Offshore Trust Insight | ZHONGAN SERVICE (02271.HK) Down 3.33% Intraday; Controlling Shareholder Shi Zhong'an Holds 67.94% via Trident Trust (HK)

On October 27, 2026, the property management and community services theme traded divergently, and ZHONGAN SERVICE (02271.HK) retreated. As of 13:49, the stock was quoted at HKD 5.220, down 3.33%, with a turnover of about HKD 1.6257 million and a market capitalisation of about HKD 2.834 billion based on the latest price. It touched a low of HKD 5.050 and a high of HKD 5.300 during the day, with an amplitude of 4.63%.

On the news front, on August 25, 2026, the company's indirect wholly-owned subsidiary Zhejiang Zhong An Intelligent Technology Co., Ltd. entered into a joint venture framework agreement with AIROBO (Chengdu) Technology Co., Ltd. (AIROBO), under which the two parties will jointly establish a joint venture to carry out robot operation services for property and community scenarios. According to the announcement, the joint venture has a registered capital of RMB 20 million, of which Zhong An Intelligent Technology will contribute RMB 12 million, or 60%, and AIROBO will contribute RMB 8 million, or 40%, with both parties' cash contributions to be injected in tranches within five years after the establishment of the joint venture; its business covers robot operation services such as delivery, cleaning, security patrol and equipment inspection, as well as value-added services including operation platform construction, comprehensive solutions and data interfaces. On governance, the board will comprise three directors, with Zhong An Intelligent Technology appointing two and serving as chairman and AIROBO appointing one; the general manager will be nominated by AIROBO and the finance head by Zhong An Intelligent Technology. The announcement stated that AIROBO is an indirect non-wholly-owned subsidiary of Hony Media Group (00419.HK) and is not connected with the company and its connected persons; the joint venture remains subject to completion of industrial and commercial registration and necessary approvals.

It is understood that Zhong An Intelligent Living Service Limited listed on the Main Board of HKEX on July 18, 2023 at an offer price of HKD 1.18, offering 126,668,000 shares globally and raising net proceeds of about HKD 91.70 million; two cornerstone investors, Heyuan Trading and Wu Mingwu, subscribed for a total of about HKD 20.989 million. The company is an integrated property management service provider headquartered in Hangzhou, with businesses divided into property management services, value-added services to property developers, and community value-added services. As at October 27, 2026, the company had about 543 million issued shares. The current price of HKD 5.220 represents a cumulative gain of 342.4% from the offer price; its 52-week high of HKD 5.770 was recorded on October 20, and its 52-week low of HKD 1.303 in October 2025.

In terms of shareholding structure, according to the HKEx disclosure of interests platform, Shi Zhong'an declared holdings of 368,796,000 shares on February 27, 2026, representing 67.94% of the issued voting shares, with the same block of shares declared in equal amounts by New Whole Good Limited, ZA Holding Group Ltd, Zhong An Group Limited and Zhong An Service Holding Limited. On October 20, 2025, Whole Good Management Limited declared that it ceased to have a notifiable interest in the 368,796,000 shares, with its holding falling to zero, and New Whole Good Limited acquired the same block on the same day, with the declared shareholding percentage adjusted from 73.44% to 71.28% and subsequently falling to 67.94% as a result of changes in share capital.

It is understood that ZHONGAN SERVICE's shareholding structure involves offshore trusts. According to the HKEx disclosure of interests platform, the above 368,796,000 shares are held by Trident Trust Company (HK) Limited as trustee: the trustee declared holdings of 380,000,000 shares on October 20, 2025 (representing 73.44%, subsequently revised to 368,796,000 shares, or 71.28%) and declared the same block of 368,796,000 shares again on February 27, 2026 (representing 67.94%). Public disclosure documents show that controlling shareholder Shi Zhong'an (also known as Shi Kancheng) holds about 57.89% of Zhong An Group through Whole Good Limited, and Zhong An Group holds the company's shares through Zhong An BVI. The name, establishment date, protector and scope of beneficiaries of the trust have not been disclosed.

Regarding offshore trusts, 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 — establishment, existence and termination — into the individual income tax administration system, establishing three look-through points of establishment, existence and termination with a uniform 20% tax rate. The announcement specifies that during the existence of an offshore trust, income generated by an individual resident's offshore trust and by overseas entities held or controlled by that trust, whether actually distributed or not, is taxable to that individual resident, who must file and pay individual income tax on an annual basis. Article 6 of the announcement specifies that where, during the existence of an offshore trust of an individual resident, the individual resident becomes a non-resident individual, the taxable income is the balance after deducting the original value from the market value of the offshore trust's property on the day the individual becomes a non-resident, and individual income tax must be filed and paid. The 90-day supplementary filing window set by the announcement runs from July 24, 2026.

On the operating side, the company's revenue in the first half of 2026 was RMB 238 million, up 10.9% year on year; gross profit was RMB 60.971 million, down 6.9%, with the gross margin falling from 30.5% to 25.6%; profit for the period was about RMB 9.30 million, down 14.5%; profit attributable to owners of the parent was RMB 8.85 million, down 22.5%; basic earnings per share were RMB 0.0166; the board did not recommend an interim dividend. By business, property management services revenue was RMB 183 million, down 2.0% and accounting for 76.8% of total revenue; value-added services to property developers generated RMB 5.38 million, down 62.3%; community value-added services revenue grew 263.7% year on year. As at June 30, the company's GFA under management was about 19.06 million sq m, down 7.9% from about 20.69 million sq m a year earlier, of which residential GFA fell 10.5% and non-residential GFA rose 7.3%, with the revenue share of non-residential projects rising from 24.9% to 30.8%; the group had 136 contracted projects with contracted GFA of about 20.34 million sq m, and 131 projects under management. On financial structure, the current ratio was 2.8 times and the gearing ratio 7.9%.

In terms of products and business developments, the company's cost of sales rose 18.8% year on year to RMB 177 million in the first half, while administrative expenses fell 12.7%; the company said the decline in GFA under management was mainly due to proactively exiting certain inefficient projects and reallocating resources to advantageous regions and quality projects. On robot operations, the joint venture will adopt a model of "robot equipment plus operation platform plus scenario services", with the company opening up property scenarios in the Yangtze River Delta region and AIROBO providing robot scheduling, remote operations and maintenance, and its RaaS operating system.