The Judicial Auction Of The Shares Held By The Controlling Shareholder Of Jingjia Co., Ltd. Has Been Completed, Drawing Attention Due To Performance Pressure And Debt Crisis

On the evening of November 18, 2025, Shenzhen Jingjia Group Co., Ltd. (hereinafter referred to as "Jingjia Co.," stock code: 002191) announced that its controlling shareholder, Shenzhen Jingjia Venture Capital Co., Ltd., had auctioned 37.27 million shares of the company (accounting for 2.57% of the company's total share capital) on the JD.com judicial auction platform from November 17 to 18, with a total transaction amount reaching as high as 156 million yuan.

The auction included a total of 10 lots, which were won by multiple parties, including Mao Weiwei and Zhejiang Hangmin Keer Textile Co., Ltd., with transaction prices ranging from 15.43 million to 15.77 million yuan.

Changes in Equity Structure and Stability of Control Rights

After this auction is completed, Jinjia Venture Capital's shareholding will decrease from 31.90% to 29.33%, and its combined shareholding with concerted action parties will also drop from 34.62% to 32.05%.

The company emphasized that its control has not changed and that there is no significant direct impact on the company's governance structure or operations. However, uncertainties still exist regarding subsequent matters such as the payment of the final installment and court rulings.

It is worth noting that the announcement in October indicated that the controlling shareholder has an additional 58.4 million shares (accounting for 4.02% of the total share capital) that may be subject to judicial enforcement, and the shadow of the debt crisis continues to loom over the company.

Continuous Decline in Performance and Pressure on Main Business

Jinjia Co., Ltd. mainly operates in premium paper packaging, laser materials, and new tobacco products. In recent years, its performance has shown a steep decline.

From 2022 to 2024, its net profit attributable to shareholders dropped by 80.64%, 40.03%, and 39.19%, respectively; in the first three quarters of 2025, revenue fell by another 13.43% year-on-year, and net profit excluding non-recurring items was halved (a decrease of 55.92%).

The intensifying industry competition and weak market demand may be the main reasons for this situation, while the controlling shareholder's debt issues have further heightened market concerns about the company's prospects.