Zhejiang Jingtou becomes controlling shareholder of Jianghai Capacitor

CITIC Securities Co. has issued its 2025 semi-annual continuous supervision opinion regarding Nantong Jianghai Capacitor Co. The report confirms that as of January 13, 2025, Zhejiang Provincial Economic Construction Investment Co. (Zhejiang Jingtou) completed the acquisition of 127,578,590 shares of Jianghai Capacitor from Yiwei Investment Co. at a price of 19 yuan per share. This transaction makes Zhejiang Jingtou the controlling shareholder with a 15.78% stake, and the actual controller is now the State-owned Assets Supervision and Administration Commission of Zhejiang Provincial People's Government. Yiwei Investment has also relinquished voting rights for its remaining 59,536,675 shares.

During the continuous supervision period from April 1 to June 30, 2025, Zhejiang Jingtou adhered to regulatory requirements for controlling shareholders and fulfilled its public commitments, ensuring the independent operation of Jianghai Capacitor and avoiding inter-industry competition. The financial advisor affirmed that Zhejiang Jingtou has not made any significant adjustments to the company's main business, assets, or management personnel, nor has it altered the articles of association or employee policies.

The report concludes that Zhejiang Jingtou has lawfully completed its reporting and disclosure obligations, with no violations of regulations from the China Securities Regulatory Commission or Shenzhen Stock Exchange, and no breaches of public commitments by the acquirer.