Shanghai property magnate Wang Zheng steps aside, paving the way for a new controlling owner at Rongfeng Holdings.
With capital for computing power entering the market, the Wang Zheng era of Rongfeng Holdings (000668.SZ) may be coming to an end.
On the evening of October 12, Rongfeng Holdings announced that its controlling shareholder Shengshida Investment Co., Ltd. (hereinafter referred to as "Shengshida") signed a share transfer agreement with Guangzhou Xintu Enterprise Development Co., Ltd. (hereinafter referred to as "Guangzhou Xintu") on October 10, planning to transfer 29.99% of its shares to the latter at a price of RMB 18.63 per share with a total price of about RMB 840 million. After the transfer is completed, Guangzhou Xintu will launch a partial offer for 5.01% of the shares to the remaining shareholders.
After the full completion of the transaction, Guangzhou Xintu will hold a total of 35% of the shares and the corresponding voting rights. The controlling shareholder of Rongfeng Holdings will be changed from Shengshida to Guangzhou Xintu, and the actual controller will be changed from Wang Zheng, a real estate tycoon in Shanghai, to Chen Qunping, a female entrepreneur in Guangzhou.
The new actual controller holds AI computing power infrastructure assets such as Guangdong No.7 Intelligent Computing Technology Co., Ltd. (hereinafter referred to as "No.7 Intelligent Computing"), which gives this old real estate enterprise that just had its "ST and *ST" labels removed in June this year and barely supported its revenue structure by cross-border logistics a new narrative of AI computing power.
On October 8, Rongfeng Holdings issued a suspension announcement on the planning of control right change by the controlling shareholder. However, on the trading day before that, September 30, the company's stock price suddenly rose to the limit in the afternoon, closing up 9.94% on the same day; the day after the announcement of the planned control right change, Rongfeng Holdings hit the one-word limit, closing at 20.56 yuan per share with a market value of 3.1 billion yuan.
Agreement Transfer + Tender Offer, New Controller Holds Computing Power Assets
The structure of this transaction is a typical combination of "agreement transfer + tender offer". Specifically, Shengshida plans to transfer 45.0721 million shares to Guangzhou Xintu, accounting for 29.99% of the total share capital of the listed company, with a transfer price of 18.63 yuan per share and a total transfer consideration of 840 million yuan.
On this basis, Guangzhou Xintu will make a tender offer to all shareholders except itself for 7.5297 million shares at the same price, accounting for 5.01% of the total share capital of the listed company. Shengshida irrevocably undertakes to apply for pre-acceptance of the tender offer with its 5.01% shares, and shall not transfer, pledge or dispose of such shares from the signing of the agreement to the completion of the transfer of ownership. After the transaction is completed, Shengshida will only retain 4.97% of the voting rights, and the Wang Zheng family's more than ten years of control over Rongfeng Holdings will be handed over.
It is worth noting that all the subject shares and the pre-accepted tender offer shares have been pledged to the pledgee. Shengshida agrees to coordinate the pledgee to obtain the "Pledgee Consent Letter" consenting to Shengshida's transfer of the subject shares, the pre-accepted tender offer shares and the corresponding pledge release arrangement before submitting the compliance confirmation application for the agreement transfer of the subject shares to the Shenzhen Stock Exchange.
The industrial identity of the acquirer may be the catalyst for the stock price limit rise in today's market. Guangzhou Xintu was established on April 9, 2026, with a registered capital of 50 million yuan. Its actual controller Chen Qunping holds 75% of the shares and serves as the legal representative, manager and person in charge of finance. According to Tianyancha, Guangzhou Xintu is mainly engaged in commercial service industry, which may be a shareholding platform established for this acquisition. It holds Guangzhou Huafeng Technology Co., Ltd. and Guangzhou Ketan Information Technology Co., Ltd. externally. The former's main business is software and information technology services, and the latter's business covers assembly, production and sales of high-performance servers, information system cluster integration and information technology consulting services.
In addition, Chen Qunping is also the actual controller, legal representative and chairman of No.7 Intelligent Computing. According to the official website of No.7 Intelligent Computing, the company was founded in 2023, with full-link integration capabilities of AI infrastructure investment, construction, operation and maintenance, sales and life cycle management. It has more than 8 national computing power nodes, an annual production capacity of more than 30,000 units, and a computing power scale of more than 10,000P. Its partners cover XPeng Motors, GAC Group and Pony.ai.
However, Guangzhou Xintu clearly stated that there is no plan to change the main business of the listed company or make major adjustments to the main business of the listed company within the next 12 months, and will not inject the assets held by related parties into the listed company within 36 months, which means that computing power assets such as No.7 Intelligent Computing will not be immediately injected into the listed company.
After the transaction is completed, Guangzhou Xintu has the right to nominate 3 non-independent directors and 3 independent director candidates in the re-election of the board of directors, and Shengshida has the right to nominate 1 non-independent director candidate to the listed company; the senior management will be re-selected by the new board of directors.
Shanghai Real Estate Tycoon Failed in Cross-border Medical Layout, De-real-estate Process on the Way
The predecessor of Rongfeng Holdings is Rongfeng Real Estate, which was established in 1992. It officially landed on the A-share market by backdoor listing of Wuhan Petroleum in 2008, and was actually controlled by the Wang Zheng family through the Shengshida system. Its main business is real estate development in Beijing, Changchun, Chongqing and other places. In 2020, Wang Zheng's father Sheng Yunan passed away, and Wang Zheng became the actual controller of Rongfeng Holdings through inheritance. After that, the company started to relocate to West Coast of Qingdao, its registered address was moved from Shanghai to Huangdao District, Qingdao, and the company's business was switched from pure real estate to the big health track.
In 2021, Rongfeng Holdings promoted the major asset restructuring of acquiring Anhui Weiyu Medical Device Technology Co., Ltd. (hereinafter referred to as "Weiyu Medical"), and its main business was changed to real estate development, medical device distribution and technical services. However, this cross-border medical layout almost copied Wang Zheng's past investment rhythm of "entering with high profile and exiting with low profile".
Weiyu Medical's revenue from 2018 to 2019 was still in the range of 1.3 billion to 1.5 billion yuan, and it promised that the non-net profit after deduction from 2021 to 2023 would not be less than 117 million yuan, 102 million yuan and 123 million yuan respectively. But in fact, the non-net profit after deduction attributable to shareholders of Weiyu Medical in 2021 was only 6.9276 million yuan. After the implementation of the volume-based procurement of orthopedic consumables across the country, the profits of distributors were greatly compressed, and the performance commitment failed. In February 2023, Rongfeng Holdings announced the sale of Weiyu Medical's equity to Shengshida, and the cross-border medical layout ended hastily in less than two years, and the company's main business returned to real estate development and sales.
Wu Yongqiang, a good friend of Wang Zheng and a well-known media person, once commented on Wang Zheng: He has innovative views, a sense of adventure, and is a talented businessman who is good at handling various relationships. In fact, in the early years, Wang Zheng was one of the first real estate developers in Shanghai engaged in the development of resettlement housing, and was known as the "King of Resettlement Housing".
Wang Zheng's cross-border resume has a complex color of "media + finance + real estate". In 2010, Wang Zheng, through his distant relative Huang Bingjun, took a high-profile stake in ATV, a well-known Hong Kong TV station, and declared to build "Asia's CNN". But things did not go as expected. ATV stopped broadcasting in 2016, and Wang Zheng applied for the liquidation of ATV as a creditor, ending his layout in Hong Kong in failure.
After the failure in ATV, Wang Zheng, together with Rongfeng Holdings, participated in the bidding for 75% equity of Ethniki, the largest insurance company in Greece in 2018, but finally failed because the size of the target far exceeded the company's net assets.
In 2022, after Rongfeng Holdings' non-net profit after deduction had suffered losses for two consecutive years, Wang Zheng tried to step down. At that time, Hubei Xindongeng Fund Management Co., Ltd. (hereinafter referred to as "Hubei Xindongeng"), which is under the Hubei Provincial State-owned Assets Supervision and Administration Commission, planned to take over the shares, but the transaction was finally terminated because all the matters agreed in the "Equity Transaction Memorandum" signed by both parties were not fully reached.
According to statistics from Times Finance, from 2020 to 2024, Rongfeng Holdings' accumulated non-net profit after deduction lost nearly 700 million yuan. Moreover, in 2024, Rongfeng Holdings was marked with "ST and *ST" because its revenue after deduction was less than 300 million yuan; it was not until 2025 that the company relied on the destocking of existing properties of Changchun International Finance Center and Beijing Rongfeng Jiayuan at reduced prices, its revenue returned to 406 million yuan, and the net profit attributable to shareholders recorded 26.1468 million yuan to turn losses into profits, that the "ST and *ST" labels were removed in June 2026.
Changchun International Finance Center, Source: Official website of Rongfeng Holdings
During this period, Rongfeng Holdings also actively "saved itself". In April 2025, Rongfeng Holdings announced that it would gradually withdraw from the real estate industry within three years and transform into the cross-border logistics industry. However, the transformation effect is not obvious. In the first half of 2026, Rongfeng Holdings' revenue was only 124 million yuan, the net profit attributable to shareholders still lost 24.1282 million yuan, the loss of non-net profit after deduction expanded year-on-year to 25.4609 million yuan, and the operating cash flow turned from positive to negative.
From the perspective of revenue composition, in the first half of the year, Rongfeng Holdings' real estate development revenue shrank to 9.3761 million yuan, accounting for 7.59%; cross-border logistics revenue has occupied half of the country, realizing revenue of 102 million yuan, a year-on-year surge of about 23 times, accounting for 82.61%. However, its cross-border logistics gross profit margin is only 1.78%, and the holding subsidiary Guangdong Rongkong Weihua International Logistics Co., Ltd., which is responsible for carrying out related businesses, recorded a net profit of only 561,700 yuan in the first half of the year.
The transformation is still on the way, but this old real estate enterprise Rongfeng Holdings is about to usher in a turning point of being taken over by the new upstart of AI computing power after the real estate tide recedes; for Wang Zheng, this is another active retreat after ATV and Weiyu Medical. Times Finance will continue to pay attention to whether this control right change will end in vain like in 2022.
This article is from the WeChat Official Account "Times Finance APP" (ID: tf-app), written by Gao Qiurong, authorized for release by 36Kr.