Zhenhai Petrochemical shareholder pact nears end, some renew

Zhenhai Petrochemical Engineering (SSE:603637) has announced the expiration of its original concerted action agreement, leading to changes in its controlling shareholder structure. The agreement, previously held by shareholders, including Ningbo Shuntong Group, Ningbo Shunjiang Group, and Mr. Fan Qihai, expired on February 26, 2025. Simultaneously, Ningbo Shuntong Group and Ningbo Shunjiang Group signed a new concerted action agreement effective February 25, 2025, stipulating unified action at shareholder and board meetings. With Mr. Fan Qihai no longer part of the agreement due to retirement, the controlling shareholder is now Ningbo Shuntong Group and Ningbo Shunjiang Group. This results in a shareholding decrease from 23.23% to 21.22% for the previous controlling entity, though actual control by the Yuyao State-owned Assets Management Center remains unchanged.