# Shanghai Tuyue Chengxiang

400‑Year‑Old Knife‑and‑Scissors Maker Loses Majority After Debt‑Driven Share Auction

Zhang Xiaoquan, a 400‑year‑old knife‑and‑scissors maker listed in 2021, has seen its largest shareholder position change hands after judicial auctions triggered by its controlling group’s debt crisis. The company now lacks a controlling shareholder, faces concentrated revenue risk and governance uncertainty, even as a new investor with e‑commerce credentials forecasts a sizeable profit rebound for 2025.