The controlling shareholder of Shanghai Sanmao intends to change to M&E Group
Shanghai Sanmao announced that its controlling shareholder Chongqing Light Textile Holding (Group) Company plans to transfer its 25.95% shares (52.1589 million shares) free of charge to Chongqing M&E Holding (Group) Company to deepen the reform of state-owned enterprises. The agreement has not yet been signed and requires the necessary decision-making procedures to be fulfilled. After the free transfer is completed, the controlling shareholder will change to M&E Group, but the actual controller will still be the Chongqing State-owned Assets Supervision and Administration Commission
According to the announcement from Zhitong Finance APP, Shanghai Sanmao (600689.SH) stated that on June 19, 2025, the company received a notification from its controlling shareholder, Chongqing Light Textile Holding (Group) Company (hereinafter referred to as "Light Textile Group"), informing that in order to deepen the reform of state-owned enterprises, Light Textile Group intends to sign a "Share Transfer Agreement without Compensation" with its controlling shareholder, Chongqing Mechanical and Electrical Holding (Group) Company (hereinafter referred to as "Mechanical and Electrical Group"), to transfer 52,158,900 shares of Shanghai Sanmao (accounting for 25.95% of the total shares of Shanghai Sanmao) to Mechanical and Electrical Group without compensation. Preliminary related work is currently underway, the agreement has not yet been signed, and necessary decision-making procedures still need to be followed.
After the completion of this non-compensatory transfer, the company's controlling shareholder will change from Light Textile Group to Mechanical and Electrical Group, but there will be no change in the actual controller, which will still be the Chongqing Municipal State-owned Assets Supervision and Administration Commission
