Xusheng Group's control change finalized: Guangzhou Industrial Control Group becomes the controlling shareholder

China Securities Journal China Securities Network Information (Reporter: Luo Jing). After several months, Ningbo Xusheng Group Co., Ltd. (hereinafter referred to as “Xusheng Group”)’s control-rights change has reached its final landing. The company announced late on April 1 that the controlling shareholder has completed the industrial and commercial change registration. Guangzhou Industrial Investment Holding Group Co., Ltd. (hereinafter referred to as “Guangzhou Industry and Control Group”) has officially become the company’s controlling shareholder, and the People’s Government of Guangzhou has become the company’s actual controller.

According to the announcement, on April 1, the former controlling shareholder of Xusheng Group, Xu Xuedong, and his concerted-action party completed the industrial and commercial change registration and the filing procedures for the Articles of Association of Ningbo Meishan Free Trade Port Zone Xusheng Holding Co., Ltd. (hereinafter referred to as “Xusheng Holding”). At this point, all equity delivery matters for this transaction have been fully completed.

Looking back at the control-rights change process, on December 22, 2025, the company’s controlling shareholder and actual controller Xu Xuedong and his concerted-action party, as well as Guangzhou Industry and Control Group and Guangzhou Industry and Control Auto Parts Group Co., Ltd. (hereinafter referred to as “Industry and Control Auto Parts Group”), signed the relevant control-rights acquisition agreement and the share transfer agreement.

The transaction plan includes two parts: first, Xu Xuedong and Chen Xingfang will each transfer the equity of Xusheng Holding that they hold to Guangzhou Industry and Control Group and Industry and Control Auto Parts Group, respectively; second, Xuri Industry and Xu Xuedong will each, to Industry and Control Auto Parts Group, agree to transfer some shares of the listed company.

After this equity change, Guangzhou Industry and Control Group and its concerted-action parties collectively hold 312,566,935 shares of the listed company, accounting for 27.0455% of the company’s total share capital. Meanwhile, the former controlling shareholder and actual controller, Xu Xuedong, together with his concerted-action parties, held 249,820,136 shares in total, accounting for 21.6162% of the total share capital. The controlling shareholder of the listed company changed from Xu Xuedong to Guangzhou Industry and Control Group, and the actual controller changed to the People’s Government of Guangzhou.

From the specific shareholding structure, after the control-rights change, Xusheng Holding continues to hold 254,766,935 shares of the company, accounting for 22.0442% of the total share capital, but this entity’s shareholding has shifted to be held by Guangzhou Industry and Control Group and Industry and Control Auto Parts Group at 67% and 33%, respectively. In addition, Industry and Control Auto Parts Group directly holds 57,800,000 shares of the company, accounting for 5.0013% of the total share capital. The proportion of shares held directly by the former actual controller Xu Xuedong decreased from 10.0238% to 7.5232%, and the shareholding proportion of Xuri Industry decreased from 16.5936% to 14.0930%.

【Source: China Securities Journal · China Securities Net】