Rhein Biotech Terminates Control-Change Deal and Beijing Jinkangpu Acquisition Plan

Rhein Biotech (002166.SZ) has terminated a planned change of control and a related share-issuance acquisition and fundraising package, citing changes in the external market environment and unmet transaction conditions, according to Jiemian News. The deal, launched after the company suspended trading in early December 2025, would have seen controlling shareholder Qin Benjun transfer 60 million shares (8.09%) to Guangzhou Defu Nutrition Investment Partnership (LP) for a total consideration of RMB 646 million, while giving up voting rights attached to 189 million shares (25.50%), leaving him with 3% voting rights. After completion, Guangzhou Defu Nutrition would have become the controlling shareholder, with Defu Capital founders Li Zhenfu and Hou Ming as joint de facto controllers. In parallel, Rhein Biotech planned to issue shares to acquire 80% of Beijing Jinkangpu Food Technology from Defu Jinkangpu Holding and Xiamen Defu Jinpu Investment, and to raise matching funds via a private placement to Guangzhou Defu Nutrition. The company said the transactions were fully terminated on June 22, 2026. No share transfer registration had been completed. Under the termination agreement, Qin must refund the 30% deposit paid by Guangzhou Defu Nutrition in March 2026, plus interest, and a pledge over 45 million shares will be released within five working days after repayment.