On 5 February 2024, Welltrans O&E Co., Ltd. (“Welltrans”) issued the Announcement on the change of control from Jun Chen to State-owned Assets Supervision and Administration Commission of Hubei Provincial People's Government.
Grandall Beijing advised Hubei Communication Investment Technology Development Co., Ltd. in the acquisition of Welltrans. The change of control has drawn considerable attention in the capital markets, with special reports delivered by Securities Times, www.cnstock.com and other media, marking the first case of acquisition of a BSE-listed company by a state-owned enterprise.