Longtime “Asia Bottle King” Zhuhai Zhongfu is reportedly set for another change of ownership! Huang Zhihao is getting involved with 9.33 billion yuan

Ask AI · Can 933 million yuan in funds resolve the company’s high-debt ratio crisis?

Everyday Economic News reporter: Chen Pengli Daily Economic News editor: Wei Guanhong

After four consecutive years mired in losses, the former “Asia bottle king,” Zhuhai Zhongfu (SZ000659, suspended trading), has once again found a “white knight.”

On the evening of April 3, Zhuhai Zhongfu disclosed a private placement plan. The company intends to issue no more than 283 million shares to Zhuhai Hengqin Xingying Investment Partnership (Limited Partnership) (hereinafter referred to as Hengqin Xingying), raising a total of no more than 933 million yuan. After the issuance is completed, 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 was in a state with no actual controller.

A reporter from Everyday Economic News noted that this is less than a year since Zhuhai Zhongfu’s last “change of ownership” plan was terminated. However, this time, the new “takeover party” also needs to deal with the company’s severe financial situation: as of September 30, 2025, its asset-liability ratio is as high as 95.6%. The funds raised in this private placement will also be used precisely for “capital replenishment.” Of that, 800 million yuan is planned for debt repayment, and the remaining amount will supplement working capital.

Regarding this change in control, the former controlling shareholder, Shaanxi New Silk Road Progress No. 1 Investment Partnership (Limited Partnership), appears ready to “let go.” Not only did it promise that it will not seek control of the listed company within the next 36 months, it also promised to cast a favorable vote for the director candidates nominated by the new shareholders.

Huang Zhihao plans to take control of Zhuhai Zhongfu with 933 million yuan

According to Zhuhai Zhongfu’s announcement on the evening of April 3, the company’s board of directors convened a meeting and approved the relevant proposals for issuing shares to specific parties. The term sheet shows that the issuance target is Hengqin Xingying. The issuance price is 3.3 yuan per share. The number of shares to be issued is no more than 283 million shares, and the total fundraising amount is no more than 933 million yuan. Hengqin Xingying will fully subscribe for all shares under this issuance in cash.

It is understood that before this issuance, New Silk Road held 15.71% of Zhuhai Zhongfu’s shares, serving as the company’s controlling shareholder, but Zhuhai Zhongfu had no actual controller. If this issuance is completed smoothly, New Silk Road’s shareholding ratio will be diluted to 12.88%; while Hengqin Xingying will hold 18.03% of the company’s shares, becoming the new controlling shareholder. Hengqin Xingying’s executive partner, Huang Zhihao, will become the company’s new actual controller.

Zhuhai Zhongfu stated that its shares will resume trading starting from the market open on April 7, 2026.

A reporter from Everyday Economic News also noted that, to ensure a smooth transition of control, the original controlling shareholder New Silk Road and its executive partner, Shaanxi Renchuang Technology Management Co., Ltd. (hereinafter referred to as Renchuang Technology), issued a “Commitment on Not Seeking Control.” The commitment states that within 36 months after the completion of this equity change, New Silk Road and Renchuang Technology will not seek the position of the listed company’s largest shareholder or actual controller in any manner, and they will vote in favor of the director candidates nominated by Hengqin Xingying.

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

The reporter, upon checking Tianyancha, learned that Hengqin Xingying, which is about to “take over,” is a “young” company established in June 2025, with Huang Zhihao as its executive partner. The term sheet discloses that, among the funds to be used for this subscription by Hengqin Xingying, the proportion of its own funds is not less than 50%. It also does not rule out applying for legal ways to raise funds on its own, such as bank M&A loans.

The private placement proceeds will be fully used for debt repayment and supplementing working capital

Also worth noting is that this is not the first time Zhuhai Zhongfu has sought a “change of ownership” in recent years. In December 2024, Zhuhai Zhongfu also planned to introduce Xun Zhen 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 for the reason that “the two parties had differing opinions on plans for future operational development and failed to reach agreement on the core terms of this transaction.”

Now, another “knight” candidate has appeared again.

Looking back at Zhuhai Zhongfu’s own operations, its recent performance has not been promising. According to the company’s prior 2025 performance forecast, it expected net profit attributable to the parent company to be between -1.35 billion yuan and -1.0 billion yuan. This also means that since 2022, Zhuhai Zhongfu will record losses for the fourth consecutive year. Financial statements show that the company’s net profit attributable to the parent company from 2022 to 2024 was -1.86 billion yuan, -0.7 billion yuan, and -1.23 billion yuan, respectively.

Sustained losses have continued to worsen 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 2.73 billion yuan, and its non-current liabilities due within one year were 6.21 billion yuan.

Against this backdrop, the 933 million yuan raised in this private placement appears especially critical. According to the term sheet, after deducting issuance expenses, of the funds raised, 800 million yuan will be used to repay the company’s debts, and the remaining portion will be used to supplement the company’s working capital.

Zhuhai Zhongfu said in the announcement that the purpose of this issuance is to strengthen the company’s capital strength and improve its profitability. Through this issuance, the company’s net asset size will increase, and its financial position can be greatly improved. This will help enhance the company’s ability to resist risks and ensure the company’s sustainable development. Since December 2010, the company has not carried out any further refinancing in the capital markets; it has mainly relied on its own operating accumulation and bank borrowings, with a relatively single financing method. This equity financing will effectively optimize the company’s capital structure.

If this “change of ownership” can be advanced smoothly, can the new actual controller reverse Zhuhai Zhongfu’s current predicament? That may be the most concern among all of the company’s investors.

Daily Economic News