Guangdong Huafeng New Energy Technology Co., Ltd. – Control‑Change Proposal and Market Response
Guangdong Huafeng New Energy Technology Co., Ltd. (stock code 002806.SZ) has announced a potential change of its controlling shareholder, a development that could reshape the company’s strategic direction and market perception.
Background of the Company
Huafeng is an industrial firm listed on the Shenzhen Stock Exchange, operating within the electrical equipment sector. The company specializes in the production of electrode foils, notably aluminum anode and cathode foils, and is also involved in developing new‑energy vehicle dynamical systems, purifiers, and related technologies. As of 27 November 2025, the share price stood at 13.22 CNY, with a market capitalization of approximately 2.81 billion CNY. The price‑earnings ratio of 36.93 reflects investor expectations for future earnings growth, while the 52‑week trading range of 9.68–15.17 CNY indicates moderate volatility.
Proposed Transfer of Control
On 28 November 2025, the company disclosed that its long‑standing chairman and controlling shareholder, Tan Peoying (age 75), had entered into a “股权转让意向协议” with Chen Yun, the actual controller of Shengbao Light Technology Co., Ltd., a polarizer‑film manufacturer. The proposed transaction would be executed through a combination of an 协议转让 (agreement‑based transfer) and 表决权委托 (vote‑delegation) mechanisms.
Key points of the proposal:
| Item | Detail |
|---|---|
| Estimated value of Tan’s stake | Approximately 5.66 billion CNY (based on the company’s pre‑trading market value of 28.09 billion CNY). |
| Nature of the transaction | A “sell‑shell” arrangement, aimed at alleviating the combined pressures of declining performance, Tan’s age, and valuation challenges. |
| Potential new controlling shareholder | Chen Yun, whose core business lies in polarizer‑film production—a high‑asset, high‑depreciation industry that could be vulnerable to demand fluctuations. |
| Implications for governance | The change would alter the board composition and shift strategic priorities, potentially steering Huafeng toward synergies with the polarizer industry or toward diversification within the new‑energy space. |
Tan Peoying’s gradual withdrawal from daily management has been noted since 2020, when he stepped down as chairman due to age, although he remained a nominal director and the controlling shareholder. His eventual exit aligns with the broader strategy of facilitating a smoother transition to a new controlling entity.
Market Reaction and Trading Status
On 1 December 2025, the Shenzhen Stock Exchange listed 华锋股份 (002806.SZ) as one of the four companies scheduled to resume trading after a temporary suspension. The other resuming stocks were 凯众股份, 超卓航科, and 嘉戎技术. The suspension period coincided with the announcement of the proposed control‑change plan and the company’s intention to clarify its post‑transaction governance structure.
Although the exact timing of the transaction’s completion remains under negotiation, the market has responded positively to the prospect of new leadership. Analysts anticipate that the infusion of capital and expertise from Shengbao Light Technology could revitalize Huafeng’s product portfolio and expand its reach into emerging high‑precision optics markets, thereby addressing current operational pressures.
Strategic Outlook
The proposed transfer of control represents a significant structural shift for Huafeng. By bringing in a shareholder with experience in a related high‑technology sector, the company may:
- Enhance operational efficiency through shared manufacturing platforms and supply‑chain integration.
- Diversify revenue streams by leveraging polarizer‑film technology in new‑energy vehicle components.
- Improve capital allocation by aligning investment with high‑growth segments in the electrical equipment industry.
However, the transition also carries risks. The polarizer market’s sensitivity to macroeconomic cycles and technological obsolescence could affect profitability. Moreover, the integration of distinct corporate cultures may pose short‑term challenges.
Conclusion
Huafeng’s planned control‑change underscores the dynamic nature of China’s industrial sector, where aging leadership, market pressures, and strategic realignment frequently converge. Stakeholders should monitor the finalization of the agreement, the regulatory approvals required, and the post‑transaction performance metrics to assess the long‑term impact on the company’s financial health and market position.
