Chifeng Gold Earns Over 3 Billion Annually, But 10-Billion-Yuan Widow Estate Needs to Be "Divested"?

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Text | Radar Finance Peng Cheng

Editor | Meng Shuai

After her husband passed away and she became the actual controller of a listed company many years ago, Li Jinyang, with a net worth of 13 billion yuan, now intends to transfer her “golden empire” to others.

According to an announcement released by Chifeng Gold on March 19, Li Jinyang and her concerted action partners are planning to transfer their shares in the company, which may lead to a change in the company’s actual controlling shareholder.

Rewinding to December 2021, Zhao Meiguang, founder of Chifeng Gold, passed away due to illness. According to his will, all his estate was inherited by his spouse, Li Jinyang.

However, after becoming the actual controller, Li Jinyang did not step into the spotlight. She explicitly stated that she would not participate in the company’s daily management and would fully support the management team led by Chairman Wang Jianhua.

Under the leadership of Wang Jianhua, a veteran in the industry who previously led Shandong Gold and Zijin Mining, Chifeng Gold just delivered its best-ever performance in history.

By 2025, the company’s revenue will surpass 12 billion yuan, a year-on-year increase of 40.03%; net profit attributable to the parent will surge by 74.7%, reaching a new high of 3.082 billion yuan.

However, behind these impressive figures, concerns still exist. In 2025, the company’s total gold production was 14.4 tons, falling short of the previously set target of 16 tons.

Additionally, because Chifeng Gold’s performance and stock price are sensitive to gold price fluctuations, the company will face a series of related risks and challenges.

With a market value close to 80 billion yuan, is Chifeng Gold about to change hands?

According to an announcement from Chifeng Gold on March 19, the company received notice on the evening of March 18 from its controlling shareholder and actual controller, Li Jinyang, that she and her concerted action partners are planning to transfer their shares, which may result in a change of the company’s actual controlling shareholder.

Since the matter is still under negotiation and there is uncertainty, to ensure fair disclosure, protect investors’ interests, and prevent abnormal fluctuations in the company’s stock price, the company applied to the Shanghai Stock Exchange for a trading halt. Trading of Chifeng Gold’s stock was suspended starting the morning of March 19, with an expected duration of no more than five trading days.

Chifeng Gold stated that during the suspension, the company will strictly follow relevant regulations and requirements to disclose information based on the progress of the matter. Once the matter is confirmed, the company will promptly release a relevant announcement and apply to resume trading.

On the same day, Chifeng Gold also announced on the Hong Kong Stock Exchange that its H-shares would be suspended from trading starting at 9 a.m. that morning, pending the publication of a notice regarding its largest single shareholder potentially selling shares.

On the last trading day before the suspension, the closing price of Chifeng Gold’s A-shares was 40.82 yuan per share, with a market value of 77.575 billion yuan.

Notably, just before the suspension on March 4, Chifeng Gold received notice from Li Jinyang that she had extended the stock pledge repurchase transaction for some of her pledged shares.

After completing this pledge repurchase extension, Li Jinyang and her concerted action partners pledged 27.78% and 17.82% of their holdings, respectively, accounting for 2.78% and 0.48% of the company’s total share capital.

According to the announcement at that time, as of March 4, 2026, Li Jinyang directly held 190 million shares of Chifeng Gold, accounting for 10.02% of the total share capital; her concerted action partner, Hanfeng Venture Capital, held about 51.52 million shares, representing 2.71%. Together, their shareholding ratio was 12.73%.

Radar Finance notes that as early as December 2021, after becoming the actual controller of Chifeng Gold, Li Jinyang transferred 3.09% of the company’s shares through block trades between December 30, 2021, and March 31, 2022.

In March 2022, Li Jinyang also signed a share transfer agreement with Huaneng Guicheng, planning to transfer 5.77% of the listed company’s shares to Yuanhe No. 5 through an agreement transfer.

At that time, Li Jinyang explained that the transfer was to “further implement the strategic goal of optimizing the company’s equity structure, introduce strong investors, and raise funds to repay debts.”

Later, because the transfer conditions were not met within the agreed period, the two parties mutually agreed to terminate the share transfer agreement in November 2022.

Billionaire widow steps back, Wang Jianhua takes control of the “golden empire”

The rise of Chifeng Gold is inseparable from its founder, Zhao Meiguang. This mineral magnate from Jilin, who rose to prominence through a backdoor listing at the end of 2012, injected his controlled company, Chifeng Jilong Mining Co., Ltd., into “ST Baolong.”

In the Hurun Research Institute’s “2021 Hurun Rich List,” Zhao Meiguang and Li Jinyang were again listed with a combined wealth of 8.8 billion yuan.

However, misfortune struck in the same year: Zhao Meiguang, aged only 59, died of illness in December. According to his will, all his personal estate was inherited solely by his spouse, Li Jinyang.

Overnight, Li Jinyang, under 40, became the actual controller of this expanding enterprise.

Unlike many family succession stories, after Zhao’s death, Li Jinyang explicitly stated she would not hold a position in the company.

She also wrote to the board, saying she would fully cooperate with the management team. The current chairman of Chifeng Gold, Wang Jianhua, is the person Li Jinyang entrusted with the “mantle.”

Radar Finance learned that Wang Jianhua has a very rich professional background, having served as General Manager and Party Secretary of Shandong Silk Import & Export Co.; Chairman and Party Secretary of Shandong Gold Group; Director and President of Zijin Mining Group; and Chairman of Yunnan Baiyao Holdings.

In September 2018, Wang Jianhua joined Chifeng Gold as a director; since December 2019, he has served as executive director and chairman.

During his tenure at Shandong Gold, Zijin Mining, and Chifeng Gold, the resource reserves and reserves of these mining groups increased significantly.

Notably, in November 2020, Zhao Meiguang transferred 98.17 million shares of Chifeng Gold to Wang Jianhua, totaling 1.669 billion yuan.

The addition of a professional manager has made Chifeng Gold’s business more focused. The company’s overall development strategy shifted from “mainly mining” in 2019 to “mainly gold” in 2020.

According to the latest annual report disclosed by Chifeng Gold, as of the end of 2025, Wang Jianhua directly held about 74.2 million A-shares, accounting for 3.9% of the total share capital, making him the second-largest individual shareholder after Li Jinyang.

In 2025, Wang Jianhua received a total compensation of 6.494 million yuan from Chifeng Gold.

In the latest “2026 Hurun Global Rich List” released in early March, Li Jinyang, who does not hold a management position at Chifeng Gold, has seen her net worth rise to 13 billion yuan.

Tianyancha shows that Li Jinyang remains the actual controller of Chifeng Gold, but she is now attempting to withdraw from the company.

Record-breaking performance, but annual gold production falls short of target

As a rapidly growing international gold producer, Chifeng Gold has been deeply engaged in core gold mining and processing, with a global layout of multiple high-quality mines, achieving continuous growth in recent years.

From financial data, this is undoubtedly a “golden moment” in the company’s history. According to its latest 2025 annual report, the company achieved revenue of 12.639 billion yuan, a 40% increase year-on-year; net profit attributable to the parent was 3.082 billion yuan, up 74.7%.

The growth in performance is closely related to the historic bull market in gold last year.

Earlier, the company had announced that its main gold product sales prices in 2025 increased by about 49% year-on-year, and profitability of domestic and overseas mines significantly improved.

Meanwhile, net cash flow from operating activities increased from 3.268 billion yuan in 2024 to 5.556 billion yuan, a 69.97% rise.

Additionally, the company’s financial structure further improved. As of the end of 2025, the asset-liability ratio was 33.91%, down 13.34 percentage points from the beginning of the year; interest-bearing debt was about 878 million yuan, down 67.45% from the start of the year.

However, behind these impressive figures, concerns remain. In the mid-year report, Chifeng Gold lowered its 2025 gold production target from 16.7 tons to 16 tons, but expressed confidence in achieving the goal.

But in the January 2026 performance forecast, the company’s actual annual output was projected at only 14.4 tons, just 90% of the target.

Radar Finance notes that according to the third phase of the employee stock ownership plan, if the unlocking conditions are met (which require a 5% or more year-on-year increase in gold production in 2025), the beneficiaries can apply to unlock all granted shares on February 24, 2026.

However, the company’s annual report states that the 2025 gold production growth was less than 5%, so the unlocking conditions were not met, and no equity-based payment expenses were recognized this year.

Chifeng Gold disclosed that its 2026 gold production target is 14.7 tons, with 11,000 tons of electrolytic copper. The company will focus on safety, increasing production and reserves, and improving quality and efficiency throughout the year.

The company also states that 2026 will be a critical year for new strategic initiatives, laying the foundation for a production leap from 2028 to 2030.

In addition, the company’s performance and stock price are highly dependent on gold prices, which poses certain operational and valuation risks.

According to Huaxia Times, on March 19, influenced by the Federal Reserve’s latest monetary policy decision, the global non-ferrous metals market plummeted. The A-share non-ferrous metals sector also declined sharply, with major funds flowing out, and stocks like Zijin Mining and Jiangxi Copper leading the decline. Gold and silver concept stocks fell by 6%–8% across the board.

As of 11:09 a.m. on March 20 (intraday), the A-share non-ferrous metals sector showed a slight rebound with some differentiation, with the CSI Shenwan Nonferrous Metals Index at 9,476.66 points, up 0.14%.

Industry analysts believe that the Fed’s continued pause and hawkish signals have significantly reduced market expectations for rate cuts, combined with geopolitical risk aversion, leading to a slowdown in overseas capital inflows. The non-ferrous metals sector has experienced a pattern of rise and fall this year, with increased caution in the short term.

Further, they note that although the long-term logic of central bank gold purchases and de-dollarization remains unchanged, current risk sentiment dominates, and precious and industrial metals face short-term adjustment pressures.

Radar Finance also notes that Chifeng Gold stated in its financial report that prices for gold, electrolytic copper, and other products are affected by global supply and demand, geopolitical factors, monetary policies, inflation, and exchange rates, leading to large fluctuations that directly impact profitability and cash flow stability. Rising costs for energy and raw materials further squeeze profit margins.

In response, the company emphasizes maintaining cost control and efficiency, expanding production, centralized procurement, intelligent upgrades, and management optimization to control unit costs; using hedging and other financial tools to manage commodity price risks, and enhancing operational stability and controllability.

Given the potential change in control of Chifeng Gold, there are additional uncertainties for the company’s future development.

What direction will this “golden giant” sail in next? Radar Finance will continue to monitor.