Xinghui Ring Material hits the 20% daily limit for three days; Jiushi Intelligent currently has no plans for asset injection.

Securities Times reporter Wu Zhi

After disclosing information related to the transfer of shares held by the company’s actual controller, Xinghui Environmental Materials (300834) has posted three consecutive trading days of 20% daily limit-ups.

On the evening of March 30, Xinghui Environmental Materials announced that its actual controller, Chen Dongqiong, signed a share transfer agreement with Zelos (Hongkong) Holding Limited (hereinafter referred to as “Zelos HK”) on March 28, 2026. Under the agreement, Chen Dongqiong will transfer 51% of the equity interest in Xinghui Synthetic Materials (Hongkong) Co., Ltd. (hereinafter referred to as “Xinghui Hong Kong”), which it holds, to Zelos HK.

In addition, on March 28, 2026, Xinghui Environmental Materials’ actual controller Chen Yansheng, Chen Chuanghuang, and their acting in concert partner Chen Yueping signed an equity transfer agreement with Jiangsu Jiushi Zhixing Intelligent Technology Co., Ltd. (hereinafter referred to as “Jiangsu Jiushi”). Chen Yansheng, Chen Chuanghuang, and Chen Yueping will transfer an aggregate of 45% of the equity interest in Guangdong Xinghui Holding Co., Ltd. (hereinafter referred to as “Xinghui Holding”), the company’s controlling shareholder, to Jiangsu Jiushi.

After the transaction is completed, Zelos HK will hold 51% of the equity interest in Xinghui Hong Kong, and Zelos HK’s affiliate Jiangsu Jiushi will hold 45% of the equity interest in Xinghui Holding. Therefore, through controlling Xinghui Hong Kong, Zelos HK will have 19.25% of the voting rights of Xinghui Environmental Materials.

Chen Yansheng, Chen Dongqiong, Chen Chuanghuang, and Chen Yueping will control Xinghui Holding through direct shareholding, and in total will hold 45.19% of the company’s voting rights. The company’s controlling shareholder will remain Xinghui Holding, and the actual controllers will remain Chen Yansheng, Chen Dongqiong, and Chen Chuanghuang.

However, this share transfer transaction has attracted significant market attention. In the three trading days since March 31, Xinghui Environmental Materials has posted consecutive 20% limit-ups, with an accumulated gain of more than 70% over the period.

The market’s focus on this transaction is related to the business background of the equity transferee. Public information shows that Jiangsu Jiushi is a wholly owned subsidiary of Jiushi (Suzhou) Intelligent Technology Co., Ltd. (hereinafter referred to as “Jiushi Intelligent”).

According to Jiushi Intelligent’s official website, it operates what it describes as the world’s largest RoboVan (autonomous freight truck) fleet. It claims to be the pioneer in the RoboVan field and has launched the world’s first autonomous freight truck for urban motor vehicle road operations.

Jiushi Intelligent’s business covers multiple countries and regions including China, Japan, South Korea, Singapore, the UAE, and Austria, and has established dominant advantages and an absolutely leading market share in logistics sectors such as postal services, express delivery, fast-moving consumer goods, fresh produce, and catering. Previously, Jiushi Intelligent was selected for Jiangsu Suzhou’s 2022 “unicorn” cultivation enterprise list.

On the evening of April 2, Xinghui Environmental Materials said in a notice regarding unusual share price movement that this change in its shareholders’ equity will not result in any change to the company’s controlling shareholder or actual controller. Jiushi Intelligent also committed that within 36 months after the completion of this equity transfer, it will not seek the controlling rights or actual controlling rights of the listed company in any manner, and there is no plan to inject assets into the listed company.