*ST Xilv Restructuring: Shaanxi's Richest Man Yan Jianya Set to Take Control

Key points

• *ST Xilv signed a pre-restructuring investment agreement with the "Sanyuan Haoshiguang" consortium, bringing in about 1.1 billion yuan in total capital.
• Industrial investor Sanyuan Jiuhe will acquire about 146 million shares at 3.55 yuan per share for roughly 517 million yuan; eight co-investors will acquire about 150 million shares at 3.90 yuan per share for roughly 584 million yuan.
• If the restructuring succeeds, Sanyuan Jiuhe becomes controlling shareholder and Shaanxi's richest man Yan Jianya becomes actual controller, ending Qujiang New District's control.
• The process began with a 1.773 million yuan overdue debt; a creditor filed for pre-restructuring on August 28, 2026, and the Xi'an Intermediate Court launched the procedure on August 31.
• *ST Xilv's non-recurring net profit has been negative for 13 consecutive years; in H1 2026 revenue was 204 million yuan, down 6.51%, non-recurring net loss was 66.23 million yuan, and equity attributable to shareholders was -113 million yuan.
• All co-investors are financial investors and will not participate in operations; Guangzhou Zituo is ultimately controlled by the Guangzhou municipal government, and Yuezi Jiuhao has Guangdong state-owned backing.
• Yan Jianya's three listed platforms—Giant Biogene, Triangle Defense and Sanrenxing—all faced pressure in H1 2026, and no verified synergy path exists between his industrial holdings and the tourism sector.