According to Hengwei Technology's announcement, the company's controlling shareholders and actual controllers Shen Zhenyu, Hu Deyong, Wang Xiang, and co-actors Tianorange Fund signed a termination agreement on October 16, 2026, ending the concerted action relationship. On the same day, Shen Zhenyu and Wang Xiang signed a new concerted action agreement. The controlling shareholders and actual controllers of the company were changed to Shen Zhenyu and Wang Xiang. The two held a total of 19.20% of the shares. Shen Zhenyu, Hu Deyong, and Wang Xiang promised that within three years from the effective date of the termination agreement, centralized auctions will reduce their holdings by no more than 1% of the total share capital of the company for 90 consecutive days, reduce their holdings by no more than 2% in total for any 90 consecutive days, transfer no more than 25% of the total shares held by the three parties each year, and fulfill credit disclosure obligations before reducing their holdings. This change does not involve an increase or decrease in the number of shares held, and does not affect mandatory tender offer obligations.

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