The richest man in Shaanxi has acquired a listed company.

This is a transaction in the secondary market that is easily overlooked.

Recently, A-share listed company Sanrenxing issued an announcement stating that the company's controlling shareholder and persons acting in concert transferred 8% of their shares to Yan Jianya through a negotiated transfer for 450 million yuan. Yan Jianya is no ordinary person. On the newly released Forbes Rich List in October this year, Yan Jianya and his wife Fan Daidi of "the first stock in recombinant collagen", Giant Biogene, topped the list of wealthy people in Shaanxi with a fortune of 33 billion yuan, ending the five-year dominance of Li Zhenguo and his wife Li Xiyan of LONGi Green Energy.

Investing in Sanrenxing is the latest move of this newly crowned richest man in Shaanxi in the capital market. As the target of the transaction, Sanrenxing was established in 2003 and is a leading integrated marketing service provider in China. It was listed on the Shanghai Stock Exchange in 2020. Its main business covers digital marketing, scenario activities, and campus media services. Its clients include leading enterprises such as China Mobile, Yili, and JD.com. However, in recent years, affected by industry adjustments, the company's performance has been under continuous pressure. From 2022 to 2024, its operating income decreased from 5.65 billion yuan to 4.21 billion yuan, and its net profit dropped from 740 million yuan to 120 million yuan.

Based on Sanrenxing's declining performance, Yan Jianya's strategic investment this time seems to be "buying at the bottom" on the surface. In fact, this is not the first cooperation between Yan Jianya and Sanrenxing.

As enterprises from Xi'an, Shaanxi, the leaders of the two sides have had many contacts before. On the one hand, Giant Biogene is a client of Sanrenxing. On the other hand, Sanrenxing once invested in Giant Biogene and reaped substantial benefits. Even earlier in 2021, Yan Jianya's Triangle Defense and Sanrenxing jointly contributed a total of 100 million yuan through their wholly-owned subsidiaries to establish Xi'an Sanhang Zhongxing New Materials Partnership. Subsequently, the two sides also jointly established a fund.

Source/Screenshot of Rongzhong Finance from Sanrenxing's 2023 annual report

With the completion of this transaction, the number of listed companies controlled by Yan Jianya and his wife, the newly crowned richest couple in Shaanxi, has increased to three, namely Giant Biogene, Triangle Defense, and Sanrenxing. In this way, their capital matrix of "biotechnology + aerospace + marketing" has taken initial shape. And the capital empire of the new richest man in Shaanxi has quietly emerged.

Spend 450 million yuan to own a listed company

In simple terms, Yan Jianya spent 450 million yuan to add a listed company to his name.

After the completion of the transaction, the shareholding ratio of Sanrenxing's controlling shareholder and persons acting in concert decreased from 53.88% to 45.88%, still maintaining the controlling position. And the newly invested Yan Jianya has become an important shareholder holding more than 5% of Sanrenxing's shares and has jumped to become the company's second-largest shareholder.

This transaction is defined by Sanrenxing's official as "an arrangement based on optimizing the equity structure of the listed company and introducing important strategic investors." The logic behind it is a rigorous business win-win situation.

For Sanrenxing, introducing Yan Jianya means obtaining triple value: First, governance optimization. The entry of a heavyweight shareholder with successful industrial and investment experience can improve the company's governance level and credibility in the capital market. Second, resource synergy. Yan Jianya's profound industrial resources in the military, new materials, biotechnology, and consumer fields are expected to expand Sanrenxing's large B2B clients, especially providing potential entry points for exploring new industry tracks such as high-end manufacturing and military state-owned enterprises. Finally, strategic empowerment. Yan Jianya's operational experience in "industry + capital" may help Sanrenxing have more insight and execution when exploring new businesses and making relevant industrial investments.

In contrast, Yan Jianya's investment this time is also a shrewd strategic move.

As a bridge connecting numerous consumer brands and the market, Sanrenxing's marketing network and data resources may generate synergy with the consumer tracks such as beauty and skincare where Giant Biogene under Yan Jianya's control is located in the future, providing support for brand building and market promotion of consumer goods businesses. In addition, by becoming the second-largest shareholder of a listed company on the Shanghai Stock Exchange's main board, Yan Jianya has further expanded his influence and voice in the A-share capital market.

It is worth noting that the cooperation between Yan Jianya and Sanrenxing and its actual controller Qian Jundong did not happen overnight but went through several years of "warming up" and "testing the waters."

As early as May 2021, Triangle Defense under Yan Jianya's control and Sanrenxing announced that they planned to jointly contribute 100 million yuan through their respective subsidiaries to establish a private equity fund targeting the aviation new materials field. Although the plan was later terminated, it opened the prelude to the capital cooperation between the two sides. More substantial cooperation took place in March 2022. Sanrenxing announced that it would contribute 220 million yuan to jointly establish a partnership with Sanyuan Capital, an investment platform personally controlled by Yan Jianya with a 97% stake, which was clearly used to invest in enterprises planning to go public. Since then, the cooperation between the two sides has become closer and the roles have been reversed. In an investment in projects such as Honor Terminal in October 2024, the cooperation model evolved into Sanrenxing taking the lead in contributing funds and acting as the limited partner (LP), while Yan Jianya's Sanyuan Capital followed up as a participant.

A series of progressive cooperations from "follow - up investment" to "leading investment" not only accumulated trust between the two sides but also verified the feasibility of resource complementarity. Finally, it naturally developed into a deeper - level capital connection where Yan Jianya directly made a strategic investment in Sanrenxing.

It is worth mentioning that another listed company under Yan Jianya and his wife's name, Giant Biogene, also has a lot of connections with Sanrenxing, the target of this transaction.

According to Sanrenxing's previous annual report, "In 2021, new fast - moving consumer goods clients such as C'estbon, Snow, Heineken, and Haitian Flavoring under China Resources Group, new consumer clients such as the leading enterprise in the medical aesthetics industry, Giant Biogene, the Sports Lottery Management Center of the General Administration of Sport of China, high - quality leading clients in the financial industry such as Postal Savings Bank and China Minsheng Bank, as well as automobile clients such as Dongfeng Honda and FAW Toyota were newly developed, jointly boosting the continuous and rapid growth of the company's integrated marketing service business centered on digital marketing."

In 2021, Giant Biogene entered the list of Sanrenxing's important clients. Later, Sanrenxing invested in Giant Biogene and successfully exited in 2023, obtaining considerable returns.

Therefore, this equity transaction worth 450 million yuan, on the surface, is a simple share transfer, but in essence, it is a long - brewing industrial capital integration based on deep mutual trust and strategic complementarity.

This not only injects new vitality and possibilities into Sanrenxing, which is facing transformation pressure, but also fills a key piece in Yan Jianya's huge business empire. After the completion of the transaction, the market will closely watch how the industrial resources of this richest man in Shaanxi will spark new sparks with this marketing service provider, and how their previous cooperation experience will catalyze greater business value.

The richest man in Shaanxi loves investing

Before Sanrenxing, the most notable investment of Yan Jianya's family this year was the joint acquisition by Giant Biogene and Kidswant.

In June 2025, Kidswant issued an announcement titled "Announcement on the Acquisition of the Equity of Related Party and the Joint Acquisition of 100% Equity of Siyu Industrial Co., Ltd. with Related Party", announcing that it would acquire 100% equity of Zhuhai Siyu Industrial Development Co., Ltd. for 1.65 billion yuan in cash through its controlling subsidiary Jiangsu Xing Siyu Investment Management Co., Ltd. After the completion of the transaction, Kidswant will indirectly hold a 65% stake in Siyu Industrial, while the biotechnology enterprise Giant Biogene, the founder of Siyu Industrial, Chen Yingyan, and Wang Deyou will hold 10%, 8%, and 6% stakes respectively.

Picture/Shareholder situation of Siyu after the transaction. Source/Kidswant's announcement

The final transaction price was set at 1.65 billion yuan - also the largest personal care acquisition case in China this year. So, what kind of enterprise is this that can make a mother - and - baby enterprise and a biotechnology enterprise make a cross - border and heavy - investment bet?

It is not difficult to find from public information that Siyu Industrial is an enterprise established on July 1, 2014, which has long been focusing on the personal care industry. The integrated operation model of "products + services + channels" driven by products created by Siyu Industrial is the first in the industry and highly conforms to the characteristics of the first - launch economy.

As of the end of 2024, Siyu Industrial had a total of 2,503 stores, including 176 directly - operated stores and 2,327 franchised stores, with the number of members exceeding 2 million. Financial data shows that in 2024, Siyu Industrial achieved an operating income of 723 million yuan, a net profit attributable to the parent company of 181 million yuan, a gross profit margin of 67%, and a net profit margin of 25%. In the first quarter of 2025, the operating income was 144 million yuan, and the net profit was 26.6098 million yuan.

Regarding the purpose of purchasing assets and the impact on the company, Kidswant elaborated on this transaction from multiple perspectives, stating that "the company and Siyu Industrial have significant synergy in terms of membership, scenario layout, channels, industry, and business forms."

As one of the acquirers, Kidswant also revealed the reason for Giant Biogene's participation in this acquisition. "As a biotechnology enterprise based on scientific and technological aesthetics, Giant Biogene is a pioneer and leader in China's professional skin care product industry based on bioactive ingredients, which can help Siyu Industrial improve its R & D ability and perfect the product ecosystem for hair care. Under the empowerment of various strategic investors, the business model of Siyu Industrial's 'products + services + channels' will be further strengthened, the market share is expected to continue to increase, and the core competitiveness will be continuously enhanced."

As a leading enterprise in the recombinant collagen track, Giant Biogene has a considerable reputation in the industry. It once achieved high - performance growth by virtue of its technological advantages and became the focus of capital pursuit. From the latest performance, in the first half of 2025, Giant Biogene achieved an income of 3.11 billion yuan, a year - on - year increase of 22.5%. The net profit was 1.18 billion yuan, a year - on - year increase of 20.6%.

In terms of income composition, in the first half of 2025, the Kefumei brand achieved an income of 2.54 billion yuan, a year - on - year increase of 22.7%, accounting for 81.7% of the total income. The Kelijin brand achieved an income of 500 million yuan, a year - on - year increase of 26.9%, accounting for 16.1% of the total income. Giant Biogene said that the main reasons for the performance growth in the first half of the year were in - depth development of online and offline channels, improvement of refined operation ability, consolidation of the growth of star products, iteration and upgrading of core products, and strengthening of brand marketing to enhance brand influence.

Besides Giant Biogene, Yan Jianya's "main battlefield" is in the military and advanced manufacturing.

He first established Triangle Defense on August 5, 2002, and then led it to be listed on the Shenzhen Stock Exchange on May 21, 2019. As a leading aviation die - forging parts manufacturer in China, Triangle Defense has advanced core equipment such as large - scale integral die - forging hydraulic presses and has strong technical strength.

In the third quarter of 2025, Triangle Defense's operating income was 1.247 billion yuan, and the net profit was 375 million yuan. Regarding its performance, Soochow Securities pointed out that the company has completed capacity ramp - up, repaired its profitability quality, and is ready to go with cash. It is estimated that the company's net profit attributable to the parent company from 2025 to 2027 will be 459 million yuan, 571 million yuan, and 596 million yuan respectively, corresponding to price - to - earnings ratios (PE) of 31, 25, and 24 times respectively. The "buy" rating is maintained.

A billion - dollar family empire is rising

Triangle Defense, Giant Biogene, and Sanrenxing are the listed companies under the name of this newly crowned richest couple in Shaanxi.

It can be seen that Fan Daidi and Yan Jianya, a scientist couple who came from the laboratory of Northwest University, have now grown into capital operators advancing simultaneously in multiple fronts such as biotechnology, high - end manufacturing, and industrial investment. A clear - cut billion - dollar family empire is rising at an accelerated pace.

The foundation of the empire is solid and dazzling. On one side is Giant Biogene, the "first collagen stock" in the Hong Kong stock market. This enterprise founded by Fan Daidi based on the core technology of "human - like collagen" achieved an operating income of 5.539 billion yuan and a net profit as high as 2.062 billion yuan in 2024, and its market value once exceeded HK$90 billion. On the other side is Triangle Defense, the core supplier of aviation forging parts in the A - share market. As a key part of China's aviation industry, it has continued to make profits under Yan Jianya's leadership, and its market value exceeds 1 billion yuan.

These two listed companies, one "civilian" and one "military", one focusing on consumption and the other on manufacturing, form the most core ballast of the family wealth and provide abundant cash flow and strong credit endorsement for its subsequent capital operations. It is worth mentioning that the operation of this empire has a distinct family - collaboration color. Yan Yubo, their daughter, serves as the executive director and chief product officer of Giant Biogene, and Yan Yajuan, Yan Jianya's younger sister, is also the senior vice - president of the company, ensuring the consistency and efficiency of strategic implementation.

However, Yan Jianya's ambition is far more than just guarding the existing industrial territory. The rise of the empire is more prominently reflected in its active and aggressive capital expansion.

Yan Jianya has long been a well - known investment operator in the regional capital market, and his investment logic is closely centered on industrial synergy. Previously, he planned to personally contribute 500 million yuan to participate in the private placement of Baoti Co., Ltd., an upstream enterprise in the industrial chain, and then promoted Triangle Defense to jointly contribute 900 million yuan with Xi'an state - owned assets to establish a major project, "Sanzhong Aviation". Step by step investment layout is carried out to consolidate and strengthen the industrial foundation and build a more solid moat for the industrial chain.

A more strategically significant layout is Sanyuan Capital, a private equity investment platform established in 2021. As a new - generation corporate venture capital (CVC) institution, it is actually controlled by Yan Jianya and focuses on tracks such as aerospace, new materials, and advanced manufacturing that are synergistic with Triangle Defense's main business. According to the official website data of the Asset Management Association of China, Sanyuan Jiuyun (Xi'an) Venture Capital Co., Ltd., the institutional entity of Sanyuan Capital, manages 5 funds, with a management scale of 1 - 2 billion yuan. Among them, the latest fund was established in June 2025.