Hometown investment involved in project arrears dispute What happened to Wang Wenyin and his Zhengwei International?

Cai Lian News Agency, 8 October (Reporter Wan Jiali) "owes us hard-earned money, not a little, tens of millions"; on September 20, a migrant worker doing engineering projects on the Zhengwei Qianyang New Material Project in Hexi New District, Qianshan City, Anhui Province, said indignantly to a reporter from CaiLian News Agency, "Every day to the outside world, he says that his company is one of the world's top 500 companies, and the top 500 even owes the wages of migrant workers."

Wang Wenyin, known as the "world's bronze king", is the richest man who came out of Hewan Village, Qianshan City, Anhui Province, the hometown of "Peacock Southeast Flight", and the Zhengwei International Group Co., Ltd. (hereinafter referred to as "Zhengwei International") controlled by him is ranked among the Fortune Global 500.

Not long ago, Wang Wenyin was involved in the "restriction of high consumption" turmoil, which caused an uproar. The CaiLian News Agency reporter's on-site investigation found that the new material project invested in his hometown was involved in a dispute over arrears of project payments, and the pension vacation project built at the entrance of the scenic spot on the Tianzhu was suspected of being "rotten".

In contrast, Wang Wenyin's "big estate" of more than 12 acres in his hometown is magnificently built, with pavilions and small bridges flowing water. Zhengwei International's expansion of industrial parks in various places is also in full swing.

In 2017, Wang Wenyin spent 5 billion yuan to "invest" in Evergrande Real Estate Group, and was "out of the circle" because of the gift of Tibetan calligraphy "Xu Jiayin is excellent and great". But what has attracted the continuous attention of the capital market is his frequent sales in recent years.

In addition to holding Zhengwei New Materials (002201. SZ), Xingyu Holdings (02346. HK, suspended for more than a year), Wang Wenyin participated in Lanzhou Bank (001227. SZ), and plans to acquire Huishang Bank (3698. HK）。 According to the data, Wang Wenyin also invested in General Moly, Inc (GMO.TO, delisted) in US stocks, but it ended in a hurry.

Hometown project arrears?

"The five-story building in front is Wang Wenyin's hometown." A villager in Hewan Village, Qianshan City, who was washing vegetables in a small stream, pointed to a building under construction not far away and said: "Wang Wenyin has returned to his hometown relatively rarely in recent years, and his brother and sister-in-law are still at home. "Looking around the building, if you remove the scaffolding, this is the most magnificent residence in Riverbend Village. Hewan Village is the site of the "Peacock Flying Southeast" story, where the stream is clear, the fish are playing, and the rice is golden to be harvested.

On September 18, 2023, a reporter from CaiLian News went to Wang Wenyin's hometown. According to the local village branch secretary, at present, there are only two families in their family, Wang Wenyin's brother Wang Wenjin and his mother.

The reporter explored the scene and learned that the "old house" of Wang Wenyin's hometown has long been demolished, and now a 5-story building covering an area of no small area is under construction, the main building of the building has been basically completed, the walls and glass have not been painted and installed, and the scaffolding has not been removed.

(The 5-story building in the courtyard of Wang Wenyin's hometown that has not yet demolished the scaffolding, photo by a reporter from CaiLian News Agency)

Unlike the surrounding villagers' houses, the tall building is enclosed in a large "garden" that locals call "manor". This royal "manor" is still under construction, but the pavilions and other landscapes can already be clearly seen inside.

In addition to the five-storey building under construction, there are two large houses. There are large lotus ponds, many precious tree species, and plants that can be used as bonsai (Wang Wenyin Suxi Bonsai). The whole "manor" and the surrounding countryside are like two worlds.

The two villa-like buildings also cover a large area, and one of the buildings has company signs on both sides of the gate, the company names are "Qianshan Jinduoduo Technology Co., Ltd." and "Anhui Daonong Science and Technology Development Co., Ltd."

(Wang Wenyin's hometown mansion, photo by CaiLian News Agency reporter)

The entire courtyard, the reporter used satellite map mapping tools to roughly calculate the area of more than 12 acres. At the same time, the reporter compared the satellite map of the plot now and in 2014, and can see that the entire courtyard used to have no buildings and is in a cultivated state.

(Figure: Satellite mapping area of Wang Wenyin's hometown as of September 30, 2023)

(Photo: Satellite map of the location of Wang Wenyin's homestead on December 24, 2014)

The Cai Lian News Agency reporter checked the industrial and commercial archives and found that Qianshan Jinduoduo Technology Co., Ltd. was established on October 24, 2022, with a registered capital of 50 million yuan, with Wang Zhuannan holding 51%, Wang Wenjin holding 49%, and Wang Licheng serving as the company's supervisor. Anhui Daonong Technology Development Co., Ltd. was established on December 6, 2017, with a registered capital of 50 million yuan, 100% owned by Wang Lixing, and served as the legal representative and executive director, the supervisor is Wang Wenjin, and the financial leader Jia Yuan.

According to locals, Wang Wenjin is Wang Wenyin's older brother. He has served as a director or shareholder in dozens of companies related to Zhengwei Group, such as Shenzhen Chengwei New Materials Co., Ltd. as early as 2001. Wang Lixing, who is also from Anhui, served as a shareholder and director of Hong Kong Belt Way Industrial Co., Ltd. (hereinafter referred to as "Belt Welfare Industry"), which Wang Wenyin first founded, in 1999.

Locals have a consistent assessment of Wang Wenyin. A local person, who did not want to be named, told reporters that Wang Wenyin did not have a good reputation in the local area, and his investment in his hometown was more to get the local government to invest in him through fame, but these projects basically did not do much, but dragged down the local government.

However, the director of the administrative committee of Qianshan Hexi Economic Development Zone (responsible for coordinating disputes over arrears of project payments for the Zhengwei Qianyang New Materials Project) said that "the Zhengwei Qianyang New Materials Project still contributes to the local area, and the revenue of the first phase has exceeded 1 billion yuan in more than a year." When asked how many workers are currently working in the factory, it said, "more than 80."

Public information shows that the local government has given incentives and support to Wang Wenyin's investment. According to an announcement issued by the Economic Development Zone of Qianshan Municipal People's Government on February 17, 2023, Anhui Qianwei New Material Technology Co., Ltd. (hereinafter referred to as "Anhui Qianwei") won the local preferential policy for investment promotion congratulations and contribution award of 3,211,589 yuan, and Anhui Zhengwei Qianyang Supply Chain Management Co., Ltd. (hereinafter referred to as "Zhengwei Qianyang") won the comprehensive contribution award and interest discount of 3,534,599 yuan.

It is reported that Anhui Qianwei was established on December 15, 2021 with a registered capital of 450 million yuan, and Zhengwei Group and Quanwei (Tongling) Copper Technology Co., Ltd. (hereinafter referred to as "Quanwei Tongling") hold 60% and 40% of the shares respectively. According to Anhui Qianwei's 2022 annual report, the company currently pays more than 50 people for social insurance.

Zhengwei Qianyang was established on December 22, 2021, with a registered capital of 572 million yuan. The shareholders Shenzhen Zhengwei Supply Chain Holdings Co., Ltd., Qianshan Yuanhui Investment Partnership (Limited Partnership) and Hong Kong Zhengwei International Group Co., Ltd. hold 61.19%, 26.22% and 12.59% of the equity of Zhengwei Qianyang respectively. Among them, Qianshan Yuanhui Investment Partnership (Limited Partnership) is the government industry guidance fund, its LP is Anhui Qianshan Economic Development Zone Investment and Development Co., Ltd., and its GP is Anhui Haiyuan Capital. According to industrial and commercial information, the government guidance fund injected 150 million yuan into Zhengwei Qianyang.

A number of people who undertook the project of Zhengwei Qianyang New Material Park told reporters, "This factory has been delivered for a year, so far there is not much production in it, the factory building is dark, you can't see a few workers entering and leaving during commuting hours, and there are only some old machines inside." ”

(Zhengwei Qianyang new material project plant, photo by CaiLian News Agency reporter)

The CaiLian News Agency reporter learned that the first phase of the Zhengwei Qianyang New Material Project has been built in Qianshan City, Wang Wenyin's hometown. Public information shows that the project will invest 10 billion yuan, and the first phase will invest 2 billion yuan. However, a number of downstream people who built the project told reporters, "The first phase of the project has not been completed." No one dared to do it for them in the second and third phases."

In this regard, the staff of the Administrative Committee of Hexi Economic Development Zone said: "The factory of Zhengwei Qianyang (New Materials) is operating well, and the operation of the enterprise is no problem." In response to the above parties' statements, the CaiLian News Agency reporter contacted Anhui Qianwei, Zhengwei Qianyang and Zhengwei Group by phone and email, and did not receive further responses as of press time.

(The person who was owed money was outside the factory of Zhengwei Qianyang New Material Project, photo by a reporter from CaiLian News Agency)

"This project was contracted, MCC subcontracted, basically Henan Ruicheng contracted most of the project. Zhengwei refused to pay the balance on the grounds that there was a problem with the quality of the project, but in fact, there was no problem with the quality of the project, because any construction site has a supervisor who is responsible for supervising the quality every day, which belongs to the third-party quality inspection department, and the quality problem must have been pointed out at that time. These are all Zhengwei's old ways, and several parties (Zhengwei, general contractor and subcontractor) are fighting each other, and the people below us are suffering," an engineering worker who was owed money told reporters.

"For example, more than 10 million yuan are owed to steel structure suppliers, more than 7 million yuan are owed to companies that provide sand and gravel concrete, and millions of plumbers are owed, and there are arrears of project payments in almost every link." The whole project costs a lot, in addition to the factory, there are also office buildings behind, greenery, etc. The green area is particularly large, and his brother has contracted the greening part of the project, as well as rare species of trees." The above-mentioned person introduced.

The director of the management committee of the Hexi Economic Development Zone said: "This matter is a dispute between economic entities, and what I learned is that Zhengwei said that it had already paid for the completion of the construction according to the contract, but MCC said that Zhengwei had not paid the balance according to the contract." I'm not a judge, so I can only mediate in it, and in the end they have to go to court to judge what happens."

In this regard, the reporter contacted the project leader of MCC Group and Henan Ruicheng, but did not receive further replies as of press time.

Cai Lian News Agency reporters inquired about the judgment document network and found that Zhengwei and its subsidiaries have had many litigation disputes with local government departments, construction companies, local state-owned assets, etc. For example, Zhengwei was once forcibly repossessed by the Luoyang Municipal Land Bureau for a long time because it had not developed and used the land plot in accordance with the investment agreement for a long time; Shandong Zhengwei Investment Holdings Co., Ltd., a subsidiary of Zhengwei, and China Construction Eighth Bureau First Construction Co., Ltd. filed a lawsuit over the payment of construction funds; The local state-owned Ningde Municipal Investment Industrial Development Co., Ltd. once invested 600 million yuan in Ningde Zhengwei Development Co., Ltd., but Zhengwei did not pay the investment income as agreed, and Ningde Investment sued Zhengwei; Yixing Ruilongtan Ecological Agriculture and Forestry Co., Ltd. sued Zhengwei Semiconductor Co., Ltd. for not paying for the greening project to the court, and required Zhengwei to bear supplementary liability within the scope of the capital contribution.

The CaiLian News Agency reporter learned that Zhengwei's industrial park projects in many places have had problems of arrears of downstream project payments, such as Pingyang, Wenzhou, Ningde, Fujian, Xi'an, Shaanxi and other places. Now, his project in his hometown of Qianshan is also embroiled in a dispute over arrears of downstream project payments. What happened to the richest man in Riverbend Village?

The Tianzhu Mountain project is "rotten"?

In addition to the Qianyang new material project, Wang Wenyin also tried to develop a pension resort project in the Tianzhu Mountain Scenic Area of Qianshan City. The project is located in Chazhu Village, Tianzhushan Town, a half-mountain resort town in Qianshan City. Chazhuang Village is backed by the main scenic spot of Tianzhu Mountain with beautiful scenery and excellent ecology, and is an important entrance to the Tianzhu Mountain Scenic Area.

On September 18, the reporter came to the Tianzhu Mountain View Area. Under the guidance of the staff of the village committee of Chazhuang Village, where the scenic spot is located, the reporter saw that the project is located at the entrance of the Tianzhu Mountain View Area, and the geographical location is good. The wall of the project is painted with a large Zhengwei logo and the words "Top 500 in the World", "Revitalize the National Spirit, Realize Industry and Serve the Country", and the sign of Anqing Tianzhushan Tourism Service Co., Ltd. is hung on the right side of the project gate.

(Zhengwei Tianzhu Mountain Tourism Pension Project, photo by CaiLian News Agency reporter)

Cai Lian News learned from the local village committee that the project has not been completed after years of construction. The reporter looked through the window of the village committee building in Chazhuang Village, Tianzhushan Town, where the project was located, and the project was basically at a standstill, and only a few workers could be seen.

The CaiLian News Agency reporter tried to walk into the project gate, but was chased away by the security guard, and the reporter's inquiry was forcefully refused. Cai Lian News Agency reporters surrounded the entire project around the wall, and found no information about the construction announcement of the project. In accordance with relevant national and local regulations, information disclosure such as engineering planning permits, project construction and management units is required at the construction project site.

Public information shows that Zhengwei's Tianzhu Mountain project is located in Chazhuang Village, covering a total area of 17,000 square meters. According to the comparison of various video images, it is consistent with the project located next to the village committee of the tea estate that the CaiLian News Agency reporter recently visited. However, the "Anqing Tianzhushan Tourism Service Co., Ltd." hanging at the gate of the project was not queried, and the name close to the company was Anqing Tianzhushan Tourism and Health Service Co., Ltd. (hereinafter referred to as "Tianzhushan Tourism and Health Company"), and the company name was different from the word "health".

According to the information, Wang Wenyin joined Tianzhushan Tourism and Wellness Company on January 26, 2014, and Zhengwei International Group Pte Ltd received all the shares of the company from the former shareholders. But Wang Wenyin stepped down from the company in August 2018 and was replaced by Cao Meihong.

Why did Wang Wenyin quit? CaiLian News Agency reporters inquired about the China Judgment Documents Network and found that in 2018, Tianzhushan Tourism and Health Company was sued for arrears of project payments to labor service companies, overdue steel pipe scaffolding rent, etc., and the court ordered the company to pay relevant payments after hearing. Previously, Tianzhu Mountain Health Care also involved cases such as private lending. Public information also shows that the US$3 million equity held by Zhengwei International Group Private Limited has been judicially frozen (the freezing period is from 2020.3.31 to 2023.3.30).

As early as May 2022, the Tianzhu Mountain health care project revealed that it had entered the stage of decoration and decoration. However, more than a year has passed, and the scene that the CaiLian reporter saw has not yet been dismantled, even the site has not been hardened, and a large area of land is still accompanied by piles of slag and barren grass.

The reporter contacted the Tianzhu Mountain Management Committee to know the details of the project, but the other party said that it was not clear.

A twist and turn of the "history of fortune"

Tongling, more than 100 kilometers away from Wang Wenyin's hometown, was an important "base" for Wang Wenyin's early fortune.

Quanwei (Tongling) Copper Technology Co., Ltd., established in April 2005, is located in Tongling Economic Development Zone, Anhui Province, the legal representative is Wang Wenyin, and the registered capital is as high as 748 million Hong Kong dollars.

In a list jointly evaluated by the Anhui Enterprise Confederation and the Shanghai Enterprise Confederation, Quanwei (Tongling) Copper Technology Co., Ltd. ranked 27th among the top 100 private manufacturing enterprises in the Yangtze River Delta in 2022 with a revenue of 95.143 billion yuan.

The CaiLian News Agency reporter went to the factory to explore and found that the factory, which is said to cover an area of 1,000 acres, is mainly composed of three large factory buildings, the factory area is quiet, and there are lights in the factory building facing the company's external wall, but few personnel appear. During the hours of the visit, reporters saw only one truck pulling goods out.

(Quanwei (Tongling) Copper Technology Co., Ltd. Tongling Factory, photo by CaiLian News Agency reporter)

Looking back at Wang Wenyin's path to prosperity, in the early days, he accumulated the first pot of gold through his wife and brother through the copper wire processing business, and then gradually turned to the acquisition of white jade, copper ore and other mining resources, and "quietly" appeared on the list of China's top 500 and even the world's top 500.

According to legally valid documents obtained by CaiLian News Agency reporters, Wang Wenyin was born on March 2, 1968 in Hewan Village, Meicheng Town, Qianshan County, Anhui Province.

Wang Wenyin's wife was named Liu Jiehong, and he was a high school classmate, and both of them studied at Yezhai Middle School in Qianshan County at that time. According to the official website of Yezhai Middle School, in 2021, Yezhai Middle School received a donation of 550,000 yuan from Wang Wenyin and Liu Jiehong, alumni of the class of 1989.

According to legally valid documents obtained by CaiLian News Agency reporters, Liu Jiehong who came out of Yezhai Middle School already has a Singapore passport. According to the local people of Qianshan, the acceptance rate of Yezhai Middle School is as high as 90%, which is the key point of the province that everyone wants to enter. "If the children in the family can go to Yezhai Middle School, then there is no need to worry about basic universities."

(Anhui Province Qianshan Yezhai Middle School, photo by Cai Lian News Agency reporter)

In 1993, Wang Wenyin went south to Shenzhen to find work. Subsequently, he applied for a job in Hengdu, a Hong Kong-funded enterprise with a high Chinese, and Wang Wenyin ushered in a change in his life. With his working experience in Hengdu Wire Factory, Wang Wenyin gradually accumulated experience in the copper processing industry. In 1999, Wang Wenyin formally founded Zhiwei Industry, which was the earliest company established by Wang Wenyin and the starting point of his business.

The CaiLian News Agency reporter inquired that the company's original directors were Wang Wenyin and Wang Kefei; The shareholders are Ni Xinhua, Xia Zhenghong, Jiang You Qi, Wang Wenyin and Wang Kefei; The company registration secretary is Wu Jifang. According to the company's 2022 annual return, Zhengwei International holds 100% of the shares of Zhengwei Industrial, which has issued US$5 million in shares. At present, the director of Zhiwei Industrial has been changed to NG Sheut Ying, who has a Hong Kong identity card.

At present, Huasu New Materials (Shenzhen) Co., Ltd., Dawei Electric (Shenzhen) Co., Ltd. and Lizhong Copper (Shenzhen) Co., Ltd. have invested in four companies in the mainland, namely Shenzhen Bao'an District Gongming Wire Products Factory, Huasu New Materials (Shenzhen) Co., Ltd., Dawei Electric (Shenzhen) Co., Ltd. and Lizhong Copper (Shenzhen) Co., Ltd. The latter three companies are currently deregistered.

In January 1999, Wang Wenyin invested in Gongming Gongming Zhiwei Wire Products Factory in Bao'an District, Shenzhen through Zhiwei Industry in the mainland.

1999 was an important milestone for Wang Wenyin. In November of that year, Zhengwei International was founded, at that time the company's directors were still Wang Wenyin and Wu Xilong, and the company's registration secretary Wu Jifang. According to the annual return to 2022, Warwick Investment Holdings Limited ("Warwick Investment") holds 100% of the shares of Zhengwei International, the former director is Wu Xueying, and the total par value of issued shares is HK$10,000. The reporter penetrated the equity of Warwick Investment and found that Wang Wenyin and Wang Wenjin wholly owned 100% of the equity of Warwick Investment through Zhengwei Holding Group Co., Ltd.

It is worth noting that Hong Kong native Wu Xilong appeared in the Hong Kong company founded by Wang Wenyin in the early days, and Wu Xueying frequently appeared in many important companies in Wang Wenyin's mainland and Hong Kong, and still holds directorships until now.

(Photo: Wang Wenyin Hong Kong Company)

After owning a Hong Kong company, Wang Wenyin began to leverage mainland enterprises more actively. In 2001, Wang Wenyin and Liu Jiehong founded Chengwei New Materials in Shenzhen, holding 90% and 10% of the shares respectively. In 2003, Zhengwei Technology (Shenzhen) Co., Ltd. was established to establish Shenzhen Precision Control Cable Industrial Park in Guangming New District. This cable industrial park has also become one of the three key industrial parks of Zhengwei.

In 2003, Wang Wenyin will usher in the opportunity of Tongling, which is also an important step for him to enter the "World Copper King". It is not easy to win this project, and Wang Wenyin has to prepare a copper processing plant with a capacity of 250,000 tons in Tongling, that is, Quanwei Tongling, a subsidiary established in 2005, and its first phase investment will be 1 billion yuan. Wang Wenyin himself once said that at that time, relevant leaders were constantly invited to investigate, so that the project could be promoted step by step, "working the wine table". It was not easy to get a loan for the huge Quanwei Tongling factory, but Wang Wenyin was lucky to borrow 550 million yuan from the Bank of China in Shenzhen and 800 million yuan from the Anhui Industrial and Commercial Bank, which allowed the factory to be built smoothly.

With the development of his career, Wang Wenyin's corporate structure is also further improved. In 2011, Wang Wenyin and Liu Jiehong co-founded Zhengwei Group, which was later withdrawn on November 2, 2017, and Zhengwei Holding Group Co., Ltd. directly holds 100% of the shares of Zhengwei Group. In 2014, Zhengwei Holding Group Co., Ltd. was established, with Wang Wenyin holding 90% of the shares and Wang Wenzhuan holding 10%.

The CaiLian News Agency reporter also found that Wang Wenyin not only acquired mines in the mainland, but also acquired mines overseas. Around 2015, Zhengwei International, controlled by Wang Wenyin, acquired General Moly, Inc. (GMO. TO), which owns molybdenum mining rights in Nevada.

The investment was completed in three installments, the first of which closed on November 24, 2015, with an investment of $4 million to acquire 13.3 million shares of General Moly, Inc. at $0.3 per share. Under the investment agreement, Zhengwei International assisted General Moly, Inc. in obtaining full financing for the Hope Hill Project, and Zhengwei International agreed to make a $700 million bank loan from one or more major banks in China for the development of the molybdenum mine Hope Mountain (Mt. Hope Project). At the same time, Zhengwei International nominated Tong Zhang to serve as a director of General Moly, Inc.

The second was traded on October 16, 2017, with an investment of $6 million to acquire 14.6 million shares at $0.41 per share. Originally, the two parties agreed to invest 10 million US dollars in the third time and obtain 20 million shares at 0.5 US dollars per share. However, in December 2019, Zhengwei International suddenly repented and refused to fulfill its third investment obligation. Zhengwei International eventually settled with an investment of 4 million US dollars.

General Moly, Inc declared bankruptcy in 2020, and there has been no news since the molybdenum mine in Nevada, USA, and Zhengwei International's investment has "failed". Some metal industry analysts told reporters that molybdenum ore is a very rare resource in the world, and if such a mine resource does exist somewhere, it should be unlikely to disappear completely with the bankruptcy of the company.

"Dazzling" capital operations

In addition to acquiring mines in various places, Zhengwei also develops industrial parks in various places. According to incomplete statistics from CaiLian News Agency, Zhengwei currently invests in no less than 20 industrial park projects in various places, and the investment in single projects is almost tens of billions.

While the industrial park "bloomed everywhere", Zhengwei acquired a large number of supporting residential and commercial land. An investigation by a reporter from Cai Lian News Agency found that since 2009, many land plots under the subsidiaries of Shenzhen Huahui Real Estate Co., Ltd. (hereinafter referred to as "Huahui Real Estate"), a wholly-owned real estate company controlled by Zhengwei, have been transferred to Xu Jiayin and other real estate companies.

As shown in the figure below, the 29 companies invested by Hua Hui Real Estate in history are located in Luoyang, Lanzhou, Yichun, Shenzhen, Huangshi and other places, and most of the companies have commercial residential land in the local area. Among them, the ownership of 29 land cases was transferred to real estate enterprises such as Ningxia Hongding Real Estate Development Co., Ltd., Evergrande Real Estate Group, Poly (Gansu) Industrial Investment Co., Ltd. and Ningbo Jinpei Enterprise Management Consulting Co., Ltd. (a subsidiary of Gemdale Group) through equity transfer.

(Photo: Shenzhen Huahui Real Estate Co., Ltd.'s historical foreign investment company land acquisition)

At present, Huahui Real Estate has also invested in 72 companies. Through the shareholding structure of these 72 companies, the ultimate controlling shareholder is Zhengwei Group. These companies are located in Chongqing, Yingkou, Huangshi, Weihai, Shenzhen and other places, and 26 of them own ordinary commercial residential or commercial service land, a total of 50 plots.

(Figure: Land acquisition by Shenzhen Huahui Real Estate Co., Ltd. as of September 28, 2023)

In many places across the country, the demand for funds is increasing. This may be Wang Wenyin's original intention to seek to participate in or control financial institutions and listed companies.

From the timeline, in 2013, Wang Wenyin established Zhengwei (Gansu) Copper Technology Co., Ltd. (hereinafter referred to as "Gansu Copper") in Gansu. In 2015, Wang Wenyin made a breakthrough in the financial field.

In December 2015, Lanzhou Bank carried out a capital increase and share increase. Zhengwei Group subscribed for a registered capital of 100 million yuan. As of June 30, 2021, Zhengwei Group held 245,805,000 shares of Lanzhou Bank, accounting for 4.8%. At that time, Wang Wenyin, Han Qing and Su Ruchun all served as directors of Lanzhou Bank.

CaiLian News Agency reporter inquired that Gansu Copper borrowed 40 million yuan and 60 million yuan from Lanzhou Bank on April 1, 2021 and February 26, 2021 at an interest rate of 8.64%, respectively, a total of 100 million; On February 28, 2020, the loan was 60 million; On February 21, 2019 and December 24, 2019, the loan was 100 million yuan; On January 17, 2018 and December 6, 2018, the loan amounted to 100 million yuan. Quanwei Tongling borrowed RMB200 million from Lanzhou Bank on June 29, 2021 at an interest rate of 7.56%; Loan of 300 million yuan on September 22, 2020, and 300 million yuan on September 30, 2020; On September 29, 2019, the loan totaled 600 million yuan in three tranches.

On January 17, 2022, Lanzhou Bank achieved listing, analyzing the shareholding structure of its pre-listing prospectus, Winbond Holdings Group Co., Ltd. (hereinafter referred to as Winbond Holdings) held 5.22% of the equity, ranking the third largest shareholder; Lanzhou Tianqing Real Estate Development Co., Ltd. (hereinafter referred to as "Tianqing Real Estate") holds 4.87% of the shares, ranking the fourth largest shareholder; Gansu Shengda Group Co., Ltd. (hereinafter referred to as "Shengda Group") holds 4.83% of the shares, ranking the fifth largest shareholder. Zhengwei Group holds 4.8% of the equity, ranking as the sixth largest shareholder.

In addition to participating in Lanzhou Bank, in 2017, Wang Wenyin appeared in the shareholder list of Jiuding New Material (now renamed Zhengwei New Material), the predecessor of A-share listed company Zhengwei New Material, and received 10.23% of the latter's equity for 340 million yuan. On August 4, 2019, Jiuding New Materials announced that Gu Qingbo, the actual controller of the company, signed the "Share Transfer Framework Agreement" with Zhengwei Group and Wang Wenyin, and Gu Qingbo was willing to transfer 65 million shares of Jiuding New Materials held by him to Zhengwei Group, with a total transfer price of RMB 1.153 billion, and the actual controller of the company will be changed to Wang Wenyin after the share change.

In July 2021, Wang Wenyin promoted the major asset restructuring of Zhengwei New Materials, and Zhengwei New Materials intends to jointly acquire no less than 51% of the equity of Tongchuan Jiufang Schindler Microwave System Co., Ltd. and no less than 51% of the equity of Zhongkedi Gao Microwave System Co., Ltd. held by Tianjian Jiufang with Shenzhen Zhengwei Financial Holdings Co., Ltd. If the transaction is completed, Zhengwei New Materials will cross the semiconductor field.

However, two years later, there has been no substantial progress in the above-mentioned restructuring. In July 2023, Zhengwei New Materials replied to the exchange's inquiry letter that it had not completed sufficient due diligence and was still in the intention stage, and there was uncertainty.

In Hong Kong stocks, Zhengwei Group has also found a target. On June 11, 2021, Star Holdings issued an announcement announcing that its controlling shareholder, Star Lv, agreed to sell 145 million shares of the company to Zhengwei International. After the completion of the disposal, Zhengwei International Group Co., Ltd. will become the largest shareholder of the company.

In September 2021, Xingyu Holdings conducted an additional offering and placement, which actually issued 108.3 million additional shares at an issue price of HK$1.97, raising approximately HK$103.8 million. However, after the additional funds were issued, Xingyu Holdings quickly announced the suspension of trading, and it was still suspended as of press time. As a result, Xingyu Holdings also sued the investee for "inaccurate statements at the time of placement".

In addition, Wang Wenyin's operation in Huishang Bank has attracted attention from the outside world. In November 2021, Zhongjing Xinhua Asset Management Co., Ltd., on behalf of all sellers of Zhongjing Group, the largest shareholder of Huishang Bank, announced that it had signed an agreement with Zhengwei Group on November 6, 2021 to sell about 1.977 billion shares of Huishang Bank to it, with a total transfer price of 16 billion yuan, or about 8.09 yuan per share. Based on the closing price of HK$2.54 per share (approximately RMB 2.08 per share) of Huishang Bank on November 5, 2021, the premium rate reached 289%. If the equity transfer is ultimately successful, Zhengwei Group will become the largest shareholder of Huishang Bank. However, no further progress has been made on the acquisition.

It is worth waiting to see how Wang Wenyin and his Zhengwei International will make a move next.

(Cai Lian News Agency reporter Li Zhe)