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 by the actual controller, Xinghui Environmental Materials (300834) has posted three consecutive 20% limit-up gains.

On the evening of March 30, Xinghui Environmental Materials announced that its actual controller, Chen Dongqiong, on March 28, 2026, signed a share transfer agreement with Zelos (Hongkong) Holding Limited (hereinafter “Zelos HK”). The agreement stipulates that Chen Dongqiong will transfer 51% of his equity interest in Xinghui Synthetic Materials (Hongkong) Co., Ltd. (hereinafter “Xinghui Hongkong”), which he holds, to Zelos HK.

In addition, on March 28, 2026, Xinghui Environmental Materials’ actual controller Chen Yansheng, Chen Chuanghuang, and their acting-in-concert party Chen Yueping signed equity transfer agreements with Jiangsu Jiushi Zhixing Intelligent Technology Co., Ltd. (hereinafter “Jiangsu Jiushi”). Chen Yansheng, Chen Chuanghuang, and Chen Yueping will transfer, in aggregate, 45% of the equity in the company’s controlling shareholder, Guangdong Xinghui Holding Co., Ltd. (hereinafter “Xinghui Holding”), which they hold, to Jiangsu Jiushi.

After completion of this transaction, Zelos HK will hold 51% of the equity in Xinghui Hongkong, and the entity associated with Zelos HK, Jiangsu Jiushi, will hold 45% of the equity in Xinghui Holding. Therefore, through holding Xinghui Hongkong, Zelos HK has 19.25% of the company’s voting rights.

Chen Yansheng, Chen Dongqiong, Chen Chuanghuang, and Chen Yueping, through direct shareholding and by controlling Xinghui Holding, collectively hold 45.19% of the company’s voting rights. 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 attention from the market. Over the three trading days since March 31, Xinghui Environmental Materials has posted consecutive 20% limit-up gains, with cumulative gains of more than 70% over the period.

The market’s attention is closely 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 “Jiushi Intelligent”).

According to Jiushi Intelligent’s official website, it operates the world’s largest RoboVan (autonomous driving freight vehicle) fleet, is a pioneer in the RoboVan field, and launched the world’s first driverless freight truck for city motor vehicle road operations.

Jiushi Intelligent’s business covers multiple countries and regions including China, Japan, South Korea, Singapore, the United Arab Emirates, and Austria, and has established dominant advantages and an absolutely leading market share in logistics fields such as postal services, express delivery, fast-moving consumer goods, fresh food, and catering. Previously, Jiushi Intelligent was selected for Jiangsu Suzhou’s 2022 “Unicorn” cultivation enterprise list.

On the evening of April 2, Xinghui Environmental Materials said in a report on unusual share price movements that this change in rights and interests will not lead to changes in the company’s controlling shareholder or actual controller. Jiushi Intelligent also commits that within 36 months after the completion of this equity transfer, it will not seek the controlling power or actual control of the listed company in any manner, and that there is no plan to inject assets into the listed company.

(Editor: Zhang Yang HN080）

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