Xinghui Ring Material reiterates that Jiushi Intelligence currently has no asset injection plan; stock has hit the 20% daily limit for three consecutive days.

After disclosing information related to the transfer of shares held by its actual controller, Starhui Environmental Materials (300834) has posted three consecutive 20% daily limit-up moves.

On the evening of March 30, Starhui Environmental Materials announced that its actual controller, Chen Dongqiong, entered into a share transfer agreement with Zelos (Hongkong) Holding Limited (hereinafter referred to as “Zelos HK”) on March 28, 2026. Under the agreement, Chen Dongqiong will transfer 51% of the equity interest in Starhui Synthetic Materials (Hong Kong) Co., Ltd. (hereinafter referred to as “Starhui Hong Kong”), which it holds, to Zelos HK.

In addition, on March 28, 2026, Starhui Environmental Materials’ actual controllers, Chen Yansheng, Chen Chuanghuang, and their concerted action party Chen Yueping, entered into an equity transfer agreement with Jiangsu Jiushi Zhixing Intelligent Technology Co., Ltd. (hereinafter referred to as “Jiangsu Jiushi”). Chen Yansheng, Chen Chuanghuang, and Chen Yueping will transfer a combined 45% equity interest in the company’s controlling shareholder, Guangdong Starhui Holding Co., Ltd. (hereinafter referred to as “Starhui Holding”), which they hold, to Jiangsu Jiushi.

After the transaction is completed, Zelos HK will hold 51% of the equity interest in Starhui Hong Kong, and Zelos HK’s affiliate Jiangsu Jiushi will hold 45% of the equity interest in Starhui Holding. Therefore, through holding Starhui Hong Kong, Zelos HK will have 19.25% of the voting rights in Starhui Environmental Materials.

Starhui Environmental Materials’ actual controllers, Chen Yansheng, Chen Dongqiong, Chen Chuanghuang, and their concerted action party Chen Yueping, hold shares directly and control Starhui Holding, together holding 45.19% of the company’s voting rights. The company’s controlling shareholder will remain Starhui Holding, and the actual controllers will remain Chen Yansheng, Chen Dongqiong, and Chen Chuanghuang.

However, this equity transfer transaction has drawn significant attention from the market. Over the three trading days since March 31, Starhui Environmental Materials has continued to post 20% limit-up moves consecutively, with a cumulative gain of more than 70% over the period.

The reason the market has focused so much on this transaction is related to the business background of the equity transferee. Public information shows that Jiangsu Jiushi Zhixing Intelligent Technology Co., Ltd. is a wholly owned subsidiary of Jiushi (Suzhou) Intelligent Technology Co., Ltd. (hereinafter referred to as “Jiushi Intelligent”).

According to Jiushi Intelligent’s official website, it operates the world’s largest RoboVan fleet, is a pioneer in the RoboVan field, released the world’s first autonomous delivery truck for city roadway operations, and has become an important intersection point and milestone in the development of autonomous driving technology and the transformation of modern logistics technology, ushering in a new era of large-scale commercialization of RoboVan.

Jiushi Intelligent’s business covers multiple countries and regions including China, Japan, South Korea, Singapore, the UAE, and Austria. It has established leading advantages and an absolute leading market share in logistics sectors such as postal services, express delivery, fast-moving consumer goods, fresh food, and catering. Previously, Jiushi Intelligent was selected for Jiangsu Suzhou’s 2022 list of “unicorn” cultivation enterprises.

On the evening of April 2, Starhui Environmental Materials stated in a notice of abnormal stock movement that this change in its rights and interests will not result in any change to the company’s controlling shareholder or actual controller. Jiushi Intelligent has committed that, after the completion of this equity transfer, it will not seek the controlling right or actual control over the listed company in any manner for 36 months, and there is no plan to inject assets into the listed company.

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