Sudden Trading Halt! Gold Enterprise with Over 70 Billion Market Capitalization Proposes Change of Control

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[Introduction] Chifeng Gold’s actual controller plans to change control

By China Fund Reporter Xia Tian

On the morning of March 19, Chifeng Gold (stock code: 600988.SH, 06693.HK), listed on both the A-share and H-share markets, suddenly announced that on the evening of March 18, it received a notice from its controlling shareholder and actual controller, Li Jinyang. Li Jinyang and its concerted parties are planning to transfer their shares in the company, which may lead to a change in the company’s actual controller.

Chifeng Gold stated that the relevant matters are still under negotiation and there is uncertainty. Upon application, the company’s stock has been suspended from trading since the market opened on March 19, with an expected suspension period of no more than five trading days.

As a rapidly growing international gold producer, Chifeng Gold focuses on core gold mining and processing, with multiple high-quality mines worldwide. In recent years, its performance has continued to grow rapidly. On the last trading day before suspension (March 18), the closing price of its A-shares was 40.82 yuan per share, with a total market value of 77.57 billion yuan.

Actual controller plans to transfer control

Li Jinyang, the current actual controller of Chifeng Gold, inherited her stake and management role from a family succession. Public information shows that Li Jinyang is the widow of Zhao Meiguang, founder of Chifeng Gold. After Zhao Meiguang’s death in December 2021, all his shares were inherited by Li Jinyang, making her the controlling shareholder and actual controller of the company at the age of only 38 (born in 1983).

Previous announcements from Chifeng Gold show that as of March 4, 2025, Li Jinyang directly held 190 million shares, accounting for 10.02% of the total share capital; her concerted party, Hanfeng Venture Capital, held 51.52 million shares, accounting for 2.71%. Together, their shareholding ratio is 12.73%.

Unlike most family business controllers, Li Jinyang is very low-profile, holding no official position in Chifeng Gold. She adopts a governance model of “being the owner, not the manager.” After inheriting her stake, she explicitly wrote to the board of directors, stating her full cooperation with Chairman Wang Jianhua and the management team, and her commitment to the company’s strategic development and safeguarding its growth.

Wang Jianhua, chairman of Chifeng Gold, has been deeply involved in gold and related fields for decades. He holds an MBA and senior economist titles. He previously served as chairman of Shandong Gold Group, director and president of Zijin Mining, among other key roles. With extensive experience in corporate management and resource integration, Wang Jianhua joined Chifeng Gold as a director in 2018 and has served as chairman since 2019, during which he also served as president, leading strategic transformation and international expansion. As of September 30, 2025, he directly owns 74.2 million tradable A-shares, representing 3.90% of the total share capital.

Performance continues to grow rapidly in recent years

Founded in 1998, Chifeng Gold was formerly Jilong Mining controlled by Zhao Meiguang. It went public via a backdoor listing on the Shanghai Stock Exchange in 2012 and successfully listed on the Hong Kong Stock Exchange in March 2025, becoming the third domestic A+H gold company. Its main business focuses on gold mining, smelting, and resource recycling, including by-products like silver and copper.

Currently, Chifeng Gold has seven operational mines and one resource recycling project worldwide, covering China, Laos, Ghana, and other regions. In China, it owns mines such as Jilong Mining and Wulong Mining; abroad, it owns core assets like Vientiane Mining in Laos and Wasa Gold Mine in Ghana. Its wholly owned subsidiary, Chijin International (Hong Kong) Limited, has also established a joint venture with Saudi Aghilan Brothers Holding Group to explore gold mines in Saudi Arabia, further expanding its international footprint.

In terms of operational performance, Chifeng Gold has shown rapid growth and increasing profitability in recent years. In 2024, the company achieved a total revenue of 9.026 billion yuan, up 24.99%; net profit attributable to shareholders was 1.764 billion yuan, up 119.46%; and net operating cash flow was 3.268 billion yuan, up 48.36%. All key indicators have seen significant breakthroughs.

According to the company’s earnings forecast released in January 2026, the net profit attributable to shareholders for 2025 is expected to be between 3 billion and 3.2 billion yuan, representing a year-on-year increase of 70% to 81%. This is mainly due to a gold production of 14.4 tons and a 49% increase in gold sales prices compared to the previous year, with profitability of domestic and overseas mines significantly enhanced.

If the planned transfer of shares by the actual controller is successfully completed, it could impact the company’s governance structure and strategic layout. The market is highly focused on the identity of the transferee and the transaction price.

Chifeng Gold stated that the company will disclose relevant information in a timely manner as the matter progresses and reminds investors to be aware of the risks associated with such uncertainties.