Former "Asia's Bottle King" Zhuhai Zhongfu Plans to Change Ownership Again! Huang Zhihao Invests 933 Million Yuan

After being stuck in a loss quagmire for four consecutive years, Zhuhai Zhongfu—once dubbed the “Asia Bottle King” (SZ000659, currently suspended)—has once again found a “white knight.”

On the evening of April 3, Zhuhai Zhongfu disclosed a plan for a private placement of shares. The company plans to issue no more than 283 million shares to Zhuhai Hengqin Xingying Investment Partnership (Limited Partnership) (hereinafter referred to as Hengqin Xingying), raising total proceeds of no more than RMB933 million. Upon completion of the issuance, Hengqin Xingying will become the company’s new controlling shareholder, and its actual controller, Huang Zhihao, will also become Zhuhai Zhongfu’s new actual controller. Prior to this, Zhuhai Zhongfu had no actual controller.

A reporter from The Economic Daily noted that this is less than a year since Zhuhai Zhongfu’s previous “change of controller” plan was terminated. However, this time, the new “takeover party” will also have to face the company’s harsh financial conditions: as of September 30, 2025, its asset-liability ratio was as high as 95.6%. The funds raised in this private placement will also be used precisely for “replenishing capital,” including RMB800 million planned for debt repayment, with the remainder used to supplement working capital.

Regarding this change in control, the former controlling shareholder, Shaanxi Xinsi Road Enterprising No. 1 Investment Partnership (Limited Partnership) (hereinafter referred to as Xinsi Road Enterprising No. 1), appears quite willing to “let go.” It not only promises that it will not seek control of the listed company within the next 36 months, but also commits to casting affirmative votes for the director candidates nominated by the new shareholders.

Huang Zhihao plans to take control with RMB933 million to enter Zhuhai Zhongfu

According to a company announcement issued by Zhuhai Zhongfu on the evening of April 3, the company’s board of directors held a meeting and reviewed and approved the relevant resolutions for the issuance of shares to specific parties. The offering plan shows that the issuance target is Hengqin Xingying. The issue price is RMB3.3 per share, and the number of shares to be issued is no more than 283 million shares, with total proceeds of no more than RMB933 million. Hengqin Xingying will subscribe for all shares in this issuance in cash.

It is understood that prior to this issuance, Xinsi Road held 15.71% of Zhuhai Zhongfu’s shares, making it the controlling shareholder, but Zhuhai Zhongfu had no actual controller. If this issuance is completed smoothly, Xinsi Road’s shareholding ratio will be diluted to 12.88%; meanwhile, Hengqin Xingying will hold 18.03% of the company’s shares, becoming the new controlling shareholder. Its executive affairs partner, Huang Zhihao, will become the company’s new actual controller.

Zhuhai Zhongfu said that the company’s shares will resume trading starting from the opening of trading on April 7, 2026.

A reporter from The Economic Daily noted that, to ensure a smooth transition of control, the former controlling shareholder, Xinsi Road, and its executive affairs partner, Shaanxi Renchuang Technology and Management Co., Ltd. (hereinafter referred to as Renchuang Technology and Management), issued an “Undertaking Letter on Not Seeking Control,” committing that within 36 months after the completion of this change in rights and interests, neither Xinsi Road nor Renchuang Technology and Management will, in any manner, seek the position of the listed company’s largest shareholder or actual controller. They also commit to casting affirmative votes for the director candidates nominated by Hengqin Xingying.

The announcement also disclosed that the new shareholder plans to make appropriate adjustments to Zhuhai Zhongfu’s board of directors. The directors nominated and elected should occupy two-thirds or more of the seats on the board.

The reporter learned through Tianyancha that Hengqin Xingying, which is set to “take over,” is a “young” company established in June 2025, with Huang Zhihao as its executive affairs partner. According to the offering plan, among the subscription funds for this round, the proportion of self-owned funds will be no less than 50%, and the company does not rule out applying for lawful ways to raise funds such as bank acquisition loans.

The private placement financing will be used in full for debt repayment and supplementing working capital

It is also worth noting that this is not the first time Zhuhai Zhongfu has sought a “change of controller” in recent years. In December 2024, Zhuhai Zhongfu also planned to introduce Xizhen Investment (Shenzhen) Partnership (Limited Partnership) as the company’s new controlling shareholder through a private placement. However, this private placement plan was officially terminated in June 2025, because “the two parties had differing views on future operational and development plans, and were unable to reach agreement on the core terms of this transaction.”

Now, another “knight” candidate has appeared again.

Turning back to Zhuhai Zhongfu itself, the company’s operating performance in recent years has not been encouraging. According to the company’s previously released 2025 performance forecast, it is expected that the net profit attributable to shareholders in 2025 will be between -RMB135 million and -RMB100 million. This means that, since 2022, Zhuhai Zhongfu will record losses for the fourth consecutive year. Financial statement data show that the net profit attributable to shareholders from 2022 to 2024 was -RMB186 million, -RMB70 million, and -RMB123 million, respectively.

Persistent losses have been worsening the company’s financial condition. As of the end of September 2025, Zhuhai Zhongfu’s asset-liability ratio had risen to 95.6%. At the same time, the company’s short-term borrowings on its books were RMB273 million, and non-current liabilities due within one year were RMB621 million.

Against this backdrop, the RMB933 million raised in this private placement appears especially critical. According to the offering plan, after deducting issuance expenses, of the raised funds, RMB800 million will be used to repay the company’s debts, and the remaining portion will be used to supplement the company’s working capital.

In the announcement, Zhuhai Zhongfu stated that the purpose of this issuance is to strengthen the company’s capital base, improve its profitability. Through this issuance, the company’s net assets will increase, and its financial condition will be greatly improved, helping to enhance its ability to withstand risks and safeguard sustainable development. Since December 2010, the company has not conducted additional financing through the capital market; it mainly relies on its own operating accumulation and bank borrowings for funding, resulting in a relatively single financing channel. This equity financing will effectively optimize the company’s capital structure.

If this “change of controller” can be advanced smoothly, can the new actual controller reverse Zhuhai Zhongfu’s current difficulties? This may be the question most of the company’s investors are concerned about.

The Economic Daily