Valuation Impact Analysis of Pledge-Resolving Share Reduction by the Controlling Shareholder of Chaoxun Communications (603322)

According to the announcement, Liang Jianhua, the controlling shareholder of Chaoxun Communications, signed a “Share Transfer Agreement” with Guangzhou Kangqi Asset Management Center (Limited Partnership) on January 6, 2026, intending to transfer 7.88 million shares, accounting for 5% of the company’s total share capital, at a price of

, with a total transfer consideration of [1][2]. After this equity change, the shareholding ratio of Liang Jianhua and his concerted parties decreased from 20.48% to 15.48%[1].

Indicator	Value
Agreed Transfer Price	35.82 yuan per share
Current Stock Price (2026-01-06)	39.90 yuan per share
Discount Rate	10.23%
Discount Per Share	4.08 yuan per share
Number of Shares Transferred	7.88 million shares
Total Transfer Consideration	282 million yuan

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This share transfer was executed at 35.82 yuan per share, representing a discount of approximately 10.23% relative to the current secondary market price. This discount rate carries the following market implications:

1. Cautious Attitude of the Transferee
   : A discount of approximately 10% indicates that the professional private equity institution (Kangqi Asset Management, with an AUM of 1-2 billion yuan) holds a cautious attitude towards the current valuation[2], believing there is a certain risk of overvaluation in the market price.

2. Short-Term Market Pressure
   : The discounted transfer may create certain psychological pressure on the short-term stock price; investors need to pay attention to the market reaction after the announcement of the news.

3. Reference for Valuation Rationality
   : The agreed transfer price can be regarded as a reference judgment of institutional investors on the company’s intrinsic value, providing a certain valuation anchor for the market.

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The core purpose of this share reduction is to

[1][2]. From a financial perspective:

Impact Dimension	Analysis Conclusion
Reduction of Pledge Risk	It is expected that 2.3067 million shares involved in this transfer will be transferred after the lifting of restrictions[1], which helps reduce the controlling shareholder’s pledge risk
Improvement of Financial Costs	Resolving the pledges can reduce interest expenses and improve the company’s overall financial burden
Optimization of Equity Structure	Introducing professional institutional investors, optimizing the shareholder structure, and improving governance levels
Stability of Control Rights	With a 15.48% shareholding after the transfer, the controlling shareholder and actual controller remain unchanged[1], ensuring the stability of the company’s operations

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Liang Jianhua has conducted multiple share reductions between 2024 and 2026:

Time	Transferee	Share Reduction Ratio	Cash Proceeds
November 2024	Shanghai Jiuyi (Private Equity Fund)	6.35%	243 million yuan
January 2026	Guangzhou Kangqi Asset Management	5.00%	282 million yuan
Cumulative	-	11.35%	Approximately 525 million yuan

Two consecutive agreed transfers to private equity institutions indicate that the controlling shareholder has continuous capital needs, but both are for

rather than active share reduction for cash, so the negative impact on the company’s operational level is limited.

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The current fundamentals of Chaoxun Communications show the following characteristics[0]:

Financial Indicator	Value	Evaluation
P/E (TTM)	-230.19x	Loss-Making Status
P/B (TTM)	21.82x	High
ROE	-9.98%	Negative Return
Net Profit Margin	-1.46%	Loss-Making
Debt Risk Rating	High Risk	Requires Attention

• The company is currently in a loss-making state with poor financial health
• The high P/B ratio (21.82x) indicates that the market has certain expectations for the company’s future growth
• The 10.23% discount rate matches the company’s high-risk characteristics
• The discounted acquisition by institutional investors reflects a cautious judgment that its short-term valuation is relatively high

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Impact Category	Assessment Result
Short-Term Impact	Neutral to Negative: The discounted transfer may trigger a slight short-term adjustment in the stock price
Medium-Term Impact	Neutral: Resolving pledge risks helps improve corporate governance
Long-Term Impact	Positive: Introducing professional institutional investors and optimizing the equity structure
Impact on Control Rights	No Impact: The controlling shareholder’s position remains stable

The , mainly due to: ① The discount rate is controllable (10.23%); ② The transferee is a professional institutional investor with high potential for long-term investment; ③ The funds are used to resolve pledges rather than for cash withdrawal and consumption. However, investors need to pay attention to the company’s and ; improvement of fundamentals remains the key to valuation recovery.

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[1] Southcn Finance Network - “Chaoxun Communications: The shareholding ratio of Liang Jianhua and his concerted parties has dropped to 15.48%” (https://finance.eastmoney.com/a/202601063610348794.html)

[2] Sina Finance - “To resolve personal share pledges, Liang Jianhua, actual controller of Chaoxun Communications, plans to transfer another 5% of shares via agreement” (https://finance.sina.com.cn/roll/2026-01-07/doc-inhfkwsf6893219.shtml)

[3] Shanghai Securities News - “Prompt Announcement of Chaoxun Communications Co., Ltd. on the Agreement Transfer of Part of the Equity by the Controlling Shareholder” (https://paper.cnstock.com/html/2026-01-07/content_2167430.htm)

[0] Jinling AI Financial Database (Real-time Market Quotes, Company Profiles, Financial Analysis, Technical Indicators)