Peicheng Technology: Independent director may hold concurrent positions at enterprises of private equity shareholders or partners; the actual controller's classmate's sudden investment may be linked to a customer relationship network

What is the deeper meaning behind AI Peicheng Technology’s actual controller classmates making a sudden equity investment?

“Jin Zheng Yan” Southern Capital Center Chi En / Author Yi Xi Nan Jiang Song Lan Ying Wei / Risk Control

On February 13, 2026, Shenzhen Peicheng Electronic Technology Co., Ltd. (hereinafter referred to as “Peicheng Technology”), which plans to impact the Beijing Stock Exchange, submitted its registration to the China Securities Regulatory Commission. Less than half a month before, Peicheng Technology disclosed its 2025 review report. The report shows that in 2025, Peicheng Technology achieved operating revenue of 1.134 billion yuan and net profit of 165 million yuan, with year-on-year growth rates of 54.69% and 76.35%, respectively.

Behind the rapid performance growth, the “friend circle” of Peicheng Technology’s actual controller Yan Xiaohan may be worth noting. Specifically, the private equity shareholder Ningbo Meishan Bonded Port Area Kengqiang Venture Capital Partnership (Limited Partnership) (hereinafter “Ningbo Kengqiang”) “suddenly” invested in shares before Peicheng Technology signed the guidance agreement. Several partners of Ningbo Kengqiang are classmates of Peicheng Technology’s actual controller Yan Xiaohan, and one partner, Chen Zhiping, has “appeared” in the client “relationship network” of Peicheng Technology. Additionally, among the two independent directors of Peicheng Technology, independent director Zhang Shudian’s part-time employer’s actual controller may be a private equity partner, and independent director Chen Libei is a schoolmate of Yan Xiaohan.

1. Multiple classmates of the actual controller “suddenly” invested through private equity, and their “relationship network” intersects with Peicheng Technology’s clients

For companies planning to go public, it is necessary to strengthen “penetrating” supervision of their shareholders to prevent illegal wealth creation. Research shows that on the eve of Peicheng Technology signing the guidance agreement, Ningbo Kengqiang “suddenly” invested in shares, and several partners of Ningbo Kengqiang are classmates of Yan Xiaohan, the actual controller of Peicheng Technology. Moreover, partner Qiu Peng of Ningbo Kengqiang may be the actual controller of another listed company, which signed the guidance agreement shortly before. At that time, Yan Xiaohan may have “suddenly” invested in that listed company with several classmates. Also, the sponsor representative for Peicheng Technology’s listing application during the reporting period was Wei Xiong Hai. Furthermore, Huizhou EVE Energy Co., Ltd. (hereinafter “EVE Energy”) is one of Peicheng Technology’s top 20 clients, and Ningbo Kengqiang partner Chen Zhiping has “appeared” in EVE Energy’s shareholding enterprise.

1.1 Ningbo Kengqiang “suddenly” invested before signing the guidance agreement, with partners including Qiu Peng, Chen Zhiping, Li Zhuoying, etc.

According to the reply to the inquiry letter for Peicheng Technology’s application for public issuance of stock and listing on the Beijing Stock Exchange signed on October 13, 2025 (hereinafter “First Round Inquiry Reply”), in June 2023, Ningbo Kengqiang transferred 50,000 yuan of capital (corresponding to 1% of Peicheng Technology’s shares) held by Yan Xiaohan, the actual controller of Peicheng Technology, for a total transfer price of 10 million yuan, at 20 yuan per share.

This transfer price was based on Peicheng Technology’s 2022 operating performance (net profit) and market valuation (P/E ratio). The transfer price corresponds to a P/E ratio of 10.82 times.

According to the prospectus signed on January 30, 2026 (“Prospectus 2026-01-30”), as of the signing date, external investor Ningbo Kengqiang was a private equity fund managed by Ningbo Dingfeng Mingdao Investment Management Partnership (Limited Partnership) (“Dingfeng Mingdao”).

Ningbo Kengqiang is the 7th largest shareholder of Peicheng Technology, holding 500,000 shares, accounting for 1%.

Regarding the partners of Ningbo Kengqiang:

According to data from the Market Supervision Administration and the First Round Inquiry Reply, Ningbo Kengqiang was established on May 5, 2023. When Ningbo Kengqiang invested in Peicheng Technology in May 2023, its partners included Lian Jian, Qiu Peng, Chen Yongmei, Chen Zhiping, Li Zhuoying, Chen Xiaohui, Peng Zhibin, and Dingfeng Mingdao, with capital contributions of 20%, 20%, 19.9%, 10%, 10%, 10%, 10%, and 0.1%, respectively.

By June 2024, Chen Yongmei transferred all her shares of Ningbo Kengqiang to Chen Minglei.

As of March 10, 2026, the partners of Ningbo Kengqiang are Lian Jian, Qiu Peng, Chen Minglei, Chen Zhiping, Li Zhuoying, Chen Xiaohui, Peng Zhibin, and Dingfeng Mingdao.

According to the prospectus signed on January 30, 2026, the sponsor for Peicheng Technology’s listing is Guotai Haitong Securities Co., Ltd. (“Guotai Haitong”).

According to the progress announcement for the application for public issuance and listing on the Beijing Stock Exchange signed on March 24, 2025, Peicheng Technology signed a guidance agreement with Guotai Junan Securities Co., Ltd. (“Guotai Haitong” formerly) on September 26, 2023, and submitted the initial guidance filing to the Shenzhen Securities Regulatory Bureau.

Thus, in June 2023, Ningbo Kengqiang invested in Peicheng Technology by acquiring shares from Yan Xiaohan. In September 2023, Peicheng Technology signed a guidance agreement with Guotai Haitong.

1.2 Qiu Peng, Chen Zhiping, Yan Xiaohan, and Li Zhuoying’s spouse Liu Zhenguo, all graduated from the same EMBA school in 2014

According to Shenzhen ZhiliFang Automation Equipment Co., Ltd. (“ZhiliFang”) 2024 annual report, ZhiliFang was listed on the Shenzhen Stock Exchange in July 2022. Its actual controllers include Qiu Peng, Guan Wei, and Huang Jianfeng.

According to the reply to the inquiry letter for ZhiliFang’s initial public offering and listing application on the ChiNext, signed on December 24, 2021 (“ZhiliFang First Inquiry Reply”), on July 5, 2020, Qiu Peng transferred 200 million yuan worth of shares (0.2%) of ZhiliFang to Peng Zhibin, Chen Xiaohui, Chen Zhengxu, Chen Zhiping, and Yan Xiaohan, totaling a transfer of 1% of shares, with a total transfer price of 10 million yuan. The reasons for these natural persons’ investment in ZhiliFang include their being classmates of the company’s actual controller, Qiu Peng, at CEIBS EMBA, graduating in 2014.

Li Zhuoying’s spouse Liu Zhenguo is also a classmate of Qiu Peng, and the couple have been friends for many years.

According to ZhiliFang’s prospectus signed on June 27, 2022, Shenzhen Zhiming Investment Co., Ltd. (“Zhiming Investment”) was an other related party of ZhiliFang, holding 33.34% of the shares at that time, and was owned by Liu Zhenguo.

According to Beijing Deheng Law Firm’s official website, as of March 10, 2026, Liu Zhenguo is a managing partner and head of the Shenzhen office of Deheng Law Firm. His educational background shows he obtained an EMBA from CEIBS in 2014.

It appears that Liu Zhenguo and the aforementioned Li Zhuoying are the same person.

It is evident that the partners of Ningbo Kengqiang include Qiu Peng, Peng Zhibin, Chen Xiaohui, Chen Zhiping, Li Zhuoying, etc. The same-named “Qiu Peng” is the actual controller of ZhiliFang; in July 2020, the same-named “Yan Xiaohan,” “Peng Zhibin,” “Chen Xiaohui,” “Chen Zhiping” became new shareholders of ZhiliFang, all graduates of the same school in 2014. The same-named “Li Zhuoying” has a spouse Liu Zhenguo, who is a classmate of ZhiliFang’s actual controller Qiu Peng. Multiple instances of same names are likely not coincidental, suggesting these individuals may be the same person.

1.3 Qiu Peng is one of ZhiliFang’s actual controllers; Yan Xiaohan, Chen Zhiping, and others invested in ZhiliFang just before signing the guidance agreement

According to ZhiliFang’s prospectus, in July 2015, Li Zhuoying increased capital to invest in ZhiliFang.

As of June 27, 2022, the signing date of the prospectus, Qiu Peng held 13.4109 million shares (43.67%), Li Zhuoying held 1.4442 million shares (4.7%), Peng Zhibin, Chen Xiaohui, Chen Zhengxu, Chen Zhiping, and Yan Xiaohan each held 614,000 shares (0.2%).

At that time, the sponsor for ZhiliFang was Minsheng Securities. On July 27, 2020, Minsheng Securities’ ZhiliFang project team submitted a formal project initiation application. On October 26, 2020, Minsheng Securities signed the “Initial Public Offering Guidance Agreement” with ZhiliFang and officially commenced related work.

In other words, in July 2020, the same-named “Yan Xiaohan,” “Peng Zhibin,” etc., invested in ZhiliFang, and in the same month, Minsheng Securities’ ZhiliFang project officially initiated. By October 2020, Minsheng Securities signed the guidance agreement with ZhiliFang.

1.4 Both Peicheng Technology’s sponsor representative and ZhiliFang’s IPO sponsor include Wei Xiong Hai; Liu Zhenguo, a partner at Deheng Law Firm, previously served as legal counsel for both companies’ listings

According to ZhiliFang’s prospectus, its sponsor was Minsheng Securities, with Wei Xiong Hai and Liao Yu as sponsors, and project managers including Li Yixuan, Wang Hu, Wang Changhao, Shen Mengyang, and Zhang Yue.

According to the prospectus signed on January 30, 2026, Peicheng Technology’s sponsor is Guotai Haitong, with sponsors Wang Xianquan and Wei Xiong Hai, and project team members including Li Yixuan, Shen Mengyang, Luo Yueling, Wang Hu, and Guo Renwei.

According to the China Securities Industry Association’s official website, Wei Xiong Hai served at Minsheng Securities from July 2011 to July 2023, and from August 2023 to March 10, 2026, at Guotai Haitong. Li Yixuan served at Minsheng Securities from July 2020 to October 2023, then at Guotai Haitong from October 2023. Wang Hu served at Minsheng Securities from June 2012 to December 2023, then at Guotai Haitong from January 2024.

It is evident that during ZhiliFang’s IPO application and Peicheng Technology’s current listing, the sponsor representatives include Wei Xiong Hai, and project team members include Li Yixuan and Wang Hu. These individuals, having worked at Minsheng Securities, later moved to Guotai Haitong, and may be the same persons.

Notably, Liu Zhenguo also previously collaborated with Wei Xiong Hai on other projects.

According to the IPO prospectus of Zhuhai Bojie Electronics Co., Ltd. (“Bojie Co.”), signed on December 5, 2018, Bojie Co.'s sponsor was Minsheng Securities, with sponsors Liao Yu and Wang Hu, and project assistant Wei Xiong Hai. The law firm involved was Deheng Law Firm, with Liu Zhenguo, Tang Yongsheng, Han Xue, and Ouyang Jingxian as attorneys.

Similarly, for Kureis Technology Co., Ltd. (“Kureis”), signed on April 29, 2021, the sponsor was Minsheng Securities, with Wang Changhao and Zhu Yunze as sponsors, and Qin Yazhong, Wang Hu, and Wei Xiong Hai as project attorneys. The law firm was Deheng Law Firm.

This indicates that Wei Xiong Hai and Wang Hu, during their tenure at Minsheng Securities, or possibly afterward, provided services to Bojie Co. and Kureis.

1.5 Chen Zhiping is a controlling shareholder of SmarTone International; Liu Zhenguo served as legal counsel for SmarTone International’s listing

As previously mentioned, the partners of Ningbo Kengqiang include Chen Xiaohui and Chen Zhiping.

According to ZhiliFang’s prospectus, as of June 27, 2022, the same-named “Chen Xiaohui” is an executive director of Mingyuan Cloud Group Limited (“Mingyuan Cloud”), and “Chen Zhiping” is chairman of the board of SmarTone International Holdings Limited (“SmarTone International”).

According to Deheng Law Firm’s official website, as of March 10, 2026, Liu Zhenguo has served as legal counsel for both SmarTone International and Mingyuan Cloud in their listings on the Hong Kong Stock Exchange.

In other words, Ningbo Kengqiang’s partners include Chen Xiaohui, Chen Zhiping, Li Zhuoying, etc. The same-named “Chen Xiaohui” and “Chen Zhiping” held positions at Mingyuan Cloud and SmarTone International, respectively. The same-named “Li Zhuoying”’s spouse Liu Zhenguo previously served as legal counsel for their listings.

“The issue” is still unresolved.

1.6 EVE Energy, one of Peicheng Technology’s top 20 clients, is also a shareholder of SmarTone International

According to the prospectus signed on January 30, 2026, Peicheng Technology is a provider of partial circuit value-added services in the lithium battery new energy industry, mainly engaged in R&D, production, and sales of third-party battery power control systems (BMS, PCS, etc.), and provides component application solutions centered on integrated circuits and discrete devices (i.e., electronic component distribution).

During the reporting period, Peicheng Technology’s main business revenue, divided by business type and main products, includes battery power control systems and electronic component distribution. In 2022-2024 and the first half of 2025, sales of battery power control systems were 389 million yuan, 472 million yuan, 401 million yuan, and 372 million yuan, respectively, accounting for 45.78%, 61.82%, 54.66%, and 64.78% of main business revenue.

According to the first inquiry reply, in 2023-2024 and the first half of 2025, the year-on-year change rates of sales revenue from battery power control systems were 21.27%, -15.13%, and 123.78%, respectively.

It can be seen that during 2022-2024 and the first half of 2025, this business contributed over 40% of Peicheng Technology’s main revenue. In 2024, sales of battery power control systems declined year-on-year, but in the first half of 2025, the revenue increased by 123.78%.

According to the prospectus signed on January 30, 2026, Peicheng Technology stated that it has established long-term stable cooperation with many internationally renowned companies in related downstream industries, including EVE Energy and other new energy brands and energy storage battery or system manufacturers.

According to the reply to the “Implementation Letter” regarding the review meeting of the listing committee, the Beijing Stock Exchange required Peicheng Technology to explain the signing and implementation of major contracts with clients with significant sales fluctuations during the reporting period, whether there are abnormalities in sales payments, and whether revenue is genuine and accurate.

In this context, Peicheng Technology disclosed that among the top 20 clients in the first half of 2025, some had sales amount changes exceeding 50%, including EVE Energy.

In the first half of 2025, Peicheng Technology’s sales of battery management systems (BMS) to EVE Energy amounted to 9.9584 million yuan, accounting for 1.73% of its sales revenue during that period.

The prospectus signed on January 30, 2026, indicates that BMS is Peicheng Technology’s core product.

Notably, the partner of Ningbo Kengqiang, Chen Zhiping, “appeared” in the shareholding enterprise of EVE Energy, SmarTone International.

According to the hearing materials last feasible date for SmarTone International, June 8, 2020, EVE Energy is one of the controlling shareholders and suppliers of SmarTone International.

As of mid-2025, SmarTone International’s semi-annual report shows that EVE Energy indirectly holds 30.73% of SmarTone International. During January-June 2025, SmarTone International purchased raw materials from EVE Energy, with an unreviewed procurement amount of 168 million yuan.

In summary, in June 2023, Ningbo Kengqiang acquired 1% of Peicheng Technology’s shares from Yan Xiaohan, the actual controller. In September 2023, Peicheng Technology signed a guidance agreement for listing. As of March 10, 2026, Ningbo Kengqiang is the seventh-largest shareholder, with partners including Qiu Peng, Chen Zhiping, Li Zhuoying, Chen Xiaohui, Peng Zhibin, etc. The sponsor for Peicheng Technology’s listing is Guotai Haitong, with Wei Xiong Hai as representative, and project team members including Li Yixuan and Wang Hu.

In 2015, the same-named “Li Zhuoying” invested in ZhiliFang. In 2020, the same-named “Chen Zhiping,” “Chen Xiaohui,” “Peng Zhibin,” “Yan Xiaohan,” and others invested in ZhiliFang. In October 2020, ZhiliFang signed a listing guidance agreement with Minsheng Securities, with Wei Xiong Hai and others involved, and project managers including Li Yixuan and Wang Hu. The disclosure of ZhiliFang’s listing application revealed that the actual controller “Qiu Peng” and “Chen Zhiping,” “Chen Xiaohui,” “Peng Zhibin,” “Yan Xiaohan,” and “Liu Zhenguo” are schoolmates from CEIBS. The “Li Zhuoying” couple’s spouse Liu Zhenguo previously served as legal counsel for their listings.

Behind multiple same-named individuals, many may be the same person.

In this context, Liu Zhenguo works at Deheng Law Firm, previously served as legal counsel for Mingyuan Cloud and SmarTone International’s listings. Liu Zhenguo also collaborated with Wei Xiong Hai and Wang Hu at Minsheng Securities on other projects. After leaving Minsheng Securities, Wei Xiong Hai, Wang Hu, and Li Yixuan joined Guotai Haitong. Moreover, Peicheng Technology’s top 20 clients include EVE Energy, which is a shareholder of SmarTone International, whose chairman is “Chen Zhiping.”

2. Independent director Zhang Shudian’s employer’s actual controller may be a private equity partner; independent director Chen Libei is a schoolmate of Yan Xiaohan

It is well known that “Guo Tian” does not accept the shoe, and Li Xia does not wear the crown. Research indicates that among Peicheng Technology’s three independent directors, two have intersections with Yan Xiaohan, the actual controller, and “Qiu Peng” or “Li Zhuoying.”

2.1 “Qiu Peng,” a partner of Ningbo Kengqiang, is one of the actual controllers of ZhiliFang; independent director Zhang Shudian also serves as an independent director of ZhiliFang

According to the prospectus signed on January 30, 2026, as of the signing date, Peicheng Technology’s board of directors consists of 7 members, with Yan Xiaohan as chairman, Feng Yi, Zheng Weitao, Feng Yunbin as directors, and Chen Libei, Zhang Shudian, Li Zhiwei as independent directors.

As previously mentioned, Ningbo Kengqiang’s partners include Qiu Peng and Li Zhuoying, and the same-named “Qiu Peng” is an actual controller of ZhiliFang.

Regarding independent director Zhang Shudian:

From 2020 to January 30, 2026, Zhang Shudian served as an independent director of ZhiliFang. From 2023 to January 30, 2026, Zhang Shudian served as an independent director of Peicheng Technology.

This means that Zhang Shudian, as an independent director of Peicheng Technology, also serves as an independent director at ZhiliFang controlled by Qiu Peng, who is a partner of Ningbo Kengqiang.

2.2 “Li Zhuoying” and Zhang Shudian, an independent director of Peicheng Technology, are both arbitrators at the Shenzhen International Arbitration Court

As previously mentioned, Li Zhuoying is a partner of Ningbo Kengqiang, and the same-named “Li Zhuoying” was a shareholder of ZhiliFang.

According to the First Inquiry Reply, from 2016 until December 24, 2021, Li Zhuoying served as an arbitrator at the Shenzhen International Arbitration Court.

According to the prospectus signed on January 30, 2026, from 2014 to the signing date, Zhang Shudian served as an arbitrator at the Shenzhen International Arbitration Court, and from 2023 onward, as an independent director of Peicheng Technology.

As of March 10, 2026, the Shenzhen International Arbitration Court’s official website shows that Li Zhuoying and Zhang Shudian remain arbitrators there.

Thus, both “Li Zhuoying” and Peicheng Technology’s independent director Zhang Shudian are arbitrators at the Shenzhen International Arbitration Court.

2.3 Independent director Chen Libei and actual controller Yan Xiaohan are alumni of CEIBS; both were members of the school’s golf club

As previously mentioned, Peicheng Technology’s actual controllers include Yan Xiaohan, and ZhiliFang’s actual controller Qiu Peng, both graduated from CEIBS in 2014. The same-named “Qiu Peng” is a partner of Ningbo Kengqiang.

According to the prospectus signed on January 30, 2026, from 2023 to the signing date, Chen Libei served as an independent director of Peicheng Technology. Since 2009, Chen Libei has been an executive director and general manager of Shenzhen Tongsheng Venture Capital Management Co., Ltd. (“Tongsheng Venture”) and holds 100% of its shares. From 2024 onward, Chen Libei serves as a non-executive director of Jihao Resources Group Co., Ltd. (“Jihao Gold”).

According to Jihao Gold’s official website, as of January 30, 2026, Chen Libei obtained an MBA from CEIBS in 2010. However, as of March 10, 2026, this webpage is inaccessible.

In other words, Peicheng Technology’s independent director Chen Libei and ZhiliFang’s historical shareholder Yan Xiaohan, as well as ZhiliFang’s actual controller Qiu Peng, are alumni of CEIBS.

According to information released by CEIBS on June 22, 2017, in April 2017, Chen Libei was among the candidates for the second council of the CEIBS Shenzhen Alumni Golf Club.

This indicates that, for this listing, Peicheng Technology’s independent director Zhang Shudian also serves as ZhiliFang’s independent director and a Shenzhen International Arbitration Court arbitrator, and the historical shareholders of ZhiliFang, Ningbo Kengqiang’s partners, and Shenzhen International Arbitration Court arbitrators all include “Li Zhuoying.” Additionally, Peicheng Technology’s independent director Chen Libei and actual controller Yan Xiaohan are CEIBS alumni. The same-named “Qiu Peng” is a partner of Ningbo Kengqiang; they may be the same person.

3. Conclusion

In short, this listing suggests that Peicheng Technology’s actual controller Yan Xiaohan’s “friend circle” may be prominent. Specifically, Ningbo Kengqiang is Peicheng Technology’s seventh-largest shareholder, with partners including Qiu Peng, Chen Zhiping, Li Zhuoying, Chen Xiaohui, Peng Zhibin, etc. In June 2023, Ningbo Kengqiang acquired 1% of Peicheng Technology from Yan Xiaohan. In September 2023, Peicheng Technology signed a guidance agreement for listing.

Historically, individuals with the same names—“Li Zhuoying,” “Chen Zhiping,” “Chen Xiaohui,” “Peng Zhibin,” “Yan Xiaohan”—have invested in ZhiliFang, and in October 2020, ZhiliFang signed a listing guidance agreement with Minsheng Securities. ZhiliFang disclosed that its actual controller “Qiu Peng” and “Chen Zhiping,” “Chen Xiaohui,” “Peng Zhibin,” “Yan Xiaohan,” and “Liu Zhenguo” are schoolmates from CEIBS. The “Li Zhuoying” couple’s spouse Liu Zhenguo previously served as legal counsel for their listings.

Many of these individuals share the same names, likely indicating they are the same persons.

Furthermore, Liu Zhenguo works at Deheng Law Firm, previously served as legal counsel for Mingyuan Cloud and SmarTone International listings. Liu Zhenguo also collaborated with Wei Xiong Hai and Wang Hu at Minsheng Securities on other projects. After leaving Minsheng Securities, Wei Xiong Hai, Wang Hu, and Li Yixuan joined Guotai Haitong. Notably, Peicheng Technology’s top 20 clients include EVE Energy, which is a shareholder of SmarTone International, whose chairman is “Chen Zhiping.”

In summary, the “friend circle” of Peicheng Technology’s actual controller Yan Xiaohan appears complex, with multiple overlapping relationships involving classmates, alumni, and professional connections, many of which involve individuals with the same names, suggesting possible identity overlaps or close ties.