Macquarie released a report that Rongsheng announced important changes in its shareholding structure yesterday, and although Macquarie believes it can provide a potential buying point for major investors, the bank remains cautious because the share price has been volatile in recent trading and may deviate from fundamentals. In view of Rongsheng's high profit risk and weak balance sheet, Macquarie reiterated that Rongsheng's "outperform" rating remained unchanged at 0.56 yuan.

Macquarie pointed to media reports last week that Rongsheng planned to introduce private equity funds, which may have contributed to a 30% rise in Rongsheng's share price over the past three weeks. At present, the stake held by Zhang Zhirong, a major shareholder of Rongsheng, has fallen to less than 30%, making it easier for new investors to buy Rongsheng's stake without triggering a mandatory takeover offer.