Ruitai New Materials (301238.SZ) will change its controlling shareholder to Zhangjiagang State-owned Assets Management Center.

News from Zhitong Finance APP, Reith New Materials (301238.SZ) announced that the People's Government of Zhangjiagang City, Jiangsu Province intends to transfer the 100% equity of Jiangsu Guotai International Trade Co., Ltd. (referred to as "International Trade") held by the government to the state-owned sole proprietorship company Zhangjiagang Industrial Development Group Co., Ltd. (referred to as "Industrial Development Group") under the Zhangjiagang City State-owned Assets Management Center (a unit directly under the People's Government of Zhangjiagang City, Jiangsu Province) without compensation. After the transfer, the controlling shareholder and indirectly controlling shareholder of the company remain unchanged, still being Jiangsu Guotai International Group Co., Ltd. (referred to as "Jiangsu Guotai") and International Trade, and their holdings in the company remain unchanged; the actual controller of the company changes to the Zhangjiagang City State-owned Assets Management Center.