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China Weapon Equipment Group is currently integrating the power transmission and transformation equipment business with Electric Equipment Group, which may result in a change in the controlling shareholder of Baoding Tianwei Baobian Electric (600550.SH).

Baoding Tianwei Baobian Electric announced in the evening that the company received a notice from the controlling shareholder, China Weapon Equipment Group Co., Ltd. (referred to as "Weapon Equipment Group"), informing that the Weapon Equipment Group is currently conducting the integration of power transmission and transformation equipment business with China Electric Equipment Group Co., Ltd. (referred to as "Electric Equipment Group"). This integration may lead to a change in the controlling shareholder of the company, but will not lead to a change in the actual controller, which remains the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).

The announcement shows that in the current equity structure of Baoding Tianwei Baobian Electric, Weapon Equipment Group holds 53.98% of the shares directly, and holds a total of 3.4% through its subsidiaries.

Interim report data shows that in addition to Baoding Tianwei Baobian Electric, Weapon Equipment Group also holds controlling stakes in Jianshe Industry Group (002265.SZ), Huaqiang Science and Technology (688151.SH), and Costar Group (002189.SZ), and holds a 14.23% stake in Chongqing Changan Automobile (000625.SZ).

Public information shows that the Electric Equipment Group, which may hold a controlling stake in Baoding Tianwei Baobian Electric, currently holds controlling stakes in multiple A-share listed companies, including China XD Electric (601179.SH), XJ Electric (000400.SZ), and Henan Pinggao Electric (600312.SH).

It is reported that Electric Equipment Group was officially established in Shanghai on September 25, 2021, and is a reorganized consolidation of China XD Electric Group Co., Ltd., XJ Group Co., Ltd., Pinggao Group Co., Ltd., Shandong Electric Power Corporation, and others.

Tianyancha data shows that the State-owned Assets Supervision and Administration Commission of the State Council respectively holds 100% and 50% equity in the weapons and equipment group and the electrical equipment group. Baoding Tianwei Baobian Electric announced that the background of the controlling shareholder's planning of this major matter is to implement the spirit of the Third Plenary Session of the Twentieth Party Central Committee, optimize the layout of state-owned capital, promote specialized integration, enhance the core competitiveness and sustainable development capabilities of the power transmission and transformation equipment industry.

Public information shows that Baoding Tianwei Baobian Electric's main business is the manufacturing and sales of transformers and accessories, with its main products being 110kV-1000kV ultra-high voltage and large-capacity transformers. In the first half of this year, the company turned losses into profits, achieving a net profit attributable to the parent of 22.79 million yuan, revenue of 1.862 billion, a year-on-year growth of 45.82%.