Markor International Home Furnishings Co Ltd

The home furnishing industry is undergoing unprecedented divergence, with at least 10 listed home furnishing companies seeking changes of control as of August 2026. The family of Xia Zhisheng, founder of Zhejiang Meida, transferred a 29.99% stake to cash out about 1.29 billion yuan, with the buyer being cross-border e-commerce firm XingShang Innovation. After the restructuring of ST Markor's controlling shareholder Markor Group, XiaoCi Investment acquired a 51% stake, and actual controller Li Shaofeng also controls communication component supplier WandeTai Optoelectronics. Elegant Home announced the acquisition of no less than 77.08% of semiconductor testing company O'Connell, after which its share price hit the daily limit for 10 consecutive sessions. Monalisa Home Furnishing spent 500 million yuan to enter generative artificial intelligence and changed its name to Monalisa Shuihua. Jason Furniture chose to double down on its core business instead, elevating mattresses to a strategic category. Its 2025 research and development expenses rose 31.19% year-on-year to 369 million yuan, and annual revenue exceeded 20 billion yuan for the first time, reaching 20.056 billion yuan. Shenwan Hongyuan and Guotai Haitong Securities both noted that concentration in the home furnishing industry remains low, and the bottoming-out reshuffle in the property sector is expected to accelerate share gains for leading players.

China's home furnishing industry is witnessing a rare wave of control changes among its former 'first stocks', as Markor Home Furnishings, Zhejiang Meida, and Youbang Ceiling have each sought or completed a change of ownership. Markor Home Furnishings has entered pre-restructuring and brought in 1.072 billion yuan in restructuring investment, with lead investor Xiaoci Investment planning to pay 541 million yuan to subscribe for 368 million shares and obtain 51 percent equity in the restructured Markor Group, thereby achieving direct and indirect control of Markor Home Furnishings. At Zhejiang Meida, controlling shareholders Xia Zhisheng and his son Xia Ding plan to transfer a 29.99 percent stake at 6.656 yuan per share, for a total transaction value of about 1.29 billion yuan. The buyer, Shenzhen Xinglan Tu, is ultimately controlled by Zhang Haizheng, a cross-border e-commerce entrepreneur. Youbang Ceiling has already completed its control change, with former actual controllers Shi Shenxiang and his wife Luo Lianqin transferring a 29.99 percent stake at 29.41 yuan per share for a total consideration of about 1.142 billion yuan. The controlling shareholder has changed to Mingsheng Intelligent, and the actual controller has changed to Shi Qiming. All three companies have seen sharp declines in performance. Markor Home Furnishings posted a huge loss of 2.104 billion yuan in 2025 and expects to lose another 350 million to 450 million yuan in the first half of this year. Zhejiang Meida's net profit in 2025 was only 11.54 million yuan, down more than 90 percent from its peak of 665 million yuan in 2021. Youbang Ceiling's revenue in 2025 was only 498 million yuan, and it also expects a loss in the first half of this year. Industry insiders point out that the key to judging the purpose behind a control transaction lies in what the new controlling shareholder does after gaining control. If the buyer has low relevance to the original main business and holds other industrial assets of its own, the value of the listed company platform itself deserves to be re-examined.

ST Meike has terminated the original plan to acquire a 100 percent stake in Shenzhen Wandetai through a share issuance and cash payment. On the same day, it disclosed that the controlling shareholder and an industrial investor signed a restructuring investment agreement. The company stated that the termination was due to difficulties in coordinating judicial procedures and securities regulatory procedures, but the industrial party has not left the scene. Xiaoci Investment, controlled by Wandetai's actual controller Li Shaofeng, will lead the Tongguang Interconnect industry-finance consortium to participate in the restructuring. The consortium's total restructuring investment amounts to approximately 1.072 billion yuan, of which Xiaoci Investment plans to invest 540.96 million yuan. After the restructuring is completed, the company will form a dual-main-business structure of home furnishing manufacturing and high-speed copper-optical interconnect. Wandetai mainly develops and produces high-speed cable assemblies and optical module solutions for AI computing clusters and data centers, with products covering 800G and 1.6T ultra-high-speed scenarios. The company emphasized that a change in the transaction path does not necessarily mean that Wandetai's assets will be injected into the listed company, and future asset-level cooperation still needs to go through corresponding procedures.