Offshore Trust Insight | NEW GONOW RV (00805.HK) First-Half Revenue Up 14.9% YoY, Controlling Shareholders' Stake Falls to About 48.69%

On October 21, 2026, NEW GONOW RV closed at HKD 14.14, up 4.90% for the day, with turnover of about HKD 9.6647 million. New Gonow RV listed on the Main Board of HKEX on January 13, 2025 at an offer price of HKD 1.27 per share, with a global offering of 240 million shares and net proceeds of about HKD 253 million.

On the shareholding structure, the company's 2026 interim report shows that, based on the total number of issued shares of 960,000,000 as of June 30, 2026, Miao Xuezhong reported 521,363,031 shares, representing about 54.31%. Wang Danhong, by way of interest of spouse, Miao Wanyi Holdings Limited, by way of interest of controlled corporation, and Dedao Trust Limited, in its capacity as trustee, have each separately reported the same block of shares.

According to disclosures in the listing document, founder, chairman of the board and chief executive officer Miao Xuezhong established the Miao Wanyi Trust as settlor, with Dedao Trust Limited as trustee and with WDH Holdings, wholly owned by Wang Danhong, and MWY Holdings, wholly owned by Miao Wanyi, as beneficiaries. The trust is a discretionary trust, and Miao Xuezhong, as settlor, is able to influence how the trustee exercises its discretion.

The shareholding chain is as follows: Miao Wanyi Trust leads to Miao Wanyi Holdings Limited (BVI, 100%), which holds 99% of Snowy.M Holdings Limited, while M.X.Z Holdings, wholly owned by Miao Xuezhong, holds the remaining 1% of Snowy.M Holdings, and Snowy.M Holdings beneficially holds 436,955,085 shares in the company. Accordingly, Miao Xuezhong, Wang Danhong, Miao Wanyi, Snowy.M Holdings, M.X.Z Holdings, Miao Wanyi Holdings, Miao Wanyi Trust, WDH Holdings and MWY Holdings constitute a group of controlling shareholders.

On the news front, on July 2 and July 20, 2026, the group of controlling shareholders disposed of 47,693,414 shares and 6,199,495 shares respectively by way of off-market transactions at an average price of HKD 1.90 and HKD 2.34 per share, reducing their holdings successively to 473,669,617 shares (about 49.34%) and 467,470,122 shares (about 48.69%).

On the policy front, on July 24, 2026, the Ministry of Finance and the State Taxation Administration jointly issued the Announcement on Matters Concerning Individual Income Tax on Offshore Trusts (Announcement No. 21 of 2026), bringing the entire life cycle of an offshore trust, from establishment through existence to termination, into the individual income tax administration system, establishing three look-through points, namely establishment, existence and termination, with a uniform tax rate of 20%. The announcement specifies that, during the existence of an offshore trust, income generated by an offshore trust of a resident individual and by overseas entities held or controlled by that trust shall be subject to individual income tax declared and paid annually by that resident individual, regardless of whether the income is actually distributed.

On the operating front, interim results show that New Gonow RV recorded revenue of RMB 473 million in the first half of 2026, up 14.9% year on year; gross profit of RMB 139 million, up 14.0% year on year; and a gross margin of 29.3%, down 0.2 percentage points from the same period last year. RV deliveries in the first half amounted to 1,508 units, up 10.3% year on year, of which Snowy River delivered 1,466 units, up 17.5% year on year.

According to publicly available information, New Gonow RV is a Chinese export-oriented RV manufacturer principally engaged in the design, development, manufacture and sale of customised towable caravans, and launched Class B and Class C motorhomes in the first half of 2026. Its RV business began with the acquisition in 2014 of Regent, an Australian RV brand with a history of more than 30 years, through which it entered the local market; New Gonow Group was established in July 2016.