Aolian Electronics' controlling shareholder plans another stake sale, shares to halt from Monday

Red Star Capital Bureau, September 19 — Following a previous failed change of control, Aolian Electronics' asset manager has announced that the company's shares will be suspended from trading starting at market open on September 21.

This marks another attempt to change control of Aolian Electronics after nearly nine months. On December 22 last year, the company's shares were suspended due to Ruiying Asset's equity transfer; however, the related control transfer was terminated in February this year because the transferee failed to make payments on time.

Previous Change of Control Fell Through in February

On the evening of September 18, Aolian Electronics issued an announcement stating that its controlling shareholder, Ruiying Asset, is planning matters including the negotiated transfer of part of its shareholding in the company, which may result in changes to the company's controlling shareholder and actual controller.

In the announcement, Aolian Electronics revealed that the relevant parties are currently discussing and negotiating specific transaction plans, agreements, and other related matters. Upon application by the company to the Shenzhen Stock Exchange, the company's shares will be suspended from trading starting at market open on September 21, with the suspension expected to last no more than two trading days.

According to Aolian Electronics' semi-annual report for 2026, Ruiying Asset directly holds 30.34% of the company's shares and is its controlling shareholder. The actual controller of Aolian Electronics is Qian Mingfei, founder and chairman of Yingke Innovation Asset Management Co., Ltd. (hereinafter referred to as "Yingke Capital").

On September 19, Red Star Capital Bureau inquired about the number of shares Ruiying Asset plans to transfer and details regarding the equity transfer.

This is not the first time Ruiying Asset has planned to transfer its equity in Aolian Electronics. On December 21, 2025, Aolian Electronics previously announced that Ruiying Asset was planning matters including the negotiated transfer of part of its shareholding in the company, declaring a trading suspension effective December 22. Four days later, the identity of the transferee was revealed: Tianjin Chaocheng Innovation Technology Co., Ltd. (hereinafter referred to as "Chaocheng Innovation") intended to acquire 32.6667 million shares held by Ruiying Asset in Aolian Electronics through a negotiated transfer, representing 19.09% of the company's total share capital, for a consideration of RMB 630 million.

At that time, Aolian Electronics stated in its announcement that upon completion of the negotiated transfer, the company's controlling shareholder would become Chaocheng Innovation, and its actual controller would become Zhang Yan.

However, on February 11 this year, the transfer of control over Aolian Electronics was obstructed. According to a "Notice Letter" issued by Ruiying Asset, Chaocheng Innovation, as the transferee, failed to pay the full amount of the first installment of the share transfer consideration, totaling RMB 126 million, as agreed, thereby constituting a breach of contract. The previously signed "Share Transfer Agreement" between the two parties was subsequently terminated. Following the termination of the Share Transfer Agreement, the control transfer matter was correspondingly ended, leaving Ruiying Asset as the controlling shareholder and Qian Mingfei as the actual controller of Aolian Electronics.

Controlling Shareholder Previously Spent RMB 683 Million to Acquire Shares

According to its official website, Aolian Electronics was founded in June 2001 and listed on the ChiNext board of the Shenzhen Stock Exchange in December 2016. It primarily engages in powertrain electronic controls, body electronic controls, and new energy vehicle components.

Ruiying Asset's investment in Aolian Electronics began in 2019:

• June 4, 2019: Yingke Capital acquired 9.8 million shares of Aolian Electronics through its wholly-owned subsidiary, Ruiying Asset, for a transfer price of RMB 93.1 million.
• February 2020: Ruiying Asset further acquired 31 million shares of Aolian Electronics, representing 19.38% of the total share capital, from former controlling shareholder and actual controller Liu Junsheng and his sister Liu Aiqun for RMB 446 million.
• After these two acquisitions, Ruiying Asset's stake in Aolian Electronics reached 25.5%, making it the controlling shareholder and establishing Qian Mingfei as the actual controller.
• September 2021: Aolian Electronics issued 11.1111 million shares to Ruiying Asset, raising approximately RMB 144 million.

By then, Ruiying Asset had spent a total of RMB 683 million to hold 30.34% of Aolian Electronics' shares.

Company's Net Profit Attributable to Parent Turned from Profit to Loss in First Half

Behind Ruiying Asset's share transfer lies Aolian Electronics' declining performance.

2025 Full-Year Results:

• Operating revenue: RMB 467 million (year-on-year increase of 6.03%)
• Net profit attributable to shareholders of the listed company: negative RMB 69.7008 million (compared to negative RMB 8.506 million in the same period last year)

First Half of 2026 Results:

• Operating revenue: RMB 173 million (year-on-year decrease of 20.11%)
• Net profit attributable to shareholders of the listed company: negative RMB 14.9395 million (compared to positive RMB 1.794 million in the same period last year)

Regarding the reasons for the performance decline, Aolian Electronics explained in its 2026 semi-annual report that it was mainly due to domestic passenger vehicles...

(Source: Red Star Capital Bureau)