Helen Piano's Private Placement Behind the Scenes: Performance Metrics Nearly Trigger *ST, Stock Price Surges Unexpectedly. Where Does the New Leader's Capital Come From?

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Produced by: Sina Finance Listed Company Research Institute

Author: IPO Re- Financing Team / Turing

On the evening of March 23, Hailun Piano disclosed its private placement plan. It plans to issue shares to its actual controller, Cui Yongqing, on a directed basis to raise no more than RMB 200 million, all of which will be used to supplement working capital and repay bank borrowings.

This private placement by Hailun Piano is also part of a chain of capital operations by Cui Yongqing, the company’s new actual controller. It could allow Cui Yongqing—who has relatively low voting rights—to strengthen his control over the company. However, the problem is that Quantuozhuodai (Shanghai), which is controlled by Cui Yongqing, has just paid RMB 548 million to acquire control rights. So where would Cui Yongqing’s RMB 200 million private placement funds come from? Public information shows that, aside from a very small number of companies, the number of insured employees in Cui Yongqing’s roughly dozen core enterprises is extremely low, with many at 0.

The series of capital operations initiated by Hailun Piano since the latter half of last year can be described as truly astonishing in terms of their performance in the stock price. First, before the announcement of the change in the actual controller’s control and before the company suspended trading, the company’s stock price jumped 12% on the prior trading day. Moreover, before the official announcement was released, relevant accurate information about related counterparties had already leaked out. Another point is that the company’s 2025 performance indicators were so poor that it was nearly marked as *ST, yet last year the company’s stock price surged 216%, far exceeding Zhijiang Hailun’s 19.24%.

Where does the new actual controller’s money come from? Most of the core companies under his control have 0 insured employees

On the evening of March 23, 2026, Hailun Piano released a private placement plan. It plans to issue no more than 17.452 million shares on a directed basis to Cui Yongqing, the new “boss,” and raise no more than RMB 200 million in funds, all of which will be used to supplement working capital and repay bank borrowings. The issue price is fixed at RMB 11.46 per share, equivalent to 80% of the average stock price over the 20 trading days prior to the pricing benchmark date.

Based on the upper issuance limit, after the completion of the private placement, Cui Yongqing’s direct shareholding ratio will reach 6.46%. Combined with the 23.83% voting rights held by Quantuozhuodai (Shanghai), Cui Yongqing’s controlling position will be further strengthened.

But the question is, where does Cui Yongqing’s money come from? According to the plan, the funds used by Cui Yongqing for subscribing to this private placement “all come from legitimate own funds or legitimate self-raised funds.” However, Quantuozhuodai (Shanghai) controlled by Cui Yongqing spent RMB 548 million in July 2025 to acquire control rights of Hailun Piano. Now it is also expected to put up RMB 200 million to participate in the private placement. In just 8 months, the total资金 needed is about RMB 748 million.

As for the core enterprises controlled by Cui Yongqing, besides Hangzhou TuoTuo Technology (Hangzhou) Co., Ltd. (hereinafter referred to as “Tuotuo Technology”), the number of insured employees at the other core enterprises is very small, with many at 0. Some companies may have a high registered capital, but their paid-in capital is small—sometimes even 0.

Tianyancha shows that Tuotuo Technology was established in June 2009, with registered capital of RMB 47.682919 million and paid-in capital of RMB 45 million. In 2024, the number of insured employees was 25.

Source: Private placement plan

Shanghai Yongsu Technology Co., Ltd. controlled by Cui Yongqing was established in January 2024. Tianyancha shows registered capital of RMB 30 million, paid-in capital of 0, and the number of insured employees in 2024 was 3.

Shanghai Yiqi Technology Co., Ltd. controlled by Cui Yongqing was established in October 2024. Tianyancha shows registered capital of RMB 4 million, paid-in capital of 0, and the number of insured employees in 2024 was 0.

Hangzhou Huiqing Technology Co., Ltd. controlled by Cui Yongqing was established on August 30, 2024. Tianyancha shows registered capital of RMB 4 million, paid-in capital of 0, and the number of insured employees in 2024 was 0.

Hangzhou Junmin Technology Co., Ltd. controlled by Cui Yongqing has both registered and paid-in capital of RMB 50 million, but Tianyancha shows the number of insured employees in 2024 was 0. Shanghai Junmin Network Technology Co., Ltd., also controlled by Cui Yongqing, had the number of insured employees in 2024 at 0 as well.

Quantuozhuoqi (Hangzhou) Enterprise Management Partnership (Limited Partnership) controlled by Cui Yongqing was established in June 2025, i.e., one month before the acquisition of Hailun Piano’s control rights. Tianyancha does not show its insured employee numbers, possibly because it was just established.

Hangzhou Qisa Investment Management Co., Ltd. controlled by Cui Yongqing: Tianyancha shows registered capital of RMB 1 million, paid-in capital of 0, and the number of insured employees in 2024 was also 0.

Cangzhou Shuzhi Technology Co., Ltd. controlled by Cui Yongqing: Tianyancha shows registered capital of RMB 30 million, paid-in capital of RMB 10.161 million, and the number of insured employees in 2024 was 0.

Huanghua City Shuzhi Technology Co., Ltd. controlled by Cui Yongqing: Tianyancha shows it was established in November 2024, with registered capital of RMB 9 million and paid-in capital of 0, and the number of insured employees in 2024 was 0.

Ningbo Yiquan Equity Investment Partnership (Limited Partnership) controlled by Cui Yongqing: Tianyancha shows its number of insured employees in 2024 was 0.

So, who exactly is Cui Yongqing? What does the “Tuotuo group” behind him primarily do? Based on publicly available information, Tuotuo Technology is his core company and its main business includes areas such as big data and artificial intelligence software development.

Some viewpoints suggest that Cui Yongqing taking over Hailun Piano is more likely a “shell-like” capital operation: using a traditional listed company that has been losing money year after year, packing his own business into it, thereby achieving a “backdoor listing.” And this private placement very likely is a “prelude” to consolidate control over the new main party and to pave the way for subsequent capital operations.

*The performance indicators almost triggered ST The stock price surged absurdly far beyond peers—questioning whether there was stock price manipulation

The change of control at Hailun Piano this time and the subsequent private placement, along with a series of capital operations, can be described as very remarkable in their stock-price performance.

First, before the announcement of the change in the actual controller’s control and before the day the company suspended trading, the company’s stock price jumped 12%. On July 17, 2025, Hailun Piano’s stock price rose in an unusual manner; it closed at RMB 10.29 that day, up as much as 11.97%

This unusual movement happened right before the company announced a suspension of trading for a major matter. On the evening of July 17, Hailun Piano released an announcement stating that the company was planning matters related to a change in control rights, and its stock would be suspended from trading.

Source: Reports from public media

What’s even more shocking is that before the official announcement was issued, news about “Tuotuo” taking over had already spread in the Eastmoney Stock Bar. In the Stock Bar posts on July 18 and 19, 2025, someone explicitly mentioned information such as “We knew it would be Tuotuo Technology since the beginning of the year; never expected it to be so fast and it even became one of the (stakeholders)”“Tuotuo— we invested in you.” At this time, there were still several days until Hailun Piano’s official announcement (the official announcement date is the evening of July 24, 2025) was released. As of now, the Eastmoney Stock Bar no longer has posts allegedly containing the above insider-information leakage.

Another divergence is that Hailun Piano’s 2025 performance indicators were so poor they were almost marked as *ST, yet last year the company’s stock price surged 216%.

Financial data show that Hailun Piano is close to the delisting red line. In 2023, the company’s loss was RMB 78.8548 million; in 2024, the loss expanded to RMB 97.9224 million; and it is expected that in 2025 it will still incur losses of RMB 70 million to RMB 90 million. Operating revenue fell from RMB 379 million in 2022 down to RMB 159 million in 2024, and it is expected that after deducting the relevant items, operating revenue will further drop to RMB 112 million to RMB 132 million in 2025.

What’s even more dangerous is that, according to the new delisting rules for the ChiNext board, if the company’s most recent audited net profit is negative and the operating revenue after deductions is below RMB 100 million, it will face a risk warning for delisting (*ST).

And against the backdrop that in 2025 Hailun Piano continued to suffer significant losses, with expected operating income after deductions related to non-main businesses just surpassing the “red line,” the company’s stock surged 216% in 2025—rising from RMB 5.11 per share at the start of the year to RMB 16.19 per share by year-end.

Source: Wind

As for Zhijiang Hailun, its stock price increased by only 19.24% for the whole of 2025.

And since Hailun Piano’s stock price surged before the announcement and trading suspension related to the change in actual controller, combined with the fact that the stock more than doubled despite the company’s very poor performance—far beyond peers—it’s hard for investors not to question whether insider information may have been leaked or whether stock price manipulation occurred.

What did the “piano godfather” bring—and what did he take away?

The founder of Hailun Piano and its former actual controller was Chen Hailun. More than 20 years ago, Chen Hailun personally registered the “Hailun HAILUN” piano brand. In 2012, Hailun Piano listed on the ChiNext board.

According to statistics based on Wind data, from 2012 to 2024, the sum of Hailun Piano’s non-recurring profit attributable to the parent company was -0.13 billion yuan—meaning that over 13 years since listing, the non-recurring net profit has been in a loss state.

From 2012 to 2024, Hailun Piano’s total cash dividends were RMB 78 million, while the equity financing amount after listing was RMB 567 million.

According to the announcements, Chen Hailun and his wife Jin Haifen, and their son Chen Chaofeng, together transferred 60.2606 million shares of the listed company’s stock through Hailun Investment and Four Seasons Hong Kong, raising cash of approximately RMB 548 million.

However, the Chen Hailun family has not fully exited Hailun Piano. After the above equity transfer was completed, Hailun Investment still held 20.56% of the company’s shares (of which 6% of the voting rights were waived). As the company’s stock price surged, the Chen Hailun family will likely profit handsomely in the future through reducing holdings and cashing out.

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