GongJin: The company's control rights are expected to change, and the stock will resume trading on November 3
GongJin announced that the controlling rights will change, intending to transfer 88.0559 million shares held by the major shareholder to Tangshan Industrial Holding Group, and the voting rights will also be entrusted to it for exercise. After this change, the controlling shareholder will be Tangshan Gongkong, and the actual controller will be the State-owned Assets Supervision and Administration Commission of the Tangshan Municipal People's Government. The company's stock will resume trading on November 3, 2025
According to the announcement from GongJin Co., Ltd. (603118.SH), on October 31, 2025, the company's major shareholder Mr. Tang Fonan and his concerted actors Ms. Cui Zhengnan, Mr. Wang Dawei, and his concerted actor Ms. Wang Danhua signed the "Share Transfer Agreement between Mr. Tang Fonan, Mr. Wang Dawei, Ms. Cui Zhengnan, Ms. Wang Danhua and Tangshan Industrial Holding Group Co., Ltd." (referred to as "Tangshan Gongkong") to transfer a total of 88,055,900 shares (accounting for 11.1849% of the company's total share capital) to Tangshan Gongkong.
On October 31, 2025, Mr. Wang Dawei signed a "Voting Rights Entrustment Agreement" with Tangshan Gongkong, intending to entrust the voting rights of his 117 million shares (accounting for 14.9136% of the total shares of the company) to Tangshan Gongkong. The entrustment period will start from the date when the subject shares (i.e., 88,055,900 shares) are registered under Tangshan Gongkong at China Securities Depository and Clearing Corporation Limited, until the occurrence of any of the following events (whichever occurs first): (1) the day before the effectiveness of the share transfer agreement regarding the restricted shares as stipulated in Article 11.2.1 of the "Share Transfer Agreement"; (2) according to Article 11.2.2 of the "Share Transfer Agreement", if the second party decides to consolidate control by subscribing to the non-public issuance of shares by the listed company, from the day before the effectiveness of the aforementioned share subscription agreement; (3) June 30, 2027.
Before the first share transfer and voting rights entrustment, the company had no controlling shareholder or actual controller. After the completion of the first share transfer and voting rights entrustment, the controlling shareholder of the company will change to Tangshan Gongkong, and the actual controller will change to the State-owned Assets Supervision and Administration Commission of Tangshan Municipal People's Government. The company's stock will resume trading on November 3, 2025 (Monday) at the opening of the market
