80 Billion Yuan Market Cap Stock to Change Hands? Inner Mongolia Tycoon Li Jinyang Plans to Sell Chifeng Gold

Economic Observer Reporter Zhang Xiaohui

On March 19, Chifeng Gold (600988.SH, 06693.HK) announced a trading halt, stating that it received notice from its actual controller, Li Jinyang, that Li Jinyang and her concerted parties are planning a major transfer of their shares in the company. This matter could lead to a change in the company’s actual control. As of March 19, Chifeng Gold has a total market value of nearly 80 billion yuan.

On March 19, the Economic Observer reporter contacted Chifeng Gold’s secretarial office as an investor to ask why Li Jinyang was transferring her shares. A staff member replied that the company had only received notice from the actual controller, and she (Li Jinyang) did not specify the reason. The reporter then asked if Li Jinyang was under personal debt pressure. The staff member responded, “We are not aware of that.”

Shareholding Changes

Li Jinyang was born in 1983 and is a female billionaire from Inner Mongolia. According to the Hurun Rich List 2025, her net worth is approximately 11 billion yuan.

As the actual controller of Chifeng Gold, Li Jinyang directly holds 10.02% of the shares, about 190 million shares; her concerted party, Zhejiang Hanfeng Venture Capital Partnership (Limited Partnership) (hereinafter “Zhejiang Hanfeng”), holds 2.71%, about 52 million shares.

In December 2021, Zhao Meiguang (1962–2021), founder of Chifeng Gold, passed away. Zhao’s will designated that all her personal estate (including the controlling stake in Chifeng Gold) be inherited solely by her spouse, Li Jinyang. As a result, Li Jinyang became the actual controller of Chifeng Gold. Before her death, Zhao Meiguang had introduced a professional management team to Chifeng Gold. Li Jinyang does not hold a position or interfere in operations, acting only as a “financial-type actual controller.”

In December 2022, one year after Zhao Meiguang’s death, her two sisters, Zhao Guixiang and Zhao Guiyuan, transferred their respective 0.13% stakes in Chifeng Gold (a total of 0.26%) to Li Jinyang through block trades. After the transfer, the two sisters no longer held shares in Chifeng Gold.

Of the 2.71% stake Zhejiang Hanfeng holds in Chifeng Gold, about 17.82% is pledged. The pledge rate is not high, and a stock pledge repurchase extension transaction was completed in March 2026, with the repurchase date extended to March 3, 2027.

For the actual controller of a listed company, extending the repurchase of pledged stocks is a routine operation.

Wealth Map

Li Jinyang’s wealth is mainly concentrated in her holdings of Chifeng Gold, which currently has a market value of about 9 billion yuan. Besides Chifeng Gold, she also holds shares in other companies, but the amounts are relatively small.

Business registration data shows that Li Jinyang has invested in over 30 enterprises externally. Eight of these are majority-owned (over 50%), mainly including Beijing Hanfeng United Technology Co., Ltd. (100% owned by Li Jinyang, hereinafter “Beijing Hanfeng”), Jilin Hanfeng Investment Co., Ltd. (97.5% owned), Beijing Anxin Xingye Management Consulting Co., Ltd. (51% owned), and Jilin Hanfeng Graphite New Materials Technology Co., Ltd. (51% owned, hereinafter “Hanfeng Graphite”).

Beijing Hanfeng has a registered capital of 500 million yuan and is 100% owned by Li Jinyang. It has a subsidiary called Beijing Huaying Feiteng Technology Co., Ltd. (hereinafter “Huaying Feiteng”), in which Beijing Hanfeng holds 99%. Huaying Feiteng is a property and technology service platform controlled by Li Jinyang. Its core business is leasing office buildings to Chifeng Gold and providing property services, as well as technology consulting and equipment sales.

Huaying Feiteng leases an office building in Fengtai District, Beijing (about 2,226 square meters) to Chifeng Gold from 2022 to 2026, providing property services as well. From 2022 to 2024, Chifeng Gold paid over 17 million yuan in rent and property fees. Court records show that Huaying Feiteng has seven litigation cases, all related to construction contract disputes, with the largest claim exceeding ten million yuan.

Hanfeng Graphite is 51% directly owned by Li Jinyang, with a registered capital of 30 million yuan, established on August 8, 2018. In January 2026, the company experienced two tax anomalies, with the tax authority being Pan Shi City Tax Bureau, involving small amounts in the tens of thousands of yuan. In September 2025, Hanfeng Graphite was involved in a judicial enforcement dispute of 7.9336 million yuan. In 2023, it faced three judicial disputes resulting in restrictions on high consumption.

Court records also show that in March 2023, Hanfeng Graphite, Li Jinyang, and others had a financial loan dispute of 18.6242 million yuan with Jilin Huan Cheng Rural Commercial Bank. Since its establishment, Hanfeng Graphite has had contractual and loan disputes with several companies, including Jilin First Construction Engineering Co., Ltd. and China Ten Metallurgical Group (Jilin) Co., Ltd.

On March 20, Chifeng Gold announced plans to hold the 2025 annual performance and cash dividend briefing on March 26, 2026.

Benefiting from the rise in international gold prices, Chifeng Gold achieved its best-ever performance in 2025. The company announced that it expects net profit attributable to shareholders of the listed company to be between 3 billion and 3.2 billion yuan for 2025, an increase of approximately 1.236 billion to 1.436 billion yuan compared to the same period last year (based on statutory disclosure data), representing a year-on-year increase of about 70% to 81%.