Yao Wang Technology's listing transfer of subsidiary equity now takes a turn, with the second-place transferee "substituting in."

Each Daily reporter丨Xu Shuai Each Daily editor丨Yang Yi

On the evening of March 25, Yao Wang Technology (rights protection) (SZ002291, share price 6.41 yuan, market cap 5.994 billion yuan) disclosed the “Announcement on the Progress of the Transfer of Equity of a Wholly-Owned Subsidiary by Listing for Sale.” It shows that on the eve of signing, the first-ranked transferee suddenly “backed out,” while another company with a “环球” (Global) shoes industry background in Wenzhou, Zhejiang—Zhejiang Zhan Chuan Brand Management Co., Ltd. (hereinafter referred to as Zhejiang Zhan Chuan)—stepped in as the second-ranked transferee for this transaction and acquired all the equity of Yao Wang Technology’s subsidiary—Foshan Saturday Shoes Industry Co., Ltd. (hereinafter referred to as Saturday Shoes Industry)—for 453 million yuan.

According to Yao Wang Technology’s announcement, Yao Wang Technology and Zhejiang Zhan Chuan signed the “Equity Transfer Agreement,” and have already received the first installment payment of 231 million yuan from Zhejiang Zhan Chuan. The agreement indicates that both parties agreed that the total consideration for the transfer would be provisionally set at 453 million yuan; among it, the price of the target equity is 408 million yuan, and another provisionally 45 million yuan is the assessed value of shoe-related inventory of the target company that Yao Wang Technology plans to transfer to the target company.

Yao Wang Technology also stated in the announcement that the proceeds from the sale of assets in this transaction are planned to be used to supplement the company’s working capital, and are expected to have a positive impact on the company’s 2026 profits.

A turning point in the transfer of subsidiary equity

On the evening of March 25, Yao Wang Technology released the “Announcement on the Progress of the Transfer of Equity of a Wholly-Owned Subsidiary by Listing for Sale.”

The announcement shows that the transfer of 100% of the equity of its wholly-owned subsidiary Saturday Shoes Industry saw a turn. The originally determined final transferee through a comprehensive evaluation procedure—Foshan Nanhai Qu Xing Zhihui Tou Investment Co., Ltd. (hereinafter referred to as Xing Zhihui Tou)—defaulted by failing to sign an equity transfer agreement with the company within the agreed timeline, and the Guangdong Equity Exchange has initiated the corresponding default disposal process. Subsequently, the second-ranked transferee Zhejiang Zhan Chuan stepped up and officially took over Saturday Shoes Industry.

So, who exactly is Zhejiang Zhan Chuan? According to Yao Wang Technology’s announcement, Zhejiang Zhan Chuan was established on December 16, 2025, with a registered capital of RMB 10 million. Its shareholders are Zhejiang Zhongyu Brand Management Co., Ltd., holding 100% of the shares.

Tianyancha information shows that behind this new transferee, Zhejiang Zhan Chuan, the silhouette of Zhejiang Huangshu Shoes Industry Co., Ltd. appears.

After reviewing Tianyancha and corporate industrial and commercial records, a reporter from The Economic Daily further discovered that Zhejiang Zhongyu Brand Management Co., Ltd. is held 50% each by Yu Zhongsu and Yu Zhongyin. And Yu Zhongyin and Yu Zhongsu are key figures in a well-known shoe enterprise in Wenzhou, Zhejiang: Yu Zhongyin and Yu Zhongsu together hold 24% of the equity of Zhejiang Huangshu Shoes Industry Co., Ltd.

The target company’s performance under pressure

Why did Xing Zhihui Tou exit on the eve of signing? This has also become a focus of market attention.

Looking back at Yao Wang Technology’s previous announcement, the initial listing period for the transfer of 100% of the equity of Saturday Shoes Industry was December 22, 2025. According to industrial and commercial records, Xing Zhihui Tou’s establishment date is December 22, 2025, with a registered capital of only 1 million yuan.

Tianyancha information and Yao Wang Technology’s announcements show that Xing Zhihui Tou is held 90% by Zhang Chun and 10% by Liu Yingying; the legal representative and directors are Zhang Chi, and Zhang Chun also serves as the financial officer.

Notably, Tianyancha also shows that a person named “Zhang Chun” previously worked for multiple regional branches of Saturday Shoes Industry, such as the Shanghai Ganghui Sales Department of Foshan Saturday Shoes Industry Co., Ltd., the Shanghai Tainlin Road Store No. 1 of Foshan Saturday Shoes Industry Co., Ltd., the Shanghai Tainlin Road Store No. 2 of Foshan Saturday Shoes Industry Co., Ltd., and the Shanghai Caobao Road Store of Foshan Saturday Shoes Industry Co., Ltd. However, the establishment times of these institutions are concentrated between 2008 and 2012, and they have now been deregistered.

In fact, the target company in this transaction—Saturday Shoes Industry—has faced performance pressure in recent years.

Audit data issued by Beijing Dehao International Accounting Firm (Special General Partnership) (standalone basis) shows that in fiscal year 2024, Saturday Shoes Industry recorded operating revenue of 153 million yuan and net profit of -55 million yuan; from January to August 2025, operating revenue was 85 million yuan and net profit was -49 million yuan. In terms of financial position, as of August 31, 2025, Saturday Shoes Industry’s standalone total assets were approximately 216 million yuan, total liabilities were approximately 20 million yuan, and net assets were approximately 196 million yuan.

Notably, to facilitate this transaction, Yao Wang Technology had previously carried out a series of internal restructurings, using methods such as debt-to-equity swaps and asset transfers to turn Saturday Shoes Industry’s net assets from negative to positive. Even the book value of the debt converted into equity alone used to increase investment in Saturday Shoes Industry reached 445 million yuan.

Cover image source: Every Day Media Database

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