On the evening of February 11th, a major announcement was made by A-share radio frequency chip leader Zhuosheng Micro. The company stated that one of its actual controlling persons, Chairman and General Manager Xu Zhihan, has officially ended his marital relationship with Zhang Yu and, in accordance with the divorce property division agreement, transferred some of his company shares to her. This event has been described as a bombshell in the Chinese A-share market. Currently, the company is facing its first annual loss since going public.
According to the announcement, Xu Zhihan originally held 34.304 million shares of Zhuosheng Micro, accounting for 6.41% of the total share capital of the company. As per the divorce property division agreement, 17.152 million shares were transferred to Zhang Yu, representing 3.21% of the total share capital.
Based on the closing price of the company on February 11th at 75.16 yuan, the total market value of the 17.152 million shares is approximately 1.289 billion yuan. In other words, through the divorce property division, Zhang Yu acquired Zhuosheng Micro shares worth nearly 1.3 billion yuan.
It was agreed that Zhang Yu cannot sell more than 10% of the shares she holds each year if she wants to liquidate all her shares, indicating a minimum of 10 years to do so. Additionally, during Xu Zhihan’s tenure as a director and senior executive of Zhuosheng Micro, Zhang Yu committed to not transferring more than 25% of her company shares each year.
Of particular interest is another arrangement mentioned in the announcement. Zhang Yu has signed a “Voting Rights Entrustment and Unanimous Action Agreement” with Xu Zhihan. According to this agreement, Zhang Yu unconditionally and irrevocably entrusted Xu Zhihan with all voting rights, nomination and proposal rights, attendance rights, supervisory advice rights, and other rights except for property rights and shares transfer rights corresponding to the 17.152 million shares she holds.
After this equity change, the proportion of voting rights jointly controlled by the actual controlling persons of the company remains at 31.90%. The equity change did not lead to a change in the actual controlling persons of the company or the quantity of voting rights jointly controlled by them.
In order to further stabilize market sentiment, Zhuosheng Micro also issued another announcement on the same day. The actual controlling persons Xu Zhihan, Feng Chenhui, Tang Zhuang, and their concerted action parties jointly committed that, starting from February 12, 2026, for the next six months (until August 11, 2026), they will not reduce their holdings of the company’s shares in any way. The signatories of this commitment letter also include Zhang Yu.
It is worth noting that shortly before the divorce announcement, Zhuosheng Micro had just disclosed its performance forecast for the year 2025. The company is expected to achieve operating income of 3.7 billion to 3.75 billion yuan in 2025, a year-on-year decrease of approximately 16% to 18%. The projected net loss is 255 million to 295 million yuan, marking the company’s first annual loss since its listing in 2019.
In recent years, Zhuosheng Micro’s profitability has been under pressure:
– Gross profit margin in 2022: 52.91%
– Gross profit margin in 2023: 46.45%
– Gross profit margin in 2024: 39.49%
– Gross profit margin in the first half of 2025: 28.75%
The decline in gross profit is mainly attributed to product price competition and increased depreciation and amortization of self-built production lines.
It is noteworthy that this is the second time in nearly three years that Zhuosheng Micro has seen a significant equity split due to the divorce of its actual controlling persons.
In 2023, one of the company’s actual controllers, Tang Zhuang, parted ways with Yi Gebing, with the divided share value reaching approximately 3.4 billion yuan. When combined with Xu Zhihan’s divorce, the total equity split from the two divorces amounts to nearly 4.7 billion yuan.
Established in 2012, Zhuosheng Micro is a leading domestic radio frequency chip enterprise in China, with its main products being used in the fields of smartphones and wireless communication equipment, catering to clients such as Samsung, Xiaomi, and more.
On February 12, the first trading day following the announcement of Chairman Xu Zhihan’s divorce, Zhuosheng Micro’s stock price closed at 74.92 yuan, representing a decrease of 0.32%.