Xiaosong Co., Ltd. plans to introduce a new controlling shareholder, and control rights may change

On December 17, Xiaosong Co., Ltd. announced that the controlling shareholder Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd. and Shanghai Jiasheng Times Enterprise Management Partnership (Limited Partnership) signed a "Share Transfer Agreement." According to the agreement, Huaxin Chuangli plans to transfer 30,737,862 shares held by the agreement at a price of 9.32 yuan per share, accounting for 9.25% of the company's total share capital. The total transaction price is approximately 286 million yuan.

If the above transaction is successfully completed, Jiasheng Times will become the company's controlling shareholder, Luo Minghua and Liu Lingshuang will become the company's new actual controllers, and the original controlling shareholder Huaxin Chuangli will no longer hold shares in Xiaosong. The announcement also disclosed that the underlying shares are currently in a pledged state, and Huaxin Chuangli promises to complete the relevant pledge release before delivery.

According to the announcement, Jiasheng Times was established in November 2025 with a registered capital of 200 million yuan. Among them, Luo Minghua directly holds 50% of the investment share, and Liu Lingshuang indirectly holds shares through Shanghai Yanxi Chuangji Enterprise Management Co., Ltd. The two parties have signed the "Concert Acting Persons Agreement".

Image source: Paixin.com genuine gallery

Before the disclosure of the above-mentioned change of control, Xiaosong Co., Ltd. has simultaneously promoted asset structure adjustments. On December 12, the company announced that it planned to transfer its 51% stake in its wholly-owned subsidiary Guohai Construction Co., Ltd. to Nanchang Xinjuyao Technology Co., Ltd. for 150 million yuan. After the transaction is completed, Xiaosong Co., Ltd. still holds 49% of the equity of Guohai Construction, and the company will no longer be included in the scope of consolidated statements.

Since Jiang Bo, the actual controller of Xinjuyao, is a relative of Jiang Xu, the company’s director and vice chairman, this transaction was deemed a related transaction. In order to avoid related voting, Jiang Xu has resigned as director and vice chairman of Xiaosong Co., Ltd.

From an operational perspective, the divested Guohai Construction has continued to suffer losses in recent years, with net losses of 47.169 million yuan and 31.1615 million yuan in 2024 and the first three quarters of 2025 respectively.

Public information shows that Xiaosong Co., Ltd. was established in 2000 and listed on the Shenzhen Stock Exchange in 2014. Its main business is rechargeable backup lighting fixtures and rechargeable AC and DC fans.

Near In recent years, the company's overall operations have continued to be under pressure. In 2023 and 2024, Xiaosong Co., Ltd. will achieve net profits of -6.9164 million yuan and -225 million yuan respectively. In the first three quarters of 2025, the company achieved operating income of 764 million yuan, a year-on-year decrease of 35.61%; the net profit attributable to shareholders of the listed company was -71.1058 million yuan, and the loss expanded year-on-year.

Xiaosong Co., Ltd. pointed out in its third quarterly report that the home appliance business was affected by factors such as intensified market competition and a downturn in the engineering construction business industry, which led to a decrease in orders and revenue. During the same period, operating costs fell by 31.94% year-on-year, but the decline was smaller than the revenue decline, and gross profit margin pressure remained significant.