*ST Jinling's announcement on the evening of March 16th showed that in view of the change of the company's controlling shareholder and actual controller, in order to ensure the stability of the company's governance structure and achieve a smooth transition of control, the company started the election of the seventh board of directors in advance.
According to the announcement, after being nominated by the company's new controlling shareholder and more than 5% of shareholders, and subject to the qualification review of the nomination committee and the approval of the board of directors, Wang Jianguo, Zhao Liangsheng, Yin Jian, Lu Jian, and Shen Zhigang were nominated as non-independent director candidates for the seventh board of directors; at the same time, Luo Bin, Sun Tianshu, and Wang Heng were nominated as independent director candidates. Relevant proposals still need to be submitted to the shareholders' meeting for review.
The core aspect of this personnel change is the entry of a new actual controller. Non-independent director candidate Wang Jianguo is the new actual controller of *ST Jinling. As the "Reorganization Plan" advances, Wang Jianguo indirectly controls 25% of the company's shares through Huitongda Network Co., Ltd. he controls. At present, Wang Jianguo also holds many important positions such as the chairman of Five Star Holdings Group, the chairman of Kidswant (301078) and the chairman of Huitongda Network (09878.HK).
Data show that *ST Jinling was established in April 1993 and listed on the Shenzhen Stock Exchange GEM in June 2010. It is a fluid machinery equipment manufacturing service enterprise integrating R&D, manufacturing and sales. The company's reorganization process has already attracted much attention: On March 28, 2025, creditors applied to the Nantong Intermediate People's Court for reorganization and pre-reorganization because the company was unable to pay off its due debts and obviously lacked solvency, but it had reorganization value; on April 3 of the same year, the court officially launched the pre-reorganization procedure, and ruled on December 31, 2025 to accept the reorganization application.
According to the reorganization plan disclosed on the evening of February 24, 2026, the company will use the existing 1.489 billion shares as the base and increase the share capital by 9.08 shares for every 10 shares, resulting in a total of 1.353 billion shares. After the increase, the company's total share capital will increase to 2.842 billion shares. All the shares transferred this time will be used to pay off debts and introduce strategic investors. Among them, 1.207 billion shares were used to introduce restructuring investors. Huitongda Network, as an industrial investor, successfully subscribed for 711 million of the shares.
After the completion of this equity change, the company's controlling shareholder was changed from Nantong Industrial Control to Huitongda Network, and the actual controller was changed from Nantong State-owned Assets Supervision and Administration Commission to Wang Jianguo, marking the completion of this industrial restructuring. Huitongda Network is an industrial Internet platform company that empowers rural mom-and-pop stores with digital technology and supply chain capabilities. It will be listed on the Hong Kong Stock Exchange in 2022. Its core capability is to provide one-stop supply chain and AI+ service solutions for retail stores, channel partners and brand manufacturers.
Industry analysts believe that with the new actual controller Wang Jianguo and his core team entering the board of directors, *ST Jinling's business management and development strategy will be reshaped. This "replacement" of the board of directors is expected to be a key prelude for this old equipment manufacturing company to get out of trouble and achieve nirvana and rebirth.
