Zhuhai Zhongfu Plans to Change Company Control Again

Nine months after terminating the share transfer private placement, Zhuhai Zhongfu(000659) has started a new plan.

On the evening of April 1st, Zhuhai Zhongfu announced that the company is planning to issue A-shares to specific targets, which may lead to a change in control of the company. Trading will be suspended starting from market open on April 2nd, with an expected suspension period of no more than two trading days.

The announcement shows that currently, all parties are discussing and negotiating specific plans, agreements, and related matters, with the final details subject to the agreements signed by all parties.

Zhuhai Zhongfu mainly engages in the production and sales of PET bottles, preforms, labels, outer packaging films, and plastic tanks for carbonated drinks, hot-filled beverages, drinking water, and beer packaging. Major clients include Coca-Cola, Pepsi, Le Bai Shi, and China Resources C’estbon.

Financial reports indicate that from 2020 to 2024, Zhuhai Zhongfu’s operating revenue has hovered between 1 billion and 1.4 billion yuan; net profit has been in loss for four out of five years; in the first three quarters of 2025, the company’s operating revenue was 820 million yuan; with a loss of 53.6221 million yuan; it is estimated that in 2025, the loss will be between 100 million and 135 million yuan.

Currently, Zhuhai Zhongfu’s largest shareholder is Shaanxi New Silk Road Progress No.1 Investment Partnership, holding 202 million shares, accounting for 15.71% of the total share capital. However, since the general partner of New Silk Road does not have actual control, the company considers that there is no actual controller.

It is worth noting that more than a year ago, Zhuhai Zhongfu had planned a change of ownership, but the plan ultimately failed.

The previous plan was: in December 2024, Zhuhai Zhongfu disclosed a private placement plan showing that the company intended to issue about 321 million shares at 2.56 yuan per share to Xun Zhen Investment (Shenzhen) Partnership (Limited Partnership) (“Xun Zhen Investment”), raising approximately 822 million yuan, all to repay debts and supplement working capital.

This private placement involved a change of controlling shareholder and actual controller of Zhuhai Zhongfu. If successfully completed, Xun Zhen Investment would become the company’s largest shareholder and controlling shareholder, and Yu Diming would become the actual controller.

After waiting for half a year, in June 2025, Zhuhai Zhongfu announced that due to disagreements over future development plans, the parties could not reach consensus on the core terms of the transaction. After full communication and careful analysis with all relevant parties, the company decided to terminate the 2024 private placement to specific targets.