Xusheng Group’s control change is finalized; Guangzhou Industrial Control Group takes over Chengkong’s controlling shareholder role

Sourced from: China Securities Journal · CNR

CNR Securities News (Reporter: Jing Guo) After several months of effort, the control rights change matter of Ningbo Xusheng Group Co., Ltd. (hereinafter referred to as “Xusheng Group”) has finally been fully implemented. The company announced late on April 1 that the controlling shareholder has completed the industrial and commercial change registration. Guangzhou Industrial Investment Holding Group Co., Ltd. (hereinafter referred to as “Guangzhou ConTrol Group”) has officially become the company’s controlling shareholder, and the People’s Government of Guangzhou Municipality has become the company’s actual controller.

According to the announcement, on April 1, Xusheng Group’s former controlling shareholder Xu Xudong and his parties acting in concert completed the industrial and commercial change registration and the filing procedures for the 《Articles of Association》 for Ningbo Meishan Free Trade Port Area Xusheng Holding Co., Ltd. (hereinafter referred to as “Xusheng Holding”). By then, all equity delivery matters related to this transaction have been completed.

Looking back at the control rights change process, on December 22, 2025, the company’s controlling shareholder and actual controller Xu Xudong, together with his parties acting in concert, signed relevant control rights acquisition agreements and share transfer agreements with Guangzhou ConTrol Group and Guangzhou ConTrol Auto Parts Group Co., Ltd. (hereinafter referred to as “ConTrol Auto Parts Group”).

The transaction plan consists of two parts: first, Xu Xudong and Chen Xingfang will respectively transfer the equity interests they hold in Xusheng Holding to Guangzhou ConTrol Group and ConTrol Auto Parts Group; second, Xuri Industry and Xu Xudong will respectively enter into an agreement to transfer part of the shares of the listed company to ConTrol Auto Parts Group.

After this change in shareholders’ rights and interests, Guangzhou ConTrol Group and its parties acting in concert collectively hold 312,566,935 shares of the listed company, accounting for 27.0455% of the company’s total share capital. Meanwhile, the former controlling shareholder and actual controller Xu Xudong and his parties acting in concert collectively hold 249,820,136 shares, accounting for 21.6162% of the total share capital. The controlling shareholder of the listed company has been changed from Xu Xudong to Guangzhou ConTrol Group, and the actual controller has been changed to the People’s Government of Guangzhou Municipality.

From the specific shareholding structure, after the control rights change, Xusheng Holding still holds 254,766,935 shares of the company, accounting for 22.0442% of the total share capital. However, this entity is now held by Guangzhou ConTrol Group and ConTrol Auto Parts Group in proportions of 67% and 33%, respectively. In addition, ConTrol Auto Parts Group directly holds 57,800,000 shares of the company, accounting for 5.0013% of the total share capital. Xu Xudong, the former actual controller, has his direct shareholding proportion reduced from 10.0238% to 7.5232%, and Xuri Industry’s shareholding proportion reduced from 16.5936% to 14.0930%.

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