The trend of investment capital acquiring listed “shell” companies continues to gain momentum, as evidenced by *ST Dongjing’s recent announcement of a major equity transfer deal. On June 5, the company disclosed that shareholders including Shanghai Chuangrui and Sitong Zhuozhi have entered into an agreement with Wuxi Haotian Yiyi Investment Co., Ltd., involving both share transfer and voting rights arrangements.
Upon completion of the transaction, Wuxi Haotian Yiyi will obtain a 29.99% stake in *ST Dongjing, securing controlling interest in the listed entity. The deal will also result in a change of ultimate controller, with Zhu Haifei taking over this position. This transaction represents another example of how investment firms are actively pursuing backdoor listing opportunities through the acquisition of struggling listed companies.
The market has seen growing interest in such shell company acquisitions as alternative pathways to public market access, particularly as regulatory scrutiny on traditional IPO channels remains stringent. The *ST Dongjing deal follows the pattern of investment entities leveraging these transactions to gain control of listed platforms while potentially planning future asset injections or business transformations.
Industry observers note that while these deals provide liquidity options for existing shareholders of underperforming listed companies, they also raise questions about corporate governance standards and the long-term quality of the relisted entities. The transaction awaits regulatory approval and fulfillment of other closing conditions before the change of control can be finalized.
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