Lianhuo Stock HaiLun Piano Plans to Raise No More Than 200 Million Yuan via Private Placement; the Original Actual Controller and Others Cashed Out 550 Million Yuan Last Year

China Economic Net Beijing, March 24 — Helen Piano (300329.SZ) disclosed its 2026 private placement plan last night. The total amount of funds raised through this private placement will not exceed 200 million yuan (including this amount), with the net proceeds after deducting issuance expenses intended entirely for working capital supplementation and/or repayment of bank loans.

The issuance price for this private placement is 11.46 yuan per share. The number of shares to be issued to specific targets will not exceed 17,452,006 shares (including this amount), representing no more than 30% of the company’s total share capital before this issuance.

The target of this private placement is the company’s actual controller, Cui Yongqing. Cui Yongqing has signed a “Share Subscription Agreement with Conditions Precedent” with the company, planning to subscribe fully in cash for the shares issued this time.

The matters related to this private placement have been approved by the company’s 17th meeting of the sixth board of directors held on March 23, 2026. The issuance is subject to approval by the company’s shareholders’ meeting, review and approval by the Shenzhen Stock Exchange, and the approval of registration by the China Securities Regulatory Commission before implementation.

On July 24, 2025, Quantu Zhuodai (Shanghai) Enterprise Management Center (Limited Partnership) signed a “Share Transfer Agreement” with Helen Piano’s original controlling shareholder, Ningbo Beilun Helen Investment Co., Ltd., Siji Hong Kong Investment Co., Ltd., and the original actual controllers of Helen Piano, Chen Hailun, Chen Chaofeng, and Jin Haifen. Helen Investment and Siji Hong Kong agreed to transfer their holdings of 60,260,600 shares (23.83% of the company’s total share capital) to Quantu Zhuodai (of which, Helen Investment transferred 17,329,200 shares, and Siji Hong Kong transferred 42,931,400 shares). At the same time, from the date of this share transfer, Helen Investment unconditionally and irrevocably waives its voting rights associated with 15,173,326 shares (6.00% of the company’s total share capital) of the listed company, until Cui Yongqing ceases to be the actual controller of the listed company or until Cui Yongqing’s voting rights and shareholding ratio difference with Helen Investment exceed 10% (including this number).

According to Helen Piano’s 2025 July 24 announcement regarding the share transfer agreement and voting rights waiver agreement, the parties agree that the transfer price for this share transfer is 9.09 yuan per share, with a total transfer amount of 547,768,854 yuan.

As of the disclosure date of the plan, according to Helen Piano’s evening announcement, Quantu Zhuodai holds a total of 60,260,600 shares with voting rights, accounting for 23.83% of the company’s total share capital, making it the company’s controlling shareholder. Cui Yongqing is the company’s actual controller.

Therefore, the target of this issuance is an affiliated party of the company, and this issuance constitutes an associated transaction.

After this private placement, based on the maximum number of shares issued, Cui Yongqing is expected to directly hold 17,452,006 shares, accounting for 6.46% of the company’s total share capital after issuance. His control over the company will be further strengthened, and this private placement will not lead to a change in the company’s control.

In 2022, 2023, and 2024, Helen Piano’s operating revenues were 379 million yuan, 297 million yuan, and 159 million yuan, respectively, with net profits attributable to shareholders of the listed company of 8.3244 million yuan, -78.8548 million yuan, and -97.7924 million yuan.

Helen Piano expects its 2025 operating revenue to be between 118 million yuan and 138 million yuan, compared to 159.2157 million yuan in the same period last year; net profit attributable to shareholders of the listed company is expected to be a loss of 90 million yuan to 70 million yuan; net profit after deducting non-recurring gains and losses is expected to be a loss of 99 million yuan to 79 million yuan.

(Responsible Editor: Cai Qing)