Reported Earnings • Apr 23
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: CN¥0.64 loss per share (further deteriorated from CN¥0.32 loss in FY 2024). Revenue: CN¥2.15b (flat on FY 2024). Net loss: CN¥492.1m (loss widened 98% from FY 2024). Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 39% p.a. on average during the next 2 years, compared to a 33% growth forecast for the Communications industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Announcement • Apr 23
TianJin 712 Communication & Broadcasting Co., Ltd., Annual General Meeting, May 13, 2026 TianJin 712 Communication & Broadcasting Co., Ltd., Annual General Meeting, May 13, 2026, at 14:00 China Standard Time. Location: The Company's Meeting Room, Tianjin China Announcement • Mar 30
TianJin 712 Communication & Broadcasting Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 TianJin 712 Communication & Broadcasting Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Announcement • Dec 26
TianJin 712 Communication & Broadcasting Co., Ltd. to Report Fiscal Year 2025 Results on Apr 23, 2026 TianJin 712 Communication & Broadcasting Co., Ltd. announced that they will report fiscal year 2025 results on Apr 23, 2026 Reported Earnings • Oct 30
Third quarter 2025 earnings released: CN¥0.12 loss per share (vs CN¥0.17 loss in 3Q 2024) Third quarter 2025 results: CN¥0.12 loss per share (improved from CN¥0.17 loss in 3Q 2024). Revenue: CN¥561.4m (up 38% from 3Q 2024). Net loss: CN¥91.8m (loss narrowed 2.5% from 3Q 2024). Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Communications industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • Sep 30
TianJin 712 Communication & Broadcasting Co., Ltd. to Report Q3, 2025 Results on Oct 30, 2025 TianJin 712 Communication & Broadcasting Co., Ltd. announced that they will report Q3, 2025 results on Oct 30, 2025 Price Target Changed • Jun 30
Price target increased by 13% to CN¥23.89 Up from CN¥21.13, the current price target is an average from 3 analysts. New target price is 14% above last closing price of CN¥21.01. Stock is up 17% over the past year. The company is forecast to post earnings per share of CN¥0.35 next year compared to a net loss per share of CN¥0.32 last year. Announcement • Jun 30
TianJin 712 Communication & Broadcasting Co., Ltd. to Report First Half, 2025 Results on Aug 28, 2025 TianJin 712 Communication & Broadcasting Co., Ltd. announced that they will report first half, 2025 results on Aug 28, 2025 Board Change • May 14
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Shu Li was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 29
TianJin 712 Communication & Broadcasting Co., Ltd., Annual General Meeting, May 28, 2025 TianJin 712 Communication & Broadcasting Co., Ltd., Annual General Meeting, May 28, 2025, at 14:00 China Standard Time. Reported Earnings • Apr 24
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: CN¥0.32 loss per share (down from CN¥0.57 profit in FY 2023). Revenue: CN¥2.15b (down 34% from FY 2023). Net loss: CN¥248.8m (down 157% from profit in FY 2023). Revenue missed analyst estimates by 48%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 46% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Communications industry in China. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Mar 28
TianJin 712 Communication & Broadcasting Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 TianJin 712 Communication & Broadcasting Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 New Risk • Feb 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.0% net profit margin). Announcement • Dec 27
TianJin 712 Communication & Broadcasting Co., Ltd. to Report Fiscal Year 2024 Results on Apr 23, 2025 TianJin 712 Communication & Broadcasting Co., Ltd. announced that they will report fiscal year 2024 results on Apr 23, 2025 Major Estimate Revision • Nov 07
Consensus EPS estimates increase by 10%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from CN¥4.04b to CN¥3.91b. EPS estimate rose from CN¥0.733 to CN¥0.807. Net income forecast to grow 549% next year vs 70% growth forecast for Communications industry in China. Consensus price target up from CN¥22.48 to CN¥24.07. Share price rose 10% to CN¥19.15 over the past week. Reported Earnings • Oct 30
Third quarter 2024 earnings released: CN¥0.17 loss per share (vs CN¥0.13 profit in 3Q 2023) Third quarter 2024 results: CN¥0.17 loss per share (down from CN¥0.13 profit in 3Q 2023). Revenue: CN¥407.9m (down 54% from 3Q 2023). Net loss: CN¥94.2m (down 194% from profit in 3Q 2023). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Communications industry in China. Over the last 3 years on average, earnings per share has fallen by 25% per year whereas the company’s share price has fallen by 23% per year. Announcement • Sep 30
TianJin 712 Communication & Broadcasting Co., Ltd. to Report Q3, 2024 Results on Oct 30, 2024 TianJin 712 Communication & Broadcasting Co., Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥16.77, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 23x in the Communications industry in China. Total loss to shareholders of 54% over the past three years. Major Estimate Revision • Sep 03
Consensus revenue estimates fall by 17% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥4.88b to CN¥4.04b. EPS estimate fell from CN¥1.02 to CN¥0.733 per share. Net income forecast to grow 116% next year vs 62% growth forecast for Communications industry in China. Consensus price target down from CN¥26.98 to CN¥22.48. Share price was steady at CN¥15.78 over the past week. New Risk • Sep 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.7% net profit margin). Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: CN¥0.07 (vs CN¥0.24 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.07 (down from CN¥0.24 in 2Q 2023). Revenue: CN¥711.7m (down 22% from 2Q 2023). Net income: CN¥51.1m (down 72% from 2Q 2023). Profit margin: 7.2% (down from 20% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Communications industry in China. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. Announcement • Jun 28
TianJin 712 Communication & Broadcasting Co., Ltd. to Report First Half, 2024 Results on Aug 28, 2024 TianJin 712 Communication & Broadcasting Co., Ltd. announced that they will report first half, 2024 results on Aug 28, 2024 Price Target Changed • May 24
Price target decreased by 8.5% to CN¥26.98 Down from CN¥29.48, the current price target is an average from 2 analysts. New target price is 23% above last closing price of CN¥21.92. Stock is down 28% over the past year. The company is forecast to post earnings per share of CN¥0.97 for next year compared to CN¥0.57 last year. New Risk • May 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 13% Last year net profit margin: 19% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Announcement • Mar 29
TianJin 712 Communication & Broadcasting Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 TianJin 712 Communication & Broadcasting Co., Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Announcement • Mar 28
TianJin 712 Communication & Broadcasting Co., Ltd., Annual General Meeting, Apr 26, 2024 TianJin 712 Communication & Broadcasting Co., Ltd., Annual General Meeting, Apr 26, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Tianjin China Reported Earnings • Mar 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.57 (down from CN¥1.00 in FY 2022). Revenue: CN¥3.27b (down 19% from FY 2022). Net income: CN¥439.8m (down 43% from FY 2022). Profit margin: 14% (down from 19% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 27%. Earnings per share (EPS) also missed analyst estimates by 47%. Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Communications industry in China. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥24.41, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 27x in the Communications industry in China. Total loss to shareholders of 28% over the past three years. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥23.15, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 21x in the Communications industry in China. Total loss to shareholders of 40% over the past three years. Announcement • Dec 29
TianJin 712 Communication & Broadcasting Co., Ltd. to Report Fiscal Year 2023 Results on Mar 28, 2024 TianJin 712 Communication & Broadcasting Co., Ltd. announced that they will report fiscal year 2023 results on Mar 28, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: CN¥0.13 (vs CN¥0.12 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.13 (up from CN¥0.12 in 3Q 2022). Revenue: CN¥885.3m (up 5.2% from 3Q 2022). Net income: CN¥99.8m (up 2.0% from 3Q 2022). Profit margin: 11% (in line with 3Q 2022). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Communications industry in China. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 29
Second quarter 2023 earnings released: EPS: CN¥0.24 (vs CN¥0.24 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.24 (down from CN¥0.24 in 2Q 2022). Revenue: CN¥907.9m (down 5.6% from 2Q 2022). Net income: CN¥183.2m (flat on 2Q 2022). Profit margin: 20% (up from 19% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Communications industry in China. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Jun 28
TianJin 712 Communication & Broadcasting Co., Ltd. to Report First Half, 2023 Results on Aug 29, 2023 TianJin 712 Communication & Broadcasting Co., Ltd. announced that they will report first half, 2023 results on Aug 29, 2023 Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥26.62, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 30x in the Communications industry in China. Total loss to shareholders of 25% over the past three years. Reported Earnings • Apr 01
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥1.00 (up from CN¥0.89 in FY 2021). Revenue: CN¥4.04b (up 17% from FY 2021). Net income: CN¥774.9m (up 13% from FY 2021). Profit margin: 19% (in line with FY 2021). Revenue missed analyst estimates by 7.8%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Communications industry in China. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 5 experienced directors. No highly experienced directors. GM & Director Hui Pang is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: CN¥0.12 (vs CN¥0.12 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.12. Revenue: CN¥841.7m (up 26% from 3Q 2021). Net income: CN¥97.8m (up 13% from 3Q 2021). Profit margin: 12% (down from 13% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Communications industry in China. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥35.34, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 24x in the Communications industry in China. Total returns to shareholders of 42% over the past three years. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: CN¥0.24 (vs CN¥0.17 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.24 (up from CN¥0.17 in 2Q 2021). Revenue: CN¥961.7m (up 29% from 2Q 2021). Net income: CN¥183.9m (up 30% from 2Q 2021). Profit margin: 19% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 39%, compared to a 29% growth forecast for the Communications industry in China. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Jun 30
TianJin 712 Communication & Broadcasting Co., Ltd. (SHSE:603712) agreed to acquire Tianjin Tongguang Group Zhenhai Technology Co., Ltd from Tianjin Communication and Broadcasting Group Co., Ltd. and Tianjin Tongguang Group Zhentong Electronics Co., Ltd for CNY 29.1 million. TianJin 712 Communication & Broadcasting Co., Ltd. (SHSE:603712) agreed to acquire Tianjin Tongguang Group Zhenhai Technology Co., Ltd from Tianjin Communication and Broadcasting Group Co., Ltd. and Tianjin Tongguang Group Zhentong Electronics Co., Ltd for CNY 29.1 million on June 28, 2022. TianJin 712 Communication & Broadcasting Co., Ltd. board approved the transaction. As of year ended March 31, 2022, Tianjin Tongguang Group Zhenhai Technology Co., Ltd reported total assets of CNY 46.56 million and total common equity of CNY 35.27 million. Reported Earnings • Apr 28
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: CN¥0.028 (up from CN¥0.022 in 1Q 2021). Revenue: CN¥409.8m (up 18% from 1Q 2021). Net income: CN¥21.5m (up 27% from 1Q 2021). Profit margin: 5.2% (up from 4.9% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 7.0%. Over the next year, revenue is forecast to grow 41%, compared to a 29% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥33.99, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 25x in the Communications industry in China. Total returns to shareholders of 84% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥36.68 per share. Reported Earnings • Mar 12
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥0.89 (up from CN¥0.68 in FY 2020). Revenue: CN¥3.45b (up 28% from FY 2020). Net income: CN¥688.3m (up 32% from FY 2020). Profit margin: 20% (in line with FY 2020). Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 7.0%. Over the next year, revenue is forecast to grow 36%, compared to a 31% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS CN¥0.12 (vs CN¥0.09 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: CN¥666.3m (up 42% from 3Q 2020). Net income: CN¥86.6m (up 25% from 3Q 2020). Profit margin: 13% (down from 15% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS CN¥0.17 (vs CN¥0.12 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥745.5m (up 29% from 2Q 2020). Net income: CN¥141.8m (up 50% from 2Q 2020). Profit margin: 19% (up from 16% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥40.31, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 30x in the Communications industry in China. Total returns to shareholders of 93% over the past three years. Reported Earnings • May 04
First quarter 2021 earnings released: EPS CN¥0.022 (vs CN¥0.011 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥346.6m (up 31% from 1Q 2020). Net income: CN¥17.0m (up 95% from 1Q 2020). Profit margin: 4.9% (up from 3.3% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS CN¥0.68 (vs CN¥0.45 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥2.70b (up 26% from FY 2019). Net income: CN¥523.1m (up 52% from FY 2019). Profit margin: 19% (up from 16% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 11
New 90-day low: CN¥34.13 The company is down 8.0% from its price of CN¥37.08 on 11 December 2020. The Chinese market is down 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Communications industry, which is down 17% over the same period. Announcement • Jan 21
TianJin 712 Communication & Broadcasting Co., Ltd. to Report Fiscal Year 2020 Results on Mar 18, 2021 TianJin 712 Communication & Broadcasting Co., Ltd. announced that they will report fiscal year 2020 results on Mar 18, 2021 Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥37.45, the stock is trading at a trailing P/E ratio of 73.4x, down from the previous P/E ratio of 88.5x. This compares to an average P/E of 53x in the Communications industry in China. Total returns to shareholders over the past year are 42%. Is New 90 Day High Low • Dec 07
New 90-day low: CN¥37.56 The company is down 19% from its price of CN¥46.44 on 08 September 2020. The Chinese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is down 7.0% over the same period. Is New 90 Day High Low • Nov 13
New 90-day low: CN¥41.36 The company is down 23% from its price of CN¥53.93 on 14 August 2020. The Chinese market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is down 10.0% over the same period. Reported Earnings • Oct 28
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥405.8m, up 56% from the prior year. Total revenue was CN¥2.30b over the last 12 months, up 26% from the prior year. Announcement • Aug 26
Tianjin Zhibo Intelligent Technology Development Co., Ltd. entered into equity transfer agreement to acquire 52.53% stake in TianJin 712 Communication & Broadcasting Co., Ltd. (SHSE:603712) from Tianjin Zhonghuan Electronic and Information (Group) Co., Ltd. for free. Tianjin Zhibo Intelligent Technology Development Co., Ltd. entered into equity transfer agreement to acquire 52.53% stake in TianJin 712 Communication & Broadcasting Co., Ltd. (SHSE:603712) from Tianjin Zhonghuan Electronic and Information (Group) Co., Ltd. for free on August 25, 2020. Tianjin Zhonghuan held 405 million A shares of TianJin 712, accounting for 52.53% of the total shares, and was the company's controlling shareholder. The transaction still needs to obtain the approval of Tianjin SASAC. 
