Xinghui Ring Material hits a 20% daily limit for three days; Jiushi Intelligent has no asset injection plan

Securities Times reporter Wu Zhi

After disclosing information related to the transfer of shares held by the controlling shareholder, Xinghui Environmental Materials (300834) has posted three consecutive 20% limit-up days.

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 interests in the company shareholder Xinghui Synthetic Materials (Hong Kong) Co., Ltd. (hereinafter referred to as “Xinghui Hong Kong”) that she holds to Zelos HK.

In addition, on March 28, 2026, Xinghui Environmental Materials’ actual controllers Chen Yansheng, Chen Chuanghuang, and their acting in concert party, Chen Yueping, signed equity transfer agreements with Jiangsu JiuShi Intelligent Technology Co., Ltd. (hereinafter referred to as “Jiangsu JiuShi”). Chen Yansheng, Chen Chuanghuang, and Chen Yueping will transfer a combined 45% equity interest in the company’s controlling shareholder, Guangdong Xinghui Holding Co., Ltd. (hereinafter referred to as “Xinghui Holding”), to Jiangsu JiuShi.

After the completion of this transaction, 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 its controlling interest in Xinghui Hong Kong, Zelos HK has 19.25% of the voting rights in Xinghui Environmental Materials.

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

However, this equity transfer transaction has drawn significant market attention. Over the three trading days since March 31, Xinghui Environmental Materials has posted consecutive 20% limit-up moves, with a cumulative gain of more than 70% across the period.

The reason the market has focused so much 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 the official website of JiuShi Intelligent, it operates what it says is the world’s largest RoboVan (autonomous cargo delivery vehicle) fleet. It is the pioneer in the RoboVan field and launched the world’s first autonomous freight truck operating on urban motor-vehicle roads.

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

On the evening of April 2, in a trading activity-related announcement, Xinghui Environmental Materials stated that this change in rights and interests will not result in any change to the company’s controlling shareholder or actual controllers. JiuShi Intelligent has committed that within 36 months after the completion of this equity transfer, it will not seek control over the listed company’s controlling shareholder position or actual control in any manner, and there is no plan to inject assets into the listed company.

(Editor: Zhang Yang HN080)

     【Disclaimer】This article only represents the author’s own views and is not related to Hexun. The Hexun website maintains neutrality toward the statements and viewpoints in the text and doeses not provide any express or implied guarantees regarding the accuracy, reliability, or completeness of any content included. Please readers use this information only as a reference and bear full responsibility for your own actions. Email: news_center@staff.hexun.com