On April 1, 2026, CSD Water Service Co., Ltd. (“CSD Water”, stock code: 603903.SH), an A-share listed company, announced a change of its controlling shareholder. Jiangsu Marching Power Microelectronics Group Co., Ltd. (“Marching Power”) acquired control of CSD Water through a combination of share transfer by agreement and waiver of voting rights.
In this transaction, Marching Power acquired shares held by the former largest shareholder, Yangtze Ecology and Environment Co., Ltd., through a public solicitation transfer. Coupled with arrangements under which certain shareholders waived part of their voting rights, Marching Power obtained control of the listed company and became its controlling shareholder, while Mr. ZHU Yangjun became the ultimate controller.
CSD Water is principally engaged in wastewater treatment and integrated environmental management services for municipalities and industrial parks. Marching Power focuses on the R&D and manufacturing of power semiconductor devices. The transaction represents a key strategic move by Marching Power to advance its industrial layout and expand its business scope. Upon completion, Marching Power will leverage its industrial resources to drive CSD Water’s strategic upgrade and operational efficiency, reflecting a broader trend of industrial capital utilizing the capital markets to achieve cross-sector integration and synergies.
Fangda acted as the legal counsel to Marching Power, the acquirer, and provided comprehensive, one-stop legal services and advice to the acquiring parties, including transaction structuring, legal due diligence, drafting and negotiation of transaction documents, and support on information disclosure. The Fangda team was led by partners Eunice DAI and HUANG Chao. Team members included ZHANG Xiu, CHEN Xi, Julia YANG, and Melissa CHEN. Partner FENG Chen also provided legal support on the transaction.
