After nearly 30 years in business, B-Soft Co.,Ltd. has reached the point where its controlling shareholder has changed hands.
On April 10, B-Soft Co.,Ltd. announced that its controlling shareholder has been changed to Hangzhou Genghao ZhiTou Management Consulting Partnership, with the company remaining in a state of having no actual controller. According to the announcement, Hangzhou Genghao directly holds 6.23% of the company's shares and, through entrusted voting rights and concerted action arrangements, collectively controls voting rights corresponding to 12.64% of the shares. With all six directors it nominated being elected in the board reelection, the control of B-Soft Co.,Ltd. has been formally transferred.
For B-Soft Co.,Ltd., this change of control did not happen suddenly. The company's predecessor was B-Soft, founded by Ge Hang in 1997. It went public on the ChiNext board in 2015 and was renamed B-Soft Co.,Ltd. in 2019. For a long time, Ge Hang was not only the founder but also the most prominent personal symbol of this established Hangzhou-based healthcare IT company. Now that the controlling shareholder has changed, the key question is not just how Hangzhou Genghao gained its position, but why Ge Hang gradually stepped back.
The change first appeared in 2022. At that time, Philips acquired a 10.0016% stake in B-Soft Co.,Ltd. through a negotiated transfer, with a total transaction value of 1.2245 billion yuan. This transaction was largely interpreted by outsiders as a strategic investment, but its most direct impact on the company was the loosening of the original shareholding structure. By August 2023, B-Soft Co.,Ltd. further announced that the company had transitioned to a state of having "no controlling shareholder and no actual controller." In other words, before Hangzhou Genghao entered the picture, Ge Hang's stable control over the company had effectively been broken.
In the second half of 2025, the company saw Ge Hang reducing his stake and transferring shares via agreements, while Hangzhou Genghao proceeded with acquisitions and board reorganization. Philips, meanwhile, reduced its stake from over 10% to 7.62% through multiple disposals.
Public disclosures show that Ge Hang successively reduced his stake and transferred shares via agreements, with some of his shares being frozen. One particular agreement transfer indicated that Ge Hang intended to transfer 40 million shares at a price of 3.85 yuan per share, totaling approximately 154 million yuan, with the use of the proceeds explicitly stated as repaying debts related to stock pledge financing. For a listed company with a strong founder identity, this is no ordinary shareholding adjustment but a clear manifestation of shareholding pressure.
It was during this phase that Hangzhou Genghao entered the scene. In November 2025, Hangzhou Genghao signed a share transfer agreement with Ge Hang to acquire his 6.23% stake; it subsequently expanded its voting rights through entrusted voting rights and concerted action arrangements. After the transfer was completed in February 2026, Hangzhou Genghao began nominating director candidates; on April 10, the company completed its board reelection, with all four non-independent directors and two independent directors it nominated being elected, securing more than half of the board seats and confirming its status as the controlling shareholder.
Notably, this change of control was not accompanied by a complete overhaul of the management team. After the reelection, Zhang Lüzheng continued as Chairman, Lin Xianya was appointed Co-Chairman, while Hu Yan, while no longer serving as a director, remained as Board Secretary and was newly appointed as Vice General Manager. The entry of the new shareholder did not result in the complete departure of the old team; B-Soft Co.,Ltd. is demonstrating not a simple "change of boss" but a redivision of labor following the restructuring of control.
This also means that what Hangzhou Genghao has taken over is not a company experiencing smooth sailing.
The 2025 performance report disclosed by B-Soft Co.,Ltd. shows that the company expects a net loss attributable to shareholders of 401 million yuan for the full year, and a net loss after deducting non-recurring gains and losses of 411 million yuan, with the loss widening compared to the same period last year. For an established company that once capitalized on the dividends of healthcare IT construction and completed expansion narratives in the capital markets, such performance is clearly not encouraging.
From this perspective, this change of controlling shareholder at B-Soft Co.,Ltd. represents not just a transfer of equity, but the ebbing influence of a generation of founders. The entry of Philips, the transition to a state of no actual controller, the increasing pressure on Ge Hang's shareholding, and Hangzhou Genghao's finalization of its position at the board level—all these threads ultimately converged on April 10.
For the market, the question of who the controlling shareholder is has been answered. The more critical question now is whether B-Soft Co.,Ltd., after Hangzhou Genghao secures control, can pull its operations back on track in addition to its governance restructuring.
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