China's home furnishing industry is witnessing a rare wave of control changes among its former 'first stocks', as Markor Home Furnishings, Zhejiang Meida, and Youbang Ceiling have each sought or completed a change of ownership. Markor Home Furnishings has entered pre-restructuring and brought in 1.072 billion yuan in restructuring investment, with lead investor Xiaoci Investment planning to pay 541 million yuan to subscribe for 368 million shares and obtain 51 percent equity in the restructured Markor Group, thereby achieving direct and indirect control of Markor Home Furnishings. At Zhejiang Meida, controlling shareholders Xia Zhisheng and his son Xia Ding plan to transfer a 29.99 percent stake at 6.656 yuan per share, for a total transaction value of about 1.29 billion yuan. The buyer, Shenzhen Xinglan Tu, is ultimately controlled by Zhang Haizheng, a cross-border e-commerce entrepreneur. Youbang Ceiling has already completed its control change, with former actual controllers Shi Shenxiang and his wife Luo Lianqin transferring a 29.99 percent stake at 29.41 yuan per share for a total consideration of about 1.142 billion yuan. The controlling shareholder has changed to Mingsheng Intelligent, and the actual controller has changed to Shi Qiming. All three companies have seen sharp declines in performance. Markor Home Furnishings posted a huge loss of 2.104 billion yuan in 2025 and expects to lose another 350 million to 450 million yuan in the first half of this year. Zhejiang Meida's net profit in 2025 was only 11.54 million yuan, down more than 90 percent from its peak of 665 million yuan in 2021. Youbang Ceiling's revenue in 2025 was only 498 million yuan, and it also expects a loss in the first half of this year. Industry insiders point out that the key to judging the purpose behind a control transaction lies in what the new controlling shareholder does after gaining control. If the buyer has low relevance to the original main business and holds other industrial assets of its own, the value of the listed company platform itself deserves to be re-examined.
Zhejiang Meida Industrial Co LtdControlling stake transfer at a price, but performance has declined sharply
Zhejiang Youpon Integrated Ceiling Co LtdControl change completed, but revenue is low and expects losses
Markor International Home Furnishings Co LtdRestructuring investment and control change, but company faces huge losses
