*ST Jingling Board of Directors Overhaul Imminent, New De Facto Controller Wang Jianguo's Team Set to Take Over

On the evening of March 16, *ST Jinling announced that, due to the completion of changes in the company’s controlling shareholder and actual controller, in order to ensure the stability of the company’s governance structure and a smooth transition of control, the company has proactively initiated the election process for the seventh board of directors.

According to the announcement, nominated by the company’s new controlling shareholder and shareholders holding over 5%, and after qualification review by the nomination committee and approval by 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; meanwhile, Luo Bin, Sun Tianshu, and Wang Heng were nominated as independent director candidates. These proposals are still subject to shareholder approval.

The key highlight of this personnel change is the entry of the new actual controller. Non-independent director candidate Wang Jianguo is the new actual controller of *ST Jinling. With the advancement of the restructuring plan, Wang Jianguo, through controlling interest in Huitongda Network Co., Ltd., indirectly controls 25% of the company’s shares. Currently, Wang Jianguo also serves as chairman of Wuxing Holding Group, chairman of Kidsland (301078), and chairman of Huitongda Network (09878.HK), among other important roles.

According to available information, *ST Jinling was established in April 1993 and listed on the Shenzhen Stock Exchange’s ChiNext Board in June 2010. It is a service-oriented enterprise integrating R&D, manufacturing, and sales of fluid machinery equipment. The company’s restructuring process has long attracted attention: on March 28, 2025, creditors filed for restructuring and pre-restructuring with Nantong Intermediate Court because the company was unable to settle maturing debts and lacked sufficient repayment ability, but still held restructuring value; on April 3 of the same year, the court officially initiated pre-restructuring procedures, and on December 31, 2025, accepted the restructuring application.

According to the restructuring plan disclosed on the evening of February 24, 2026, the company will increase its share capital from the current 1.489 billion shares by a ratio of 9.08 shares for every 10 shares held, totaling an issuance of 1.353 billion new shares, bringing the total share capital to 2.842 billion shares after the increase. All the newly issued shares will be used to settle debts and attract strategic investors. Among them, 1.207 billion shares are allocated to bring in restructuring investors, with Huitongda Network, as an industrial investor, subscribing successfully for 711 million shares.

After this equity change, the company’s controlling shareholder has shifted from Nantong Industry Control to Huitongda Network, and the actual controller has changed from Nantong State-owned Assets Supervision and Administration Commission to Wang Jianguo, marking the conclusion of this industrial restructuring. Huitongda Network is an industrial internet platform company that empowers rural mom-and-pop stores through digital technology and supply chain capabilities. It was listed on the Hong Kong Stock Exchange in 2022, with core capabilities in providing one-stop supply chain and AI+ service solutions for retail stores, channel partners, and brand manufacturers.

Industry analysts believe that with the entry of new actual controller Wang Jianguo and his core team into the board, *ST Jinling’s management and development strategy will undergo a transformation. This “board reshuffle” is expected to be a key prelude for this veteran equipment manufacturing company to emerge from its difficulties and achieve rebirth.