Who is "Manipulating" Daweiton Technology and *ST Dongyi? Uncovering "Computing Power Merchant" Zhang Jianhua's Business Model

Amid the frenzy over the computing power concept in the A-share market, a mysterious “trader” has surfaced. From participating in the restructuring of Daywei Technology and earning an 8-fold profit, to taking control of *ST Dongyi and realizing nearly 370% unrealized gains, businessman Zhang Jianhua has woven a large computing power network through precise capital operations in just a few years. This veteran, originating from the aerospace industry and with years of experience in data centers, what is his business secret?

Recently, the concept of computing power leasing has continued to be hot in the A-share market, with related stocks performing remarkably. Among them, Dawi Technology’s stock price once soared to 15.25 yuan per share this year, with a maximum increase of 113.29%. Although there has been a recent pullback, as of March 12, its year-to-date increase remains at 64.66%. Coincidentally, *ST Dongyi, also within the computing power concept, has achieved a stock price increase this year, with a total rise of 20.27%.

It is worth noting that the strong performance of Dawi Technology and *ST Dongyi is closely related to a key figure—Zhang Jianhua.

Specifically, in December 2023, the computing power company Beijing Huazhuo Technology Co., Ltd. (hereinafter referred to as “Huazhuo Technology”), controlled by Zhang Jianhua, participated in Dawi Technology’s restructuring as an industrial investor.

Since then, Dawi Technology’s stock price has continued to rise for four years. Data shows that since December 2023, Dawi Technology’s stock price has risen from 3.86 yuan per share to the current 11.79 yuan per share, a total increase of 205.44%.

In September 2025, Huazhuo Technology again intervened as an industrial investor in *ST Dongyi’s restructuring process. From that month, *ST Dongyi’s stock price entered a rapid upward channel, climbing from 1.87 yuan per share to 10.80 yuan per share, an astonishing increase of 477.54%.

Along with the soaring stock prices, Zhang Jianhua has also gained substantial investment returns. According to estimates, Huazhuo Technology, controlled by him, holds 22 million shares of Dawi Technology. At the current price of 11.79 yuan per share, the unrealized profit is about 231 million yuan compared to the initial investment, with an investment return of 806.92%. As for *ST Dongyi, Huazhuo Technology’s holdings are valued at 1.62 billion yuan, with unrealized gains of 1.275 billion yuan, a return of 369.57%.

Who is操盘the two**“new stars” in computing power?******

*On March 10, ST Dongyi issued an announcement about stock price fluctuations and risk warning, stating that the company’s stock closing prices on March 5, 6, and 9 deviated from the previous trading day by more than 12%.

Looking at the longer timeline, since September 2025, *ST Dongyi’s stock price has been soaring, from 1.87 yuan per share to 10.80 yuan per share, with a total increase of 477.54%.

**The starting point of this round of stock price surge can be traced back to a disclosed progress update on ST Dongyi’s restructuring. In September 2025, the company announced that it had signed agreements with multiple restructuring investors. After the restructuring, ST Dongyi would not only retain its core home decoration assets but also leverage resources from the industrial investor—Huazhuo Technology—to enter the computing power center integration and operation services business.

Huazhuo Technology’s commitment to donate the Helinger Intelligent Computing Center free of charge became the core support for this “computing power transformation” narrative. The project plans to deploy about 5,040 high-power cabinets to build an advanced computing cluster with 100,000 cards, with the first phase providing 16,000 cards of computing power.

In December 2025, Huazhuo Technology further increased its stake, announcing that all newly acquired orders for its computing power center integration services would be transferred to *ST Dongyi or its controlled companies, further strengthening its computing power business foundation.

It is worth noting that this is not Huazhuo Technology’s first wave of impact in the capital market. Another concept stock in computing power leasing—Dawi Technology—also has a deep connection with it.

In December 2023, Huazhuo Technology, as an industrial investor, participated in Dawi Technology’s bankruptcy restructuring, providing computing resources and technical support. Since then, Dawi Technology’s stock price has risen from 3.86 yuan per share to the current 11.79 yuan per share, a total increase of 205.44%.

So, what magic does Huazhuo Technology hold? Public information shows that Huazhuo Technology was established in September 2020. It is a comprehensive service provider for intelligent computing centers, mainly serving third-party AIDC service providers, with end users mostly top internet companies. The company invested in the Helinger Intelligent Computing Center and is gradually expanding into data center operations, computing equipment integration, and sales.

Although Huazhuo Technology was founded only five years ago, its behind-the-scenes actual controller, Zhang Jianhua, has a very deep background. Public information indicates that Zhang Jianhua was born in 1973. From 1998 to 2003, he served as Assistant General Manager and later Chairman and General Manager of Beijing Changkong Construction Co., Ltd. (hereinafter “Changkong Construction”).

It is understood that Changkong Construction was established in 1996 and was originally a subsidiary of China Aviation Industry Corporation. Under Zhang Jianhua’s leadership, Changkong set up an IDC division and ranked among the top 30 data center engineering companies for eight consecutive years, delivering nearly 20 large EPC projects, laying the groundwork for his subsequent capital operations in the computing power field.

Notably, Zhang Jianhua has also built a more secretive computing power map.

In 2024, Zhang Jianhua, through Changkong Construction, co-founded Xuandu Spacetime Cloud Technology (Shenzhen) Co., Ltd. with companies including Zhonghe Technology and Langke Technology. According to its official website, the company is a service provider integrating computing power, algorithms, and data, and plays a leading role in the spacetime big data system engineering.

In the same year, Zhang Jianhua also partnered with Xiangjiang Technology (Group) Co., Ltd. (hereinafter “Xiangjiang Technology”) and Wu Chen, the former chairman, to jointly establish Shanghai Xijing Technology Co., Ltd., with a registered capital of 900 million yuan, making it the highest registered capital among his controlled companies. Xiangjiang Technology is a core subsidiary of Chengdi Xiangjiang, a listed company, and has long been involved in data center operations.

Further back in time, as early as 2009, Zhang Jianhua co-founded Beijing Shunhe Technology Development Co., Ltd. with Xu Haibo, engaging in technology development. Notably, Xu Haibo is currently chairman of Beijing Deli Da Xun Technology Co., Ltd., which also mainly operates data centers. In 2017, Shagang Co., Ltd. planned to acquire this company for 2.908 billion yuan.

In addition to direct industry involvement, Zhang Jianhua has quietly laid out capital arrangements. His controlled Huazhuo Technology, together with China Financial Publishing Media Group’s wholly owned subsidiary Zhongcai Quansheng Capital Management Co., Ltd., and the private equity fund Enlighten Star’s Zhengzhou Enlighten Incubator Co., Ltd., jointly established Zhejiang Zhongdi Private Equity Fund Management Co., Ltd., which has successfully invested in companies like Inspur Cloud.

**Zhang Jianhua’s business secret

Despite years of deep involvement in data centers, Zhang Jianhua and his controlled Huazhuo Technology had not previously entered the secondary market. It was only in December 2023, through participating in Dawi Technology’s restructuring, that he first entered the public eye.

Data shows that in 2016, the original actual controller of Dawi Technology, Yang Baosheng, acquired Beijing Senhua Yiteng Communication Technology Co., Ltd. (hereinafter “Senhua Yiteng”) founded by Gao Dapeng for 1.2 billion yuan. The company is also located in Beijing, mainly engaged in IDC business, similar to Huazhuo Technology.

In January 2023, due to Yang Baosheng’s inability to repay funds, Gao Dapeng took over as the actual controller of Dawi Technology. However, just over half a year later, in August 2023, Gao Dapeng was arrested on suspicion of corruption, at a critical stage of the company’s restructuring.

Four months later, a consortium led by Zhang Jianhua’s Huazhuo Technology and Beijing Urban Intelligent Computing Information Industry Partnership (hereinafter “Beijing Urban Intelligent Computing”) successfully became the industrial investor for Dawi Technology.

According to the restructuring plan, the consortium invested a total of 328 million yuan, acquiring about 17.04% of Dawi Technology’s equity at 1.3 yuan per share. Among them, Huazhuo Technology invested about 28.6 million yuan for approximately 1.49% of the shares; Beijing Urban Intelligent Computing became the controlling shareholder of Dawi Technology.

It is noteworthy that** Beijing Urban Intelligent Computing and its executive partner Beijing Zhongxin Data Industry Development Co., Ltd. were established just before the restructuring, with highly dispersed shareholding structures. Wu Jing, the investor in Beijing Urban Intelligent Computing, is recognized as the actual controller of Dawi Technology, but his indirect shareholding ratio is only about 0.30%.**

From the management team, Dawi Technology still maintains close ties with Gao Dapeng. Current Chairman Zhang Wei previously served as Manager of the Strategic Cooperation Department at Senhua Yiteng; Secretary Zhou Chun was formerly Assistant to the Chairman of Senhua Yiteng; CFO Xia Chunyan also previously served as the company’s financial officer.

Now, with the stock price soaring, Zhang Jianhua has gained substantial investment returns. It is estimated that Huazhuo Technology holds 22 million shares of Dawi Technology, and at the current price of 11.79 yuan per share, the unrealized profit compared to the initial 28.6 million yuan investment is about 231 million yuan, with an investment return of 806.92%.

In addition to investment gains, Zhang Jianhua has also sold subsidiaries to listed companies. In 2024, Dawi Technology acquired Beijing Jinyun Yachuang IoT Technology Co., Ltd. for 110 million yuan, a company controlled by Yang Lingya and Hainan Yunzhijin Enterprise Management Partnership.

Although Tianyancha data shows no direct equity relationship between Jinyun Yachuang and Zhang Jianhua, the company’s announcement clearly states it is under his control.

*After tasting success in Dawi Technology’s restructuring, in 2025, Zhang Jianhua turned his attention to ST Dongyi, which was near bankruptcy.

According to the restructuring investment plan, Huazhuo Technology is conditionally entitled to transfer 150 million shares of *ST Dongyi, with a total consideration of 345 million yuan, at 2.30 yuan per share. The funds will be used to pay bankruptcy costs, common benefit debts, and settle various bankruptcy claims; any remaining funds will serve as *ST Dongyi’s working capital.

*Now, as ST Dongyi’s stock price continues to surge, Zhang Jianhua has again realized significant paper gains. As of now, Huazhuo Technology’s holdings are valued at 1.62 billion yuan, with unrealized gains of 1.275 billion yuan, a return of 369.57%.

However, this time, Zhang Jianhua’s ambitions are greater. Huazhuo Technology now owns about 15.77% of the post-restructuring *ST Dongyi, becoming its controlling shareholder, and Zhang Jianhua has become the new actual controller of *ST Dongyi.

In March this year, *ST Dongyi announced that it had completed the reshuffle of the board and senior management, with Zhang Jianhua serving as both Chairman and General Manager.

**How much is the real value?

In the current capital market’s craze for “computing power concepts,” Zhang Jianhua has undoubtedly caught the market’s hot spot.

However, peeling back the glamorous “computing power transformation” facade, how much substantive help has Huazhuo Technology actually provided to the listed company?

According to *ST Dongyi’s disclosed report, by the end of 2024, Huazhuo Technology’s total assets were only 214 million yuan, net assets 80.9 million yuan, annual revenue 128 million yuan, and net profit just 8.19 million yuan. Such an asset scale, comparable to small and medium-sized enterprises, has limited capacity to support *ST Dongyi’s complete transformation from home decoration to computing power.

*Moreover, the promised “injection of computing power assets” by Huazhuo Technology remains on paper. ST Dongyi’s announcement explicitly states that the Helinger Intelligent Computing Center, donated free of charge by Huazhuo Technology’s controlling shareholder, has not yet been built or put into operation, posing risks of large capital shortfalls and extended construction cycles.

As a key platform for computing power integration supported by Huazhuo Technology, *ST Dongyi’s current situation is “raining while the house leaks.” Financial data shows that in 2024, the company’s revenue was 1.296 billion yuan, a sharp decline of 55.84%; net profit attributable to shareholders further shrank to a loss of 1.171 billion yuan. In the first three quarters of 2025, operating conditions did not improve, with revenue of 544 million yuan, down 52.02%, and net loss of 58 million yuan.

Additionally, as of the third quarter of 2025, the company’s net assets further deteriorated to -1.165 billion yuan, with an asset-liability ratio of 172.4%, indicating severe insolvency.

Compared to *ST Dongyi’s painful transformation, Huazhuo Technology’s investment in Dawi Technology seems to have delivered a bright report card. Data shows that in the first three quarters of 2025, Dawi Technology achieved revenue of 313 million yuan, up 2.28%, and net profit attributable to shareholders of 3.803 million yuan, a sharp increase of 236.78%.

However, a closer look at the financials reveals that Dawi Technology’s net profit attributable to shareholders surged mainly due to asset disposal gains. In the first three quarters, the company realized disposal income of 109 million yuan, up 328.95%.

In this context, in the first three quarters, Dawi Technology’s net profit minus non-recurring gains and losses was -70.72 million yuan, down 20.78% year-on-year. This indicates that the company’s profit surge mainly relies on non-operating gains, not substantial improvement in its core computing power business.

Overall, behind the hype of the computing power concept, Zhang Jianhua’s “computing power story” still faces harsh realities.