareholding ratio will increase to 45%, while the founding couple’s shareholding will significantly decrease.

Both parties agree that if the transferor applies for pre-acceptance of the offer and completes related procedures as stipulated in the “Share Transfer Agreement,” the voting rights of the remaining target company shares held by the transferor will automatically be restored. However, at that time, Shi Qiming and his concerted parties will hold a higher percentage of shares than Shi Shenxiang and Luo Lianqin.

Performance Continues to Suffer, Integrated Ceiling Leader Changes Hands

Behind the founder couple’s “step down” is the ongoing operational pressure and performance dilemma faced by Yubang Ceiling. Once the “first stock in integrated ceilings,” Yubang Ceiling was a pioneer in the industry and led the drafting of relevant national standards. However, in recent years, the company’s profitability has continued to decline.

Financial data shows that from 2022 to 2024, Yubang Ceiling’s revenue was 951 million yuan, 1 billion yuan, and 624 million yuan, respectively; net profit attributable to shareholders dropped from 98 million yuan in 2022 to 64 million yuan in 2023, and turned loss in 2024, with a net loss of 112 million yuan. In the first three quarters of 2025, revenue continued to decline by 20.59% year-on-year, and while net profit turned positive, it was only 11.3197 million yuan, unable to hide the overall downward trend.

Image source: Yubang Ceiling 2024 Annual Report

Yubang Ceiling’s difficulties are closely related to the deep adjustment of the real estate industry. The company’s business once heavily relied on project channels, which accounted for about 30% of revenue in 2022 and 2023. However, as the real estate market cooled, revenue from project channels declined overall, and by 2024, this proportion had fallen to 22.50%.

According to the “Tender Offer Report,” Mingsheng Intelligent was established in October 2025 specifically for this transaction, with Shi Qiming as its actual controller.

The report clearly states that the purpose of this acquisition is based on recognition of Yubang Ceiling’s intrinsic value and plans to provide deep empowerment for the company. Mingsheng Intelligent states that it has many years of experience in digital services for professional editors and readers, has accumulated a large number of designer resources, and plans to enhance sales and product strength through designer-driven traffic and participation in R&D, thereby improving the company’s performance and sustainable operation capability.

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(Source: Daily Economic News)