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At the age of 29, Yuan Shuo, the new owner of *ST Jiuyou (600462), who was born after 1995, spent 83.55 million yuan to take control of the A-share company. He attracted the attention of the market for a while. On the evening of July 16, *ST Jiuyou announced that Yuan Shuo, who was born after 1995, became the actual controller of the company through a share auction. However, the above-mentioned change of ownership did not boost the company's stock price. On July 17, *ST Jiuyou closed down 3.47%.

With such strong financial strength, what kind of capital is behind Yuan Shuo? This is undoubtedly a question in the minds of many investors. By checking the companies that Yuan Shuo has invested in and worked for, it is found that he has many connections with Yuan Guoshun. According to a third party, Yuan Shuo is the son of Yuan Guoshun. A Beijing Business Daily reporter found that Yuan Guoshun has many teaching videos on the market. He calls himself "an entrepreneur who truly practices the free model" and mainly teaches small and medium-sized enterprises. However, the teaching fees of tens of thousands of yuan are accused of "selling courses to make money." Combined with the relationship between Yuan Shuo and Yuan Guoshun and the business of Yuan Guoshun's companies, the real purpose of taking over *ST Jiuyou this time and whether Yuan Shuo will be a "masked man" are still questionable.

The phone number of the buyer turned out to be a dental hospital

On the evening of July 16, *ST Jiuyou disclosed an announcement of change of ownership. The 69.8 million shares of the company's unrestricted tradable shares held by Tianjin Shengxin Yuantong Co., Ltd. (hereinafter referred to as "Shengxin Yuantong"), the original controlling shareholder of the company, were auctioned on the Shenzhen Intermediate Court's JD.com judicial auction platform from June 13 to 14, 2024 to repay debts. Lishui Lingnansong Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as "Lishui Lingnansong") bid for the above-mentioned shares at the highest bid price and became the takeover party of *ST Jiuyou.

According to the execution order issued by the Shenzhen Intermediate People's Court of Guangdong Province, the above-mentioned stocks were forcibly transferred and registered in the name of the buyer Lishui Lingnansong at a price of 83.5506 million yuan. After this equity change, Lishui Lingnansong holds 69.8 million shares of *ST Jiuyou, accounting for 11.31% of the total share capital, and the company's controlling shareholder has been changed to Lishui Lingnansong.

According to the data, Lishui Lingnansong is a newly established company, established on November 15, 2023. As of the date of signing of the report, except for participating in this acquisition, it has not carried out actual operations and no relevant financial data is available. In order to understand the details of Lishui Lingnansong, a Beijing Business Daily reporter got the company's contact number on July 17, but the other party said that it was Langlang Dental Hospital, located in Shenzhen. When the reporter mentioned Lishui Lingnansong, the other party said that he had never heard of it. However, for Yuan Shuo, the other party said that "we have a cooperative relationship."

Regarding this situation, Song Yixin, a lawyer at Shanghai Hanlian Law Firm, told the Beijing Business Daily reporter that a listed company's simplified report on changes in equity should ensure that the information is true and accurate, and the company's telephone number should also be true, otherwise there will be suspicion of false disclosure of information.

The equity relationship shows that Yuan Shuo holds 70% of the shares of Lishui Lingnansong and is the executive partner of Lishui Lingnansong. Therefore, Yuan Shuo is the actual controller of Lishui Lingnansong. The actual controller of *ST Jiuyou has also changed from Li Ming to Yuan Shuo.

It is worth mentioning that Yuan Shuo, as the new owner, is a "post-95s". According to information, Yuan Shuo was born in 1995, has a postgraduate degree, and has lived in Zhengzhou, Henan Province for a long time. He does not have permanent residency abroad. He holds a Bachelor of Science (Honors) in Business and Management Studies from the University of Bradford in the UK and a Master of Arts in Global Business Management from the City University of Hong Kong.

Although he is only 29 years old, Yuan Shuo has a rich resume. From October 2019 to May 2021, Yuan Shuo served as Vice President of 1970 Cultural Communication Co., Ltd. (hereinafter referred to as "19"), and was fully responsible for the national operation and management of the company. In recent years, he has served as the Dean of the Business School of Zhongshi Min'an (Beijing) Technology Co., Ltd. and the General Manager of Guangzhou 19 Zongheng Management Consulting Co., Ltd., and has experience in market development and corporate operation management.

Close relationship with Yuan Guoshun

How did Yuan Shuo, 29 years old, leverage huge amounts of money to take control of *ST Jiuyou? This is also a question in the minds of many investors.

Beijing Business Daily reporter found through Tianyancha that among the many companies where Yuan Shuo worked, there were many intersections with Yuan Guoshun. Public information shows that Yuan Guoshun was born in 1970 and has been working in food production and sales, corporate management consulting and other fields for more than 20 years. He has rich experience in corporate management and completed the EMBA training class of Peking University from June 2014 to June 2015.

It is worth mentioning that Yuan Guoshun once worked at China Food and Drug Administration, a Hong Kong-listed company. According to China Food and Drug Administration's annual report, Yuan Guoshun previously served as the company's executive director from November 7, 2018 to April 7, 2020, was transferred to the company's non-executive director on April 7, 2020, and resigned on December 30, 2021.

In a conversation with people from Langlang Stomatological Hospital, a Beijing Business Daily reporter learned that Yuan Shuo is the son of Yuan Guoshun. What is the relationship between Langlang Stomatological Hospital and Yuan Guoshun and Yuan Shuo?

It is understood that other companies invested by Yuan Shuo include Shenzhen Lavender Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as "Lavender Company"), Henan Jiuteng Enterprise Management Consulting Co., Ltd. (hereinafter referred to as "Jiuteng Consulting"), Lianyixin (Henan) Network Technology Co., Ltd. (hereinafter referred to as "Lianyixin"), etc. In addition, Yuan Shuo indirectly holds some shares of Langlang Medical Investment Co., Ltd. (hereinafter referred to as "Langlang Medical") through Shenzhen Yinshunxiang Management Partnership (Limited Partnership) and Zhuhai Century Blue Ocean Enterprise Management Co., Ltd.

It is worth noting that Langlang Medical’s corporate business segment includes "Langlang Dental". Tianyancha shows that Langlang Dental is a medical dental chain service provider established in 2007.

In addition, Tianyancha shows that Yuan Guoshun serves as a director of Langlang Medical.

Despite his young age, Yuan Shuo is not an unknown figure in the A-share market. A Beijing Business Daily reporter found that the Lavender Company, in which Yuan Shuo controls 80% of the shares, is the major shareholder of the A-share company Hongsheng Shares.

In March 2022, Lavender Company acquired 5 million shares of Hongsheng Shares (accounting for 5% of the total share capital) through an agreement transfer. However, in December 2023, Lavender Company reduced its holdings of Hongsheng Shares by 2 million shares through block trading, accounting for 2% of the total share capital. As of the end of 2023, Lavender Company held 3 million shares of Hongsheng Shares, accounting for approximately 3% of the shares.

It is understood that Hongsheng Co., Ltd.'s main business is the research and development, design, production and sales of aluminum plate-fin heat exchangers and related products. Its products are widely used in machinery and equipment, energy, chemical industry and other industries.

Yijiu, a subsidiary of the company, was accused of “selling courses to make money”

"Are you still worried about not being able to sell your products? Are you still worried about not being able to raise funds? Are you still worried about your company not being able to quickly fission?" This is what Yuan Guoshun kept mentioning in his "19 Yuan Guoshun Free Model" video. Among the companies where Yuan Shuo and Yuan Guoshun work and hold shares, 19 was founded by Yuan Guoshun. However, a Beijing Business Daily reporter found that the "19 Zongheng" related courses under 19 were widely criticized on the Internet.

Public information shows that Yijiu is committed to "building a resource sharing platform for small and medium-sized enterprises, taking the 'free model' as the core of its strategic business, and helping members build a competitive business model." Beijing Business Daily reporters found that there are many "Yijiu Zongheng" video accounts on the market, which mainly promote the "Yijiu Yuan Guoshun Free Model", claiming that Yuan Guoshun is an entrepreneur who actually practices the free model, and include multiple Yuan Guoshun teaching videos.

Beijing Business Daily reporters learned through social platforms that in recent years, many netizens on the Internet have pointed out that the courses related to the "19 Yuan Guoshun Free Model" taught by Yuan Guoshun have the phenomenon of "selling courses to make money". For example, in 2023, a netizen posted that he had signed up for the 19 Yuan Guoshun Free Model Private Directors Meeting. After paying the registration fee of 690 yuan, he arrived at the scene and found that it was very different from the previous publicity. He was even pushed and threatened by relevant personnel at the venue. Previously, some netizens on Zhihu claimed that they were defrauded of 38,000 yuan by Yuan Guoshun's free course, and in addition to him, there were thousands of people who claimed to have been defrauded. In recent years, many netizens have stated on social platforms that they have been defrauded of tens of thousands to hundreds of thousands of yuan by courses related to the "19 Yuan Guoshun Free Model".

In order to understand the relevant courses of "19 Yuan Guoshun Free Model", on July 17, a Beijing Business Daily reporter asked the salesperson of "19 Yuan Guoshun Free Model" about the course content, price, and teaching location in the identity of a clothing merchant. The other party said, "The latest course will be held in Zhengzhou from July 20 to 22, and the main content is 16 free business models taught by Yuan Guoshun." In order to attract the reporter's in-depth understanding, the other party said, "Previously, the fee for the class was 9,900 yuan, but now it only charges 990 yuan for the venue fee, which is 10% off for the teacher's fans."

At the same time, in order to verify the authenticity and popularity of the course, the free course sales staff of Yijiu Yuan Guoshun also sent reporters several payment certificates from business owners who have already paid the registration fee.

However, after the reporter expressed his willingness to learn more, the staff on the other side further said, "Yuan Guoshun will also have a planning class in the future. The current price is 30,000 yuan, and it will be mainly carried out in Zhengzhou, Guangzhou and other places."

Is it a "masked man"?

Considering the resumes of Yuan Shuo and Yuan Guoshun and their relationship, whether Yuan Shuo will be Yuan Guoshun's "masked man" has also aroused attention.

Behind the acquisition of *ST Jiuyou, the performance of the listed company is not optimistic. From 2021 to 2023, *ST Jiuyou's attributable net profit was approximately -81.1977 million yuan, -80.2562 million yuan, and -67.8748 million yuan, respectively. However, in the first half of this year, *ST Jiuyou is expected to achieve an attributable net profit of about 11.4823 million yuan. However, the attributable net profit after deducting non-operating items is still a loss, which is expected to be about -12.0919 million yuan.

Regarding the main reason for the expected profit, *ST Jiuyou stated that in the first half of 2024, the company transferred 57% of the equity of its holding subsidiary Beijing Hanno Ruiya Public Relations Consulting Co., Ltd., generating investment income of 26.037 million yuan. The investment income is a non-recurring gain or loss. At the same time, the losses of some of the company's subsidiaries were reduced.

Bai Wenxi, vice chairman of the China Enterprise Capital Alliance, told Beijing Business Daily that the continuous losses of listed companies are a serious financial problem, but the arrival of new owners may bring new management teams and business strategies, which may help companies improve their operating conditions. However, whether it will be successful in the end depends on many factors, including the management capabilities of the new owners, the market environment, and industry competition. Therefore, it is necessary to carefully evaluate these factors in order to make an accurate judgment.

Regarding the acquisition of loss-making listed companies, Fu Jian, director of Henan Zejin Law Firm, told Beijing Business Daily that despite the continuous losses of listed companies, the new owners of the companies may have seen the untapped potential of the listed companies in certain business areas or markets. By controlling the company, the new owners can use existing resources and market position to promote their own products or services.

It is worth mentioning that *ST Jiuyou is engaged in comprehensive marketing services and its industry is the advertising industry.

In addition, Beijing Business Daily reporters noticed that the business scope of Jiuteng Consulting and Lianyixin, both of which Yuan Shuo invested in, includes marketing planning. In Jiuteng Consulting, Yuan Shuo holds 40% of the company's shares, and Yuan Guoshun was the legal representative, executive director and general manager of Jiuteng Consulting; in Lianyixin, Yuan Shuo indirectly holds 24% of the company's shares through Jiuteng Consulting, and Yuan Guoshun serves as the company's supervisor.

Beijing Business Daily reporter Ma Huanhuan, Ran Lili, intern Wang Manlei