Youzan's market capitalization approached HK$70 billion, becoming a winner in the capital market, but China Youzan Chairman Guan Guisen resigned on suspicion of criminal offenses.
Written by | Zhang Haodong
Produced by | Pay for Wikipedia
On February 17, China Youzan, a Hong Kong-listed company, announced that Guan Guisen had resigned as chairman and executive director of a Hong Kong-listed company from China because his wholly-owned company was suspected of being related to a criminal offence.
China Youzan also revealed that since the relevant companies and Guan Guisen were involved, they have spent a lot of time and energy to deal with relevant litigation, including interpretations, objections and appeals, and it is expected that the investment in handling relevant litigation will continue in the near future.
The criminal offense occurred ten years ago, when Guan Guisen had not yet joined Youzan, and Guan Guisen absconded from 2017 after obtaining 28 million yuan of illegal benefits from related projects for bribery.
In December 2020, Guan Guisen, a criminal suspect, was arrested at the Shenzhen Bay port, and Guan Guisen said: "I hope that those who abscond like me will learn from me, do not hold any luck, face the reality as soon as possible, and take the initiative to surrender."
Guan Guisen graduated from the Graduate Department of the People's Bank of China, worked for UnionPay Data Co., Ltd., and later served as an executive director, legal representative and chairman of China Innovation Payment Group.
In January 2018, China Innovation Payment issued an announcement that the shareholders' general meeting finally passed the resolution to acquire 51% of youzan's equity; in April 2018, China innovation payment adopted China Youzan Co., Ltd. as the second name of the company's Chinese.
In May 2018, China Innovation Pay exchanged 5.5 billion shares for 51% of Zan's shares, Youzan successfully landed on the capital market through backdoor China Innovation Pay, and the Gaohuitong payment license held by China Innovation Pay was also included in the Pocket of Youzan Curve.
Beijing Gaohuitong Commercial Management Co., Ltd. obtained the payment license issued by the central bank in 2012 and was approved to carry out nationwide Internet payment business and prepaid card issuance and acceptance business in Beijing, Shanghai, Zhejiang, Guangdong and Liaoning provinces.
The cooperation between the two sides at that time can be described as taking their own needs, and it is also a strategic cooperation sought for their own business development needs. According to public information, Youzan Group is mainly engaged in e-commerce business, providing a variety of online and offline solutions and services related to virtual wholesale and retail in China, helping merchants to open stores online, social marketing and improve retention and repurchase.
For Youzan, the acquisition of payment licenses has become the only way for its compliance development business, and through the integration of China's innovative payment payment channels, it can provide services to merchants and consumers more comprehensively, broadening Youzan's profitability and industry competitiveness.
In January this year, Youzan's market value reached HK$46.2 billion, becoming the first SaaS company in China with a market value of more than US$10 billion, and now Youzan's market value is rising rapidly, with a current market value of more than HK$69 billion, achieving a breakthrough in the e-commerce SaaS track.